Are you a saver or a spender?
I grew up in an environment where we were bred to be cautious, and I have never fully lost that. I save and I spend, and I like value, but I feel good-quality items that last represent better value than cheap stuff.
Do you shop around for better value?
I am competitive and I love to find some value. But as I get older I find I value my time more, so I tend to just get what I need rather than devote too much time in the pursuit of a bargain.
What has been your most extravagant purchase and how much did it cost?
All of my most extravagant purchases were probably for my wife, mostly jewellery, which, depending on how you look at it, was either extravagant or the best investment of my life.
What purchase have you made that you consider the best value for money?
The book The World is Flat by Thomas Friedman; all that knowledge for €16. A great, insightful read.
How do you prefer to shop – online or local?
I prefer to shop local for the interaction, and to support the local community. I love a Saturday morning strolling around the farmers’ market in Douglas and buying good-quality food to take home.
Do you haggle over prices?
Rarely. I buy where I feel comfortable, where the quality is right and the owner is committed, and then I respect their right to make a living. If I feel cheated on price, my custom is lost immediately.
Has the recession changed your spending habits?
I was lucky in that our business did not overly suffer during the recession. Our contractors continued to find work and we continued to provide our service. I am not overly extravagant anyway, so did not change my lifestyle. But a lot of people went a little crazy when we had some real wealth to spread around.
Do you invest in shares?
I have a pension scheme and it invests in shares, but they have experts that do that. I look at some shares in sectors that I have some understanding of and have bought a small amount. I do not invest in shares in businesses that I do not have time to follow thoroughly. I believe the ‘market makers’ make money and the scraps are left for the rest.
Cash or card?
I am transitioning from cash to card. I have always been a cash man, but I am beginning to like contactless. I love the simplicity of it, and now I use Apple Pay, so I don’t even need a wallet to survive the day.
What was the last thing you bought and was it good value for money?
I bought a Fitbit Iconic last Christmas and, yes, it’s money well spent as I have found it to be a great reminder to get some daily exercise done.
Have you ever successfully saved up for a relatively big purchase?
I saved hard for my first car. Coming from a small north Kerry town, I needed transport. I bought a bright yellow Volkswagen Beetle and I still remember the registration number – SFI 855. I was training to be an accountant at the time, but money was tight, so I worked for six weeks of the summer in the local bar, and at weekends, to get that first car.
Have you ever lost money?
Of course. I started several businesses before Contracting Plus; some made a bit of money and some lost. That’s life, but I learned a lot, so maybe it was just an education cost.
Are you a gambler and, if so, have you ever had a big win?
I love a game of poker but haven’t played for years. In business I will gamble, although more when I was younger than now. I trust my instincts and my gut feeling in any decision, and the people involved are paramount in any deal.
Is money important to you?
Enough is important, and enough is sufficient to provide a good family home, eat properly, have an annual holiday and be able to provide school and opportunity for my daughter. Other than that I don’t need trappings of wealth to feel satisfied.
How much money do you have on you now?
Before, having been in Russia for 10 years, I always felt I needed a few hundred in my pocket at all times to feel secure. Now, I use my card and Apple Pay for almost everything, so I probably have €70 in my pocket, maximum.
In conversation with Tony Clayton-Lea
