‘When you receive a pay cheque, always pay yourself first’

Jenny Stallings, wife of furnishing company Chelseagreen, believes in paying yourself first. Through this, she manages her savings, investments and vacation money before spending it on her dreams.

The 48-year-old American studied interior design in Dallas and worked in high-end residential interior design for a few years in the United States.

He also started his own interior design industry in the early 2000s.

Ms Stallings moved to Dubai in 2006 with One Way Price and her cat, Winston.

He worked in the commercial furniture sector and spent 8 years with American corporate Herman Miller.

She has over 25 years of experience as an ergonomic expert, health consultant, residential and commercial interior designer and trainer in the United States, Heart East and Africa.

“I started a business called Be Well. Unfortunately, the timing was not great as it was just before COVID. It never got a chance to get off the ground,” says Ms. Stallings.

“Then I started working with ChelseaGreen as a partner and commercial manager two and a half years ago.”

She lives with her Scottish husband, an oil and gas industry owner, and five cats in Umm Suqeem 3 in Dubai.

Were your formative years characterized by wealth? What did you learn from this?

Cash was said to be very less. I learned the value of $1 at a very early age.

We were a middle class citizen and my father was in the army. Even if money was discussed, it was never a dinner table conversation, but we had what we wanted.

We earned an allowance for a short time by doing chores around the house, but it was always understood that if there were things you wanted outside of what you needed, you paid for them yourself later.

I asked for dark red Reebok high top shoes and my mom refused to buy it for me. I saved up the money, but when I went to buy them, I saw an off-brand model of the same shoe, but at a much lower price, like 50 percent less, and I bought it.

I learned that producers aren’t everything. When it’s a stylish item that gets thrown away, buy off-brand. When it’s something that will be well used, then spend the extra money and buy something that will stand the test of occasion and last a long time.

How did you make your first income? What did your first job pay for?

My first job paid me $7 per month. My dad decided he didn’t need to mow the grass in our backyard anymore, so he went to hire the neighbor boy to do it.

He charged $8 a day to mow the backyard. I announced I would do it for $1 less than in the past. I have been involved in mowing the grass in our public backyard for about seven years.

Any initial monetary shock?

Financial setbacks didn’t happen until I was in college, when I had to pay off a student loan.

I lost the scholarship because I changed my major from art to interior design. I had to supplement my source of revenue so I could pay for my training.

For many of my graduate students, I worked two jobs and an internship to make ends meet that was not secured by scholarships or grants.

How do you develop your property?

I paint very crisply. I have always been very isolated, diligent and hard-working.

Over the last two and a half years, I have also reinvested in our business because I believe in it.

I always have a departure plan. I started my vacation investing when I was 22 years old. I have continued this in various ways, some like a slow burn.

I don’t do anything that’s overly competitive, although I do reinvest in myself, whether it’s in my business, in my home and public sphere, or in steady departures.

I always believe that when you get a pay check, you pay yourself first and get paid on your vacation.

Are you a spender or a saver?

A little bit of each, a minute. I imagine we have to have fun in our lives. We are living in a fantastic part of the world, and it makes traveling much more simple and accessible.

Although I pay myself first. I pay my vacation and savings, so there is always money for the rainy season.

We are living isolated from debt. Payment will be made to my bank card at each speed. For the first time in my past, I now have a car loan. I have been using for 33 years.

Have you ever been smart with cash?

For most of the stage, yes. I am no longer the person to respond on the topic of monetary issues. I don’t make hasty choices.

As a result of thinking things over, I’ve been luckier, but I still take risks. I’ve taken calculated risks, and had some experiences that no longer pay off.

As I’m getting used to it, I’m becoming wiser. I have been neither careless nor very reserved.

What has been your highest funding?

But yet I, and my industry, decided a few years ago to spend money on classic and wonderful furnishings, things that I am living with and that will remain for me as relics of my past.

I believe it is remarkable to attach ourselves to issues that are important and sustainable.

I spend money on my education because I need to know more, so that I can grow as a person, industry owner and supervisor and I can educate, explain and become better at whatever I do.

Any favorite purchases?

The first thing I saw was an Eames LCW (Lounge Chair Wood) molded plywood chair in a museum in Dallas in the late 90’s.

When I worked for Herman Miller, I was able to save up to buy some of these. I book them like hands. I look at one after I wake up, and the other in my home administrative center.

They’re long-appreciated coveted items that I was grateful for when I had the money for them. I took good advantage of the price reductions to purchase for my employees.

How are you feeling about cash?

I like to earn it, like to work hard for it, but don’t like to talk about it.

I feel uncomfortable talking about cash because it is no longer a topic of conversation. It was not taboo.

You simply don’t discuss the price range, maybe it’s an American factor. You don’t talk about how much rent you pay or how much your car is worth.

I consider this a highly non-public factor. I believe that was the first time someone asked me: ‘How much do you pay for the rent of your flat?’ I used to get scared.

Any financial advice for your younger self?

Speed ​​up the higher financial risks when it comes to investing. When I was younger I used to use a minute for my time.

I didn’t face the same superficial dangers that I would have to face in my 20s and 30s, not to mention being the wisest in my late 40s.

Any major monetary achievements?

Save cash to start your business in Dubai in 2019.

I reflect back on that era when I shelled out a ton of cash for my industry license. I was in a position to do all the work for money.

What luxuries are notable for you?

The luxury inside my house. I have a rug collection, a upholstery collection and I really love gorgeous artwork.

I wouldn’t say anything else is extremely worthy of anyone else, however the truth is that I get to surround myself with beautiful things, which is amazingly wonderful to me.

What are your monetary goals?

I would prefer to sacrifice financially through standard vacation time. Although I’m hoping I’ll have the power and initial life to book wear for at least the next twenty years after that.

I never need to give up. My dad is 88 and still going strong. My mother is 78 years old and teaches yoga. Part of this is that they work all the time and keep their minds and bodies busy.

Updated: June 29, 2024, 3:08 pm