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‘I lost €1,000 in cash on the way to the bank to lodge it. Someone in Dún Laoghaire had a big win that day’

Ronan Cunningham, co-founder and managing director of Virtual Reality Gaming

Ronan Cunningham: 'The Warren Buffett method is best; invest in companies that you know and like with a good long-term outlook, and don’t panic-sell'

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Tony Clayton-Lea
Mon May 13 2024 - 06:00

Ronan Cunningham, is co-founder and managing director at Virtual Reality Gaming, which owns and operates the franchise for Zero Latency, an immersive VR (Virtual Reality) gaming experience that blends technology, creativity and social interaction. zerolatencyvr.ie

Are you a saver or a spender?

In business, I’m definitely more wary about spending habits but I tend to be more flaithiúlach when it comes to buying for myself and others.

Do you shop around for better value?

I shop around for mundane things like gas and electricity, insurance, things that renew, mainly. Flights, also.

What has been your most extravagant purchase and how much did it cost?

During the second lockdown in 2021, with three businesses shut, I booked a week in Dubai (no lockdowns!) with my wife and our little boy to maintain some sanity. We decided to splash out on a bit of five-star luxury, and we ended up staying for six weeks. When we got home, I refused to look at my bank account!

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What purchase have you made that you consider the best value for money?

Even though I’m lumped with hefty repayments, the best feeling I had was buying my first home last year. It was a big achievement and a milestone for us. We paid way over the odds for it (as we do in Ireland), but I’m extracting great value because of that sense of pride and the ability to get creative in our own home.

How did you prefer to shop during the Covid-19 restrictions – online or local?

I made a point of shopping locally during and after the restrictions, when I might not have before. I had an urge to support independent retail stores, coffee shops and street vendors. I’m a big fan of people taking a leap of faith, and it’s important that we support great independent retailers.

Do you haggle over prices?

The price is the price, and I’m generally happy to pay it or not, but I’ve never been one to haggle – or maybe I was never good at it. I don’t know anyone that haggles any more but it’s an impressive skill.

How did the Covid-19 crisis change your spending habits?

Many independent coffee shops opened in the last few years, serving great coffee or really uncomplicated quality food. These small businesses became places of refuge during Covid, and still are. I’m now a fully fledged coffee snob and will go out of my way to get the best takeaway coffees.

Do you invest in shares?

I’ve been investing in shares on and off for the past decade. I’ve always felt a calculated risk is better than money sitting in a bank account. The Warren Buffett method is best; invest in companies that you know and like with a good long-term outlook, and don’t panic-sell.

Cash or card?

I carry a few bob with me but it’s getting harder to spend it. Tapping has all but nullified the case for carrying cash, and now some businesses don’t even accept it, which is hard to understand. Cash equals king.

It’s hard to be a businessman and not place importance on money. Money is a necessity, so the more I earn, the less stressful life becomes

What was the last thing you bought and was it good value for money?

I just paid a public liability insurance bill for my business. It only went up 7 per cent this year despite no claims. Terrible value for money, but essential in business.

Have you ever successfully saved up for a relatively big purchase?

In Germany, when I was 19, I bought my first guitar, a beautiful semi-acoustic Fender. It took me the whole summer working in a biergarten to save the money for it. It cost 80 Deutsche marks and I still have it at home, where it’s gathering dust.

Have you ever lost money?

I lost €1,000 in cash on the way to the bank to lodge it. Someone in Dún Laoghaire had a big win that day.

Are you a gambler and, if so, have you ever had a big win?

I gambled a bit in my college days but learned pretty quickly that it’s a mug’s game. The biggest gamble I ever took was opening my first business during the recession. I haven’t looked back since.

Is money important to you?

It’s hard to be a businessman and not place importance on money. Money is a necessity, so the more I earn, the less stressful life becomes and the more time I have to focus on the things that really matter, like family, being happy and spending more time doing things I enjoy.

How much money do you have on you now?

I have a crumpled tenner and a fully stamped coffee loyalty card in my back pocket, so about €14.60!

In conversation with Tony Clayton-Lea

Me & My Money