Getting to know you – Cathal Grogan
The Pocket Watch column in the Sunday Business Post is a great way of raising the profile of specific individuals and letting people get a flavour of their personality. It is one of the most read columns in the Sunday Business Post because it is quite a personal column and, basically, we are all inherently nosy and want to know anything we can about people.
Here is Cathal Grogan’s that appeared yesterday. http://archives.tcm.ie/businesspost/2010/02/07/story47186.asp which I have also copied in below.
Sunday Business Post – Pocket Watch
Cathal Grogan has 20 years’ experience in the IT industry and is managing director of Verify Recruitment, an IT recruitment consultancy that he set up last May. The 41year-old lives in Greystones in Co Wicklow with his wife Susan and their four children.
What’s the best investment you ever made?
Taking control of my pension was definitely my best move. I’ve made more managing it myself over the past year – investing it in currency – than I made in the 15 years that my pension company was managing it.
What was the worst investment you ever made?
Not taking control of my own pension earlier, and making voluntary contributory payments into my pension since I started work 20 years ago.
Even with my top-up payment s , my employer’s payments and the tax breaks, my pension was worth less than I put in. I could have made more by just shoving it in a savings account.
Which investment options do you favour?
Currency, which is an asset class that is easy to understand and relate to. Plus, it is affected by international economics, which makes it easier to monitor and judge possible trends.
Do you own your own home or other investment property?
I own my home. Thankfully, I sold my investment property before the recession. I made a 30 per cent profit on my two bedroom apartment in Waterford.
What type of car do you have?
I drive a ‘classic’ Saab 900. I’m quite old school when it comes to buying cars.
What was the best financial advice you ever received?
When we had Grogan child number four, I almost paid €45,000 for a seven-seater people carrier.
A friend said: ‘‘Why bother, when the depreciation on new cars is so high?” He was right. It would’ve been a big waste of money, so I bought a secondhand Escape for €16,000.
What financial advice would you give to someone starting in a career?
Buy what you need, not what you think you need. Make saving a habit and closely manage your credit. If you can, work abroad.
When you started your career, if you had the financial knowledge you now have, would you have done things differently?
I would have saved more from an earlier age. People should get into the habit of saving early, even if it is just a small amount each month, because the benefits of compound interest will soon become apparent.
Do you invest in equities or equity-based funds?
I have now split my pension between equity-based funds and currency, with an option to invest some in equities.
Did you open an SSIA? If so, what did you do with the proceeds?
My wife and I both took out SSIAs. With the proceeds, we took our children inter-railing for a month last summer. We got engaged while inter-railing in 1994 and promised the kids we would take them one day. For my 40th birthday, we went from Finland to Zurich.
Are you a saver or a spender?
Definitely a saver, but I am prone to the odd splurge.
What’s your top financial priority?
To ensure my family’s financial security and manage our spending, so we don’t touch our nest egg.
How would you describe your attitude to your personal finances?
Very vigilant – and my wife hates me for it.
Have you made any changes to your personal spending habits as a result of the downturn?
Absolutely, who hasn’t? I now know the price of everything, from sugar to bread.
If you were the Minister for Finance for a day and could change one thing, what would it be?
I’d overhaul the pensions industry. I wouldn’t allow this situation to continue, where people have to pay for bad financial management. Pension companies are artificially supported by tax policy. Even though I manage my own pension, I still have to pay a ‘management fee’ to the pension company. It’s a disgrace.
If you had all the money you could wish for, what three things would you buy?
I’d buy property. At the moment it’s cheap and you get to enjoy your investment. I’d pay off my mortgage and then buy a place in Barcelona. I might throw in tickets to all Grand Slam tennis tournaments.
Ends
Tags: IT jobs, IT recruitment
Business, Latest news and features, Verify Recruitment | Simon Palmer | 
08/02/2010 9:27 am
