Ishaan Bhimjiyani, 21, already has more than £100,000 in savings and is hoping to become a millionaire by the end of the year
In our How I Manage My Money series we aim to find out how people in the UK and beyond are spending, saving and investing money to meet their costs and achieve their goals.
This week we speak to Ishaan Bhimjiyani, 21, an entrepreneur and business owner who moved from the UK to Dubai. Ishaan is the chief marketing officer at an EdTech company in Dubai, and makes additional money doing consultancy and content creator work. Ishaan thinks the model of going through university and getting a graduate job is outdated and has £100,000-plus in savings. He hopes to become a millionaire this year.
Monthly budget
My monthly income: My income fluctuates, but is usually at least £4,000 a month. In most months at the moment, it is around £10,000 per month. My income comes from my job as the chief marketing officer at an EdTech company in Dubai, as well as consultancy and content creator work. I am also the chief executive of a business called TapLab in the UK. Most of my monthly income comes from consultancy work at present. The consultancy work I do focuses on artificial intelligence and the education sector.
My monthly outgoings: Rent and all utility bills like water, electricity and air conditioning, £1,395; groceries, £150; Spotify, £15; mobile, £14; eating out, £250 to £300 a month; car loan repayment for Jetour T2, £420; holidays, between £300 to £400 a month; money into investments, at least £2,500 per month. The rest of what I earn each month goes into savings accounts.
I grew up in London. My dad, originally from India, has his own IT business and my mother worked in the NHS before joining my dad in his company. Growing up, I was privileged but not spoiled. My parents taught me the value of money. If I wanted something, I had to save up for it. This included everything from a mobile phone to a laptop.
When I was younger, I got a job doing paper rounds as I had to pay for the MacBook I wanted. I earned about £200 a month doing this when I was 13. From the age of 14 I started selling clothes in my school and would often make £100 a month.
At the age of 16, I started doing some online tutoring and content creator work, making about £14,500 in one year.
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I started my own business at the age of 17. It is called TapLab and is a marketing agency. The business represents more than 130 educational influencers. Brands pay TapLab to work with our creators. In the first year, I took a tax-free allowance of £12,570 a year from the business, plus dividends.
At one point, I wanted to study law at university. But after doing a little digging, I decided it just wasn’t worth the return on investment to go to university.
Instead, I wanted to go all in on TapLab. My aim was to ensure that in the three years I could have spent at university, I would make at least double the sum I would have had to fork out for university.
I don’t think going to university is worth it unless you have a passion for academia. Apprenticeships are more sensible, guaranteeing a fast-track into the workplace.
The graduate jobs market is extremely tough and I think the model of going through university is old and outdated. But entrepreneurship is a risk and takes a serious amount of courage to pursue. It is for people who do not want a comfortable life.
I moved from the UK to Dubai in 2024, and am now working as the chief marketing officer at an EdTech business. EdTech firms help provide tech solutions for the education sector. I also do consultancy work focusing on education and artificial intelligence, and continue to do content creator work and run TapLab.
My income can vary significantly each month, but starts from around £4,000 a month. In recent months, my income has been around £10,000 a month, with the majority stemming from consultancy work. I think there are great opportunities for entrepreneurs and business owners in Dubai. I also do not pay any income tax in Dubai. I always said I’d like to become a millionaire by the age of 21 and I am hopeful it will happen this year.
I am currently renting a two-bedroom villa in Dubai for £1,395, which includes all the main bills. It is a very good price for the location and has a communal pool and tennis court. I am renting as it gives me some flexibility. In the near future I would like to buy one or two properties in Dubai.
When I buy my own home here, the rental income will pay for my mortgage and give me some extra cash. I am keen to buy homes to rent out which are in a good location, have a high rental yield and good capital appreciation.
I have an investing account with Trading212, which I add at least £2,500 a month to. I’m not a tax resident in the UK any more, so do not have an Isa. I also have an investing account in the UAE. The total I have in investments is more than £100,000. I use credit cards to get points, but pay them off in full and on time.
Saving money in a pension is not a priority for me as I am not currently paying tax on my earnings. If I became a tax resident in the UK again, then I would add money to a pension in order to reduce my taxable income.
I love the concept of making and saving money. I’ve always had the urge to constantly find ways to make money and invest it. While I enjoy making and investing money, I wouldn’t say I am strictly motivated by it. I’m not materialistic.
I could be earning £500,000-plus a year, but sitting in an office from 8am to 9pm would be my worst nightmare. I enjoy the entrepreneurial way of life as it gives me more flexibility.
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