For Nasir Zubairi, CEO of Lhoft, in the current context of low/negative interest rates, it is technically preferable to spend the money rather than accumulate it Anthony Dehez/archives

For Nasir Zubairi, CEO of Lhoft, in the current context of low/negative interest rates, it is technically preferable to spend the money rather than accumulate it Anthony Dehez/archives

Paperjam: Do you remember your first salary?

Nasir Zubairi: I earned my first salary for a part-time job while I was studying at University College London. I managed to get a job as a sales assistant at Emporio Armani on Bond Street in 1994. The salary was £30 a day, plus a commission on sales. They knew they could pay a little less than other stores because of the value associated with the prestige of working there.

What was then your first “real” job, and what did it pay?

My first “real” job came when I graduated in 1998. I was employed as a financial engineer at Reuters Risk Management, where I developed credit and market risk models for their Kondor+ risk management system. I was quite happy to be able to brag to my friends at university about one of the highest graduate salaries in our group: £35,000 a year.

It was a great experience; I was, at such a young age, considered the 'expert' in models, integrating and managing risk, having previously done some internships in banks during my university studies in market and credit risk teams. It was great to have that confidence, to work in a team, to collaborate and to take responsibility for models that were, at the time, used in the most popular risk management solution on the market.

What did you treat yourself to when you received your first salaries?

At Armani, I really started to appreciate the quality of the clothes. Some of them were a bit clichéd, but the ties and suits were incredible and as staff members, we got great discounts! I saved up and bought a suit for my first bank internship; it cost me about £300 after discount.

Are you a spender or a saver?

A bit of both. In today's low/negative interest rate environment, it's technically better to spend the money than to hoard it, but you always have to think ahead.

I'm several years past the tipping point where I'm closer to retirement than the day I started working. I believe that life is made up of experiences, and these experiences often require spending money. So, I do my best to plan, save, invest, so that I can continue to spend later in life.

What's your favourite money maxim?

It is a means to an end.

This article was originally published in French on Paperjam.lu