A 24 years veteran of his firm, Pierre Sironval is the COO of one of the biggest construction groups by trade (he has his print on many icon projects that you definitely know in the UAE!) a civil engineer from Belgium by education, a husband and a father that believes patience is the key to success.

Ranked 9 out of the top 100 most influential construction leaders in 2019, this is what Pierre had to say about money.

Financial literacy and culture

It took me a while to understand the different money cultures around the world: I was lucky enough to have lived in many places and to have seen first hand how it impacts daily life. 

I come from Belgium, and I have been living in the UAE for more than 15 years. I can say one thing: here pay is higher and taxes are lower to non-existent, which makes this region more of a spending culture. A major difference between what I call my ‘current home’ and where I am from is the fact that people in Europe live much less on credit, and typically invest for the long-run.

For me, Financial literacy is something we learn about very young. Back in Belgium, I opened my first bank account when I hit 18: Most of my money went into savings rather than a spending account. Saving is a word that I had in my vocabulary early on and it was installed in me by my grandparents – and dare I say passed from generation to generation. During the Christmas holidays, when the family would gather and exchange gifts, they would tell me to save the money I received and to think about what I need versus what I want. 

The thing is we were happy putting money aside knowing that this is a cushion for the future; even in the presence of pensions funds and financial safety nets that we have in place. 

My investment style? Hassle-free

I don’t really have time to manage my investments, which is why I try to find an institution that does that for me. Currently, I invest in saving and investment accounts in European banks that take the hassle out of investing for me. I keep tabs on how my investments are doing from time to time, but it’s great to have someone manage the money for me as I focus on my day to day tasks. I have also invested in a few properties across Europe that I sometimes use to spend time with the family. These are the investments that I value most.

On money, family and taboos

I try to teach my kids about the value of money by the way I deal with it around them. I try to transmit values to them through actions rather than words. They understand what it takes to earn money and that it requires hard work, which consequently made them more conscious about their spendings. 

The family has lived in different countries around the world. My children have seen first hand how different cultures have different attitudes towards money and investment. This experience helped them shape their perception of money from different angles which I believe also plays a major role in terms of their financial education. They know that you need to work hard and be patient to see good sustainable earnings. 

In my family, money is not a taboo. My wife and I discuss everything financial! There are no secrets there. She is my partner in every aspect. When we started our life together, we promised to share it, in all its details. She has supported me throughout my career and we see eye to eye in all our major financial decisions. I do believe it is important to do so in any healthy relationship. 

This is what I think they should know

The most important piece of advice I ever received is that life is not all about money. 

Money is definitely a powerful tool that can make your life easier; however, you should not be working purely for it. I always try to convey to my children that they should be looking to find a career in something they like. When you work in something you are passionate about, the money will follow. It is better to make slightly less money and be happy with your life, than to make more money but to wake up feeling miserable every day. 

If I could personally give future generations a piece of advice, it would be to be patient. Everyone nowadays wants to grow very fast, get money fast, and make fast returns. Whether it’s growing a business or personal development, we live in a time where people want to reach the top as soon as possible. However, what people don’t realize is that they cannot skip steps. You should take your time: it will help you learn so much and indirectly accelerate your growth in the right direction. 

The same goes for any investment you make: stick to the plan and be patient. It will reward you back.