Total coverage - Kanessa Muluneh - to date

(MENAFN- Khaleej Times) Dutch-Ethiopian entrepreneur Kanessa Muluneh is 34 and is nearly in her third year in Dubai. She calls money freedom and now believes that money buys the truly valuable and non-material things in life, like time. She plans to sell one of her companies for about $1 billion+ before her 40th so has high goals for the coming years. Here, she shares her philosophy on money, saving, and spending.

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

Recommended For You thumb-imageUAE: Why this German expat believes life is the best financial advisor Personal finance management app Dear money, people love to blame their problems on you. But let's be real, you're not the problem. It's what they choose to exchange you for that's the real issue. Sure, you seem powerful, making minds spin with desire, but the mind that masters you, that's where true strength lies.

Love, Kanessa

How would you describe your relationship to money?

I don't have a relationship with money but with the freedom money can buy.

How do you think this relationship was formed?

When I spent my life aiming to be rich, I thought wealth would bring happiness through material things. But when I finally had access to money, it wasn't the possessions that brought joy, it was the extra time. The freedom to choose when to work (or not) or delegate tasks by hiring staff gave me a sense of fulfilment I never knew existed.

What lessons about money management did you learn from your mother?

I learned that having a network makes you richer. She could live without money in her pocket because she has the right people around her that would take care of her and provide for her if she'd ever be in trouble.

What do you think has been the most profound experience you've had so far in relation to money?

It's crazy what money can do when you use it right. I realised this when I went back to the Netherlands, where I've lived most of my life, and saw how far I've come. The difference? I chose to spend my time and money differently. Everyone around me actually had similar opportunities, but somehow I was able to take bigger steps forward - especially when it comes to income and freedom. It's all about the choices we make and the people we spend time with.

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

Dubai has opened up many new ways for me to enjoy life, especially for my kids. The best part? Every day I find opportunities to earn back what I spend. Since moving here, we've stopped trading time for money and focused on building multiple income streams. We spend big, but we always make it back before it's gone.

If you could give your child or your younger self one piece of advice about money now what would that be and why?

You don't have to save. Just learn how to make it back before it's spent. Also, if you learn the psychology of sales, you can sell anything. Spot a problem, find the solution, make it a scalable product and present it to that community. Whenever my funds are low, I just have to remind that community of their problem. This strategy can be repeated with many products or services.

What do you consider splashing out?

Never having to check your account before making a purchase. The same goes for business moves. Being able to invest in or acquire companies whenever they catch your eye, that's my definition of splashing out.

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

No, not in this economy. But I do plan to sell one of my companies for about $1billion + before my 40th.

What is your long-term goal or dream which is pegged to your finances?

Build at least two companies that make $1billion+ cash (not valuation but cash in the bank).

How much do you save each month?

We don't have to save. We always have money 'left over' at the end of the month, both personally and in our company. We make sure that we always have cash flow from different streams.

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

I plan to become a multibillionaire by 40 and hope to have a few million (or whatever I need to maintain a comfortable lifestyle) by 65. I want to donate my money to charity when I retire.