Lisa O’Connell is the founder and owner of Mullingar-based further education group Forus Training, which celebrates its 25th anniversary this year. www.forustraining.ie
Are you a saver or a spender?
While I’ve become a saver over time, it wasn’t always my default mindset. In the past, I’d buy things I didn’t need, just to brighten my mood after a challenging day. Today, I focus on building savings for my son’s future and maintaining regular monthly savings.
What was the first job you received money for, and how much were you paid?
As a teenager, my first job was in 1994, teaching Irish by the hour in my parents' sittingroom, which was the ‘good room’. I charged IR£4 per hour, so I suppose I started off as self-employed. Looking back, it was a great exercise and built my confidence.
Do you shop around for better value?
I do, and over time, you get to understand the cost of doing business with suppliers. I have found, for example, that buying a large printer outright is far cheaper than a pay-per-click contract. You have to buy reliable brands, but the savings are significant in the long run. It has paid me to do my research.
What has been your most extravagant purchase, and how much did it cost?
During the Celtic Tiger era, I bought a PowerPlate, a piece of fitness equipment, for over €3,000. At the time, it felt like quite an extravagant purchase and I definitely experienced some guilt afterwards. I did use it, but it was a big splurge for me at the time.
What purchase have you made that you consider the best value for money?
The best value-for-money purchase I’ve made was a part-time evening course that awarded a diploma in teaching information technology skills. That course was the catalyst that transformed my career, shifting me from being a primary schoolteacher to teaching adults, and ultimately led to me owning my own company.
Is there anything you regret spending money on?
I regret spending money on poor-quality, mass-produced clothing, particularly fast fashion, which can be difficult to avoid. I’m working hard to change my approach and reduce waste, especially in the clothes I choose to wear. Additionally, several business courses and networking groups have taught me the value of supporting Irish businesses and buying from people I know.
Do you haggle over prices?
To the mortification of my son and colleagues, I enjoy haggling. However, I also believe that in many cases, you get what you pay for. There’s a time and place for negotiating, but there are also times when it’s important to pay the sticker price and respect the value someone is offering.
Do you invest in shares and/or cryptocurrency?
This is on my 2025 to-do list! I recently purchased the ‘Easy Investor’ course by Sepi, the founder of If I Was a Rich Girl. The course focuses on empowering individuals to invest confidently and build long-term wealth.
Do you have a retirement or pension plan?
When I was a primary schoolteacher I had a pension plan. However, my current retirement strategy is closely tied to the performance and evolution of my company. The way the business develops will play a significant role in shaping my retirement plans.
What was the last thing you bought and was it good value for money?
That was a Christmas present for my son. Two days before Christmas, he edited his letter to Santa. It turned out to be the best money I ever spent, as he ran downstairs on Christmas morning excitedly saying, ‘We need to look for the present that is the shape of the one I really wanted!’
Have you ever successfully saved up for a relatively big purchase?
I had saved up for a property purchase but, during Covid, I had to significantly deplete those savings to reinvest in my company. It was a difficult time, especially as everything changed due to the restrictions. Thankfully, the cash injection paid off, and my savings were reinstated.
Have you ever lost money?
I’ve discovered many ways of working that don’t lead to making money. I’ve learned a great deal from my mistakes, and while failure always carries a cost, the lessons gained from it can be incredibly valuable. So, yes, I’ve lost money.
Are you a gambler and, if so, have you ever had a big win?
I’m not a gambler. While luck might win you a few hands, the risk is too high for me. I believe that knowledge and being prepared for opportunities are what ultimately lead to success.
What is your best habit when it comes to money? And your worst?
I think over time, especially during the recession, I realised the importance of having a budget that clearly shows where my money is going. My worst habit is when I find myself asking, ‘Where did all that money go?’ and then I realise it’s because there wasn’t a proper budget/plan in place to begin with.
How much money do you have on you now?
Right now I’m at home and there’s a big storm outside. I have €75 in cash in a drawer, and that’s it!
In conversation with Tony Clayton-Lea
