Why one Romanian expat wants to teach her twins about 'investment diversification schemes'

Nicoleta Remmlinger has been in the UAE for about a decade; she currently calls Dubai home. The 38-year-old Romanian is the director and board member at credit risk and analytics consultancy company 4most UAE. Working in the world of finance has helped her shape her own personality financial reality, understanding that to her, money, whether professionally or privately, is “work”, also shaped by a childhood where money was to be saved and never enjoyed.

If you had to write a letter to money, what would you say?

I wish I had understood from an early age that you take many forms beyond just cash – whether as credit for a home, a credit card for purchases, or investments that grow over time. Recognising these different forms can profoundly shape our financial decisions and opportunities. I also wish I had known sooner that a good credit history is a key to a better life, opening doors to stability and financial freedom. Lastly, while you are earned to be spent, it is just as important to save. Striking the right balance between spending and saving can ensure a stable and secure future.

How would you describe your relationship to money?

Growing up in a village, money was always seen as cash, meticulously counted by my mom. This tangible presence of money gave me a sense of safety, peace of mind, and stability. It was empowering and motivated me to excel in both school and my professional environment. However, there was a time when this sense of security was challenged. Between jobs, I felt a wave of uncertainty and fear. The thought of not being able to cover my expenses was daunting, especially since I was seven months pregnant with twins. This experience taught me the importance of financial planning and the need to adapt to changing circumstances.

How do you think this relationship was formed?

Through the hard work my parents did to enable me to have a good education and the opportunities in life they didn’t have.

What good or bad lessons about money management did you learn from your mother?
Good: assessing savings, sometimes daily! 

Bad: money was spent for necessities and not often for recreation. There was no “enjoying the fruits of hard work” by allowing yourself or your family the chance to spend the money on a vacation.

Who do you speak to about money matters and is it something you consider ‘taboo’?

To my kids, to my family – as well as in different women and students’ forums. To me, money is thankfully not a taboo subject anymore.

Who has taught you the most about financial management?

 Perhaps my mom first, and then myself from living abroad from my early 20’s with very limited available cash.

What do you think has been the most profound experience you’ve had so far in relation to money, good or bad, and what has it taught you since?

There was a time when I found myself between jobs, facing rising expenses and the need to reassess my financial situation. It was a period that demanded introspection and discipline. I remember sitting at the table, meticulously reviewing my spending over the past months and years. It was a daunting task, but necessary to define a new financial plan. I had to make some tough decisions – cutting down on unnecessary expenses and setting clear savings targets. It was humbling to pay close attention to even a 1 AED difference in grocery prices. Though difficult, this journey was both eye-opening and empowering. It taught me the value of financial planning and the importance of being mindful of my spending habits. Most importantly, it reinforced the idea that with determination and careful planning, we can overcome financial challenges and emerge stronger on the other side.

How do you think living in the UAE has changed your relationship with and perception of money?

 When living in a foreign country, keeping a close eye on your credit score is essential. Regularly monitoring it helps maintain financial health and ensures you stay on top of your obligations. Additionally, understanding the credit risk assessment rules that banks apply is crucial – these rules play a significant role in securing a mortgage, a car loan, and everything else needed to build a stable life in a new country. For me, the transition was relatively smooth, as I had previously lived in another foreign country before moving to the UAE. It was simply a matter of adapting to a new environment, learning its rules and laws. Interestingly, since moving to the UAE, my perspective on wealth has shifted. Before, wealth meant being able to afford a nice summer vacation. Here, however, I’ve come to realise that true wealth is having time for my family and myself.

If you could give your child or your younger self one piece of advice about money now what would that be and why?
I am committed to teaching my twins about the importance of savings from an early age. I believe it is crucial for them to understand the value of money and the benefits of saving.

In addition to traditional saving methods, I also plan to educate them about investment diversification schemes. I want them to grasp how these schemes differ from conventional savings and how they can be advantageous as they grow older. By introducing them to these concepts early on, I aim to equip them with the knowledge and skills needed to make informed financial decisions in the future.

What do you value spending money on?

Most of the time, travel and "me-time" – spa treatments, massages... I'm a salon addict!

What do you consider splashing out on?

Luxury retreats.

Do you plan your finances long-term, and if so, how?

Yes, primarily through real estate investments across different jurisdictions. My background in credit risk has helped – understanding credit risk policies, frameworks, and the significance of an application scorecard has been invaluable.

What is your long-term financial goal or dream?

Retiring by 60 at the latest and enjoying peaceful moments in different locations, eventually following my kids and, one day, looking after my grandchildren.

How much do you save each month?

50–70% of my income.

How much do you plan to have by the time you're 65?

 Enough to live a peaceful life.

What is your greatest financial decision – the one you're most proud of or the most profitable?

Buying a house in Italy when I was 30 – all on my own, without a single cent from my parents. It's now paying for itself through rent. From a professional perspective, I'm also proud of expanding my company’s services in the Middle East, growing from no presence to working with most banks in the UAE and other GCC countries.

What is your biggest financial regret or loss?

Buying branded bags.