Malachy Ryan graduated from Athlone IT in 2001 with a degree in mechanical engineering. He is head of sales for Europe, the Middle East and Africa at Bear Robotics, which provides robotic servers that reduce repetitive tasks such as food running, drink delivery, and table bussing.
Are you a saver or a spender?
In my early years, I would have been a spender. Now that I have a family and as they progress through life, I’m acutely aware of the importance of being a saver. So most definitely a saver.
Do you shop around for better value?
I will always look for the best quality of product and value, with a big emphasis on after-sales service. I will always try to shop locally if possible.
What has been your most extravagant purchase and how much did it cost?
My most extravagant spend was on a new seven-seater car that cost around the €60,000 mark.
What purchase have you made that you consider the best value for money?
Any spend on improvements on our family home is great value for me as everyone gets to enjoy it.
What ways did you prefer to shop during the Covid-19 restrictions – online or local?
During Covid, I shopped locally where possible and got a small few things from Amazon.
Do you haggle over prices?
I love to haggle all the time. Coming from a northeast Galway background, everybody would always haggle when buying from person to person. I think it’s a good thing to do where appropriate.
How has the Covid-19 crisis changed your spending habits?
The Covid crisis reinforced the importance of the local community and how we should support our local business community where possible. These are the people who will support you in times of crisis and donate prizes for local fundraisers.
Do you invest in shares?
I invested in various companies a few years ago and lost money. I still have Intel shares and they produce a dividend every year.
Cash or card?
Card 99.9 per cent of the time. There is still the odd business, however, that will only accept cash.
What was the last thing you bought and was it good value for money?
Supplies for all the family pets from our local pet store, which always provides great value and excellent advice on animal welfare.
Have you ever successfully saved up for a relatively big purchase?
When I was in my early 20s, I wanted to buy an apartment so I had to save €25,000 for the deposit. I remember working 18-hour days to earn extra cash. At that time I was involved in the construction industry.
Have you ever lost money?
When I owned my own tiling fitting business, from 2003-2009, one builder decided not to pay us. We ended up losing a lot of money, which was very tough to take at the time as I had a very young family. I learnt that you need to have a watertight contract before you enter into any type of work.
Are you a gambler and, if so, have you ever had a big win?
I never gamble on any sporting events, but I gamble on my professional life all the time and to date, it has paid off big time. I’m a firm believer that you should take risks as it is the only way to move your business and private life forward. Try to get out of your comfort zone as often as possible.
Is money important to you?
Money is important to me because, unfortunately, we all need it to live comfortable lives and provide for our families. I’m also a firm believer, however, in the ‘health is your wealth’ saying, and try to live my life in balance and harmony.
How much money do you have on you now?
Right now, I have an enormous sum of €10 and 25 cent.
in conversation with Tony Clayton-Lea
