British expat on what it takes to buy a house at 19

Amanda Herron, 42, has developed a deep relationship with money, “rooted in the principles of prudence and gratitude”. The British primary Headteacher at GEMS Founders School in Dubai says money for her is “independence”.

Now after 13 years in the UAE, she says educators must also include financial literacy to help the next generation manage money better.

My relationship with money is deeply rooted in the principles of prudence and gratitude, always mindful of the journey that brought me here and the lessons learned along the way. Growing up with limited luxuries, I learned early in life that money isn’t just about spending; it’s about making thoughtful decisions that can shape your future.

My parents were instrumental in forming my relationship with money. They instilled in me the value of earning and saving, ensuring I understood the effort required to obtain what I wanted. This foundation, combined with my entrepreneurial spirit during my teenage years, solidified my respect for money.

In my teenage years, I realised that if I wanted to enjoy certain luxuries, I needed to work for them. By the time I went to university, working 30 hours a week on top of my studies became the norm, reinforcing my understanding of money’s role in achieving independence and security.

From my mother, I learned the importance of frugality and planning. She was meticulous with budgeting and always prioritised needs over wants. The lesson of living within one’s means has been invaluable, though it sometimes made me overly cautious in my financial decisions.

I recognise the importance of open discussions about money in a general sense; and as an educator I value the importance of teaching young people about financial literacy. I do however tend to be discreet about sharing personal financial information and keep discussions concerning personal finances with my close family. This inclination stems from the values instilled in me by my parents.

My parents were my first teachers in financial management. However, my experiences and mistakes in early entrepreneurial ventures and part-time jobs taught me practical lessons that were equally impactful.

Buying my first property at 19 was a significant learning experience. It taught me the power of financial independence and the importance of financial planning. At a young age, navigating the complexities of the property market was both challenging and enlightening. I had to learn about mortgages, interest rates, and risk. This process demanded a level of financial literacy and discipline that I hadn’t fully appreciated before. The experience taught me the importance of being well-informed and making calculated decisions.

Living in the UAE has shaped my perception of money and wealth. The UAE is a diverse country, home to people from all walks of life and varying financial backgrounds. This diversity has given me a broader perspective on wealth and the different ways people manage their finances.

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

I would tell my younger self to start investing earlier and to not be afraid of taking calculated risks.