Mike Hanrahan, of Stockton’s Wing is also a senior fellow at Trinity College Dublin’s Global Brain Health Institute. He is taking part in the university’s Creative Brain Week, March 4th-9th, where he will outline a practical musical journey exploring how music can articulate the life of someone living with a diagnosis of dementia.
Are you a saver or a spender?
Until last year, I was a spender. I have been self-employed most of my working life, so I am conditioned to worry, chase, spend and then worry again. I finally received a salary last year and discovered I had extra money, so I started saving. But I am now back self-employed, so I am not sure how safe the savings are.
Do you shop around for better value?
Yes, for certain electronic items I know nothing about. It takes me ages reading reviews, annoying friends and hovering before deciding.
What has been your most extravagant purchase and how much did it cost?
I bought a new car once for €26,000 and for 10 years I drove it into the ground. I still remember its first scratch. It haunts me. Never again.
What purchase have you made that you consider the best value for money?
My beautiful Lowden guitar. I bought it for a fortune in 1982 – all of IR£285. It is now priceless, and it has been with me for every song I have written since. I should say it has aged beautifully – just like its owner!
[ Stockton’s Wing still defying convention 40 years onOpens in new window ]
How did you prefer to shop during the Covid-19 restrictions – online or local?
I learned many new digital skills during Covid, recording, animation, video creation and streaming, so my go-to place was Thomann for all electronic gear. The joy of the van arriving was a highlight of my week.
Do you haggle over prices?
I do, but truthfully I fall at the first look of disbelief and pay over, just short of apologising for even thinking about the haggle.
How did the Covid-19 crisis change your spending habits?
I started growing things, vegetables, lots of herbs, and I delved into food preservation, so I stocked up on preserving jars. My cupboard quickly filled with stuff I would never get to use so Christmas became a wonderful time for giving. Even if they did not want a jar of pickled beetroot, they got one with the card.
Do you invest in shares?
God, no. I put €1 each way on a horse at the Grand National every year. That is the extent of my investment portfolio.
Cash or card?
I have become the Tap Man. No guilt at point of tap.
What was the last thing you bought and was its good value for money?
The last thing I bought was a new pedal for my guitar and I love it. Total value for money.
Ronnie Drew looked at me in disbelief and advised: ‘Let that be your last gamble, Mike, because I can guarantee you it only goes downhill after this’
Have you ever successfully saved up for a relatively big purchase?
I am not a saver, although I did the Bertie Ahern government savings scheme [SSIA] in 2004-2005 and spent all the money on a three-month cookery course at Ballymaloe. Best money I ever spent. It changed my life.
Have you ever lost money?
We lost money on every album Stockton’s Wing ever made, and I have lost money on all my solo albums, on tours and several music projects, but I never cry about the loss. I love music, it is what I love to do, and money has never had a say in my pursuit of creative dreams. I would be a chief financial officer’s worst nightmare. If I had one.
Are you a gambler and, if so, have you ever had a big win?
I do not gamble. Ronnie Drew gave me advice one time when I picked the same set of horses for something called a Yankee. We were in London watching the Cheltenham races on the TV. They all came in but I had no idea I did the same ones twice. Ronnie looked at me in disbelief and advised: “Let that be your last gamble, Mike, because I can guarantee you it only goes downhill after this.”
Is money important to you?
Money is important to live and it allows me to enjoy things in life but I learned how to survive on very little. It is, therefore, not the most important thing in my life, but I love getting paid after the gig.
How much money do you have on you now?
I have €74.30 in my pocket. It has been there for about three days.
In conversation with Tony Clayton-Lea
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