“As an entrepreneur, I earn an annual income of 7.4 million dirhams.”

Entrepreneur Ivan Kroshny has learned some valuable financial lessons since starting his first computer and office supplies business in Ukraine at the age of 16.

This business made him a millionaire by the age of 18, but his partner stole the company’s money and disappeared.

Kuroshny, now 33, says the experience was difficult but helped him understand the importance of partnership agreements.

“It was a good experience for me. It made me smarter and I started another business, and then another,” says Kroshny.

The Ukrainian billionaire moved to Dubai in 2021 and is an investor in the Roasters Specialty Coffeehouse chain, which has five stores in the city and plans to open more this year.

He is also the founder of Dubai-based Eco Way, which aims to transform last-mile food and parcel delivery services with long-range e-bikes equipped with swappable battery technology.

Kroschny, who has a diversified investment portfolio worth about $20 million, said he lives a comfortable life but doesn’t waste money on expensive brands or cars.

What was your first job and how much did you earn?

I started my business in Ukraine 17 years ago when I was 16 years old. The business sold computers and other things like printers and scanners. It was a good time in Ukraine, because everyone changed their processing from paperwork to computers…I made my first million dollars when I was 18 years old.

But then problems arose and the business went bankrupt. It was 2008-2009, during the global financial crisis. Times were tough so my partner decided to steal all the money and disappear.

It was a good experience for me. It made me smart and I started another business, and then another. At the same time, I also traded on the US stock exchange, which was a great experience as I was able to learn about risk management and financial planning.

I also made very good money trading…over $1 million. This was the starting capital for my new business, a brokerage firm headed by a very famous trader who was my mentor. Alex Gerchik was one of the top day traders on the New York Stock Exchange and we started our own business.

This company is still in business. We have many customers around the world and also provide access to training for trading on US stock exchanges.

Others operate their own technology companies and group payments systems for fintechs. Our company has an investment fund in the Czech Republic and conducts various businesses in the Czech Republic, including land development, real estate development, and property management.

What is your current salary?

I receive 7.4 million dirhams ($2 million) annually through dividends from my investments.

Have you always worked for yourself?

Yes, all my work is done at my own company. I have a lot of partners with whom I have had really good experiences. I have had both good and bad experiences in partnerships. But I like this job because I have my strengths and I need someone to fill in some of the work I’m not very good at, for example in the directory specialty.

I have a strategic perspective, international experience, and investments, but I’m not very good at micromanaging.my partner [in Roasters Specialty Coffee House] Very good at micromanaging and very effective at all of these things. He is a really good operations manager and has made our business strong.

You can’t build a great business without a great team, without people who succeed every day. [a good] You can earn 1,000x more by working with your team.

How is my salary determined as an entrepreneur?

In fact, my 7.4 million dirhams [income] After reinvestment. I am reinvesting a lot of money in other projects, from which he will generate $2 million.

What are your investments and savings?

I have an investment fund in the Czech Republic, it is very stable and I invest for a long time. Because when he buys land, he develops it and starts building, for example, 10 villas. This is a long-term investment. time.

There are about 7 apartment hotels in the Czech Republic. It’s my investment. For me, it’s more profitable than US stocks. I have a portfolio of American stocks, but it’s not that big at $300,000.

An investment in the Roasters Specialty Coffee House chain. In all branches he cost from $ 800,000 to $ 1 million. I invest my money and have a business that has a very high return on investment. It’s better than any side hustle investment.

Do you have an emergency fund?

Having liquid money is very important because things always don’t go as planned in life. For example, Covid-19, Ukraine war. You should always keep some cash on hand to cover your expenses for the year.

Currently, I have $1.5 million in my emergency fund. I have a lot of business, I have obligations and a large team if something goes wrong. For example, we rented a new location for Roasters. If you have to invest a large amount of money and have a complex problem, [the emergency fund] It’s not that big.

Were you taught how to manage money as a child?

No, I just read a lot. I read more than 100 books every year, which helps me find new information and knowledge to manage different areas of my life.

What is your biggest monthly expense?

I don’t have a luxury car or an expensive watch, so I don’t think my expenses will be that big. I want good quality. It’s not just the brand that matters. And I think my spending is average and nothing special.

I love to travel, so I spend money on travel. I don’t have a Lamborghini…I think I need to spend money on travel, knowledge, health, etc. Something that will boost your energy level.

Do you ever worry about money?

Yes, when I lost my first business. I invested all my money and all my time into this business. This was a part of my life that was really difficult.

What are your financial goals?

My goal is to earn at least $500 million through a portfolio of investments in different types of businesses, including Roasters Specialty Coffee House in the Czech Republic and perhaps some hotels. Something stable.

What do you think about financial freedom?

I don’t spend much money on anything. You work a lot, learn a lot, and have a good reputation, so you can be free.

I am sure that I can always earn enough money for my life because it is not an expensive life. It’s a very comfortable life.

Even if I lose, even if something goes wrong, I have my finances well diversified. I am confident that I can always earn enough money for my life.Now, 10 years from now, 20 years from now, I think it’s financial freedom. [for me].

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Updated: February 6, 2024, 5:00 AM