Nargiz Noimann: A Journey of Family, Finance, and Future Aspirations
Background and Family Life
Nargiz Noimann, a 53-year-old Russian expatriate residing in the United Arab Emirates, embodies resilience and dedication. Living in a fast-paced, thriving environment, she is a mother of eight children and a grandmother to three. Since the age of 30, she has meticulously saved to create a stable future for her large family. With ongoing commitments primarily revolving around her children’s education and family necessities, Noimann’s financial landscape is both complex and purposeful.
Professional Endeavors
As the founder and CEO of X Technology, Nargiz has merged her passion with innovation in the health technology sector. Her company specializes in developing virtual reality and artificial intelligence solutions aimed at enhancing cancer recovery processes, dementia care, and emotional rehabilitation. Among the many trials conducted across hospitals and wellness centers in the UAE, Noimann’s initiatives promise to redefine patient recovery and wellness support.
Education and Career Development
Noimann’s academic foundation is robust; she holds a degree in clinical psychology and a master’s in business administration from Prague. In addition, her certifications in artificial intelligence and virtual reality showcase her commitment to continuous learning and adaptation. Over the years, she has built her self-funded business from the ground up, focusing on sustainable growth without reliance on loans or external investors.
Financial Journey: Past and Present
Nargiz’s first professional role as a psychologist earned her $3,000 monthly, working independently across various countries, including Russia and Kazakhstan. Today, with the success of her startup, her income fluctuates between Dh60,000 (approximately $16,337) and Dh80,000, depending on performance, with the company generating monthly revenues of about Dh300,000 to Dh500,000.
Monthly Expenditures
Nargiz’s monthly budget reflects her priorities, with significant portions allocated to her children’s education, alongside necessary living costs and business investments. Supporting her children is a cornerstone of her financial philosophy, driving many of her financial decisions.
Personal Investments and Savings
When it comes to disposable income, Noimann prioritizes experiences and personal growth. She believes that investing in travel, advanced education, and a healthy lifestyle not only enriches her life but also brings value to her family. She also allocates funds to charitable causes focusing on mental health and educational advancement.
Noimann has cultivated a disciplined saving regimen, setting aside 10% of her income since her 30s. Through guidance from a family financial consultant, her investments primarily focus on real estate in Russia and the US, with plans to expand her portfolio in Dubai, balancing her personal expenditures while reinvesting in her business.
Attitude Towards Debt
Interestingly, Nargiz approaches debt with caution. While she acknowledges the potential benefits of loans when leveraged wisely, her path has remained debt-free. This choice allows her to steer her business without external pressures.
Financial Education and Early Lessons
Growing up in a modest household in Russia, Nargiz did not receive extensive financial education. Instead, her parents instilled values emphasizing hard work and education. Their careers as engineers provided a stable foundation, a legacy she is keen to pass on to her children.
Retirement and Future Planning
Despite her thriving business, Noimann harbors no desire to retire. Instead, she views her entrepreneurial pursuits as a source of energy and joy, ensuring that they remain a vital part of her life. While planning for traditional retirement may not be her approach, she has established an emergency fund that could sustain her family for up to two years.
Short-term and Long-term Financial Goals
Nargiz’s short-term financial objectives include increasing her monthly cash flow by 30%, acquiring property in the UAE, and building an expansive financial reserve for future opportunities. Looking ahead, she envisions owning a portfolio of rental properties that would generate consistent passive income, ultimately aspiring to reach a personal investment capital of Dh10 million. Furthermore, she aims to create sustainable income streams that would cover living expenses and support social initiatives focused on mental health and education.
Navigating Economic Challenges
To mitigate the impacts of inflation, Nargiz emphasizes asset investment over mere savings. She strategically chooses real estate and other investments that promise value preservation and growth, ensuring her financial stability.
Defining Financial Freedom
For Nargiz Noimann, financial freedom transcends traditional definitions. It is about the liberty to choose how she spends her time and resources, actively contributing to projects that resonate with her values, and balancing personal well-being with family commitments when necessary.
Through her inspiring journey, Nargiz encapsulates the essence of ambition, resilience, and a forward-thinking approach to both family and finance.
