Shane Ryan: A product of mom and dad... and especially in my financial habits!

Ciara McDonnell talks to Shane Ryan, Founder of fiid.

Shane Ryan, Founder of fiid.

What is your relationship with money? 

I would say that I am respectful but not too serious.

Are you a spender or a saver? 

I am a mixture of both as influenced by my parents. My father is a spender and my mother is a saver and I am very much a product of my environment.

Do you find it hard to splurge? 

I very rarely find it difficult. I have no issues splurging as long as the important things are looked after and I have the money.

What is the best money-related advice you were ever given?

"Don't spend money you don't have," which was my mom and "we can't spend it when we're dead," from my Dad. 

Do you follow a budget and what is your process? 

I have a monthly budget that I plan out at the start of the year and revisit quite often as things change.

What's the most expensive thing you have ever bought? 

I don't think I've ever bought anything outrageously expensive but I do splash out liberally on things like travelling and restaurants. 

I'm self-employed and 31 so buying a home in Ireland isn't something that's on the cards any time soon, unfortunately. I pay €2k a month in rent for the luxury of living in Dublin city. Does that count?

What is the most important thing you have ever bought? 

The best money I ever spent was on an iPad and apple pencil a couple of years ago - It allows me to take notes and keep everything together in one place, be it work or life-related. It sounds a bit sad but it's changed my life.

What age did you start your pension and did you know it was important at the time? 

I started it this year at 31 and far too late. Working in startups for seven years did not allow for it earlier, unfortunately!

What is the biggest mistake you have ever made financially and what is the lesson you take from it? 

When I started my first business back in 2016 I was delivering fresh salad boxes around Dublin City and I 'invested' €4,000 in a bike with a fridge attached to it to transport my wares. 

I used it a maximum of 10 times before I realised how ludicrous it was pushing a fridge around the city. 

It sat in a garage for 2 years before I eventually sold it for a fraction of what I paid for it. 

The lesson here is to always check how many hills there are on your route before investing in your mode of transport and it's one I'll pass on to my kids.