Nick Twomey is the cofounder, owner and group managing director of Oakberry Ireland, the 11-strong chain of Oakberry Açai outlets. He is also co-owner and a director of La Cosa Nostra Hospitality.
Are you a saver or a spender?
Definitely a spender. However, I realise I can’t be doing that all the time, so I have recently tried to start saving more for the future. Fingers crossed!
What was the first job you received money for, and how much were you paid?
My first job was as a waiter in Fallon & Byrne’s in Dublin. I think I received about €8 per hour. I definitely got my love for hospitality working there.
Do you shop around for better value?
I shop around for value when it comes to business. For personal goods, as much as I can, I try to shop around for value. Time always seems to be against me, so I could probably do more.
RM Block
What purchase have you made that you consider the best value for money?
I recently bought a Whoop band and have been really impressed with it. They provide the band for free to try for one month, and then it’s €30 per month. It tracks your sleep patterns, workout schedules and overall health. It has been a game-changer for me and has made a significant difference to my personal and work life and balance.
[ Whoop MG review: a wearable that makes sense of what all the data means for youOpens in new window ]
Is there anything you regret spending money on?
Sometimes I’ll buy something that I probably don’t need, and I’ll regret it momentarily. But life is too short so I tend to move on and forget it. I have a fair few items gathering dust!
Do you haggle over prices?
Yes, I always try to haggle on prices. It’s how I was brought up. That said, I find it much easier to negotiate with business purchases than with the personal. Maybe it’s all about the margins?
Do you invest in shares or cryptocurrency?
Yes, I’ve always been really interested in investing in stocks since I was about 14 years of age. Of course, I never had the money to invest back then. I only recently made my first investment in the stock market and, thankfully, they have gone up about 10 per cent.
Do you have a retirement or pension plan?
I don’t but it’s something I’ve been working on recently with my financial adviser. I’m not getting any younger, so I really need to have a plan set up.
What was the last thing you bought, and was it good value for money?
I‘ve just purchased a new pair of Adidas Adizero SL running shoes. They were great value for money and are probably the best running shoes I’ve purchased.
Have you ever successfully saved up for a relatively big purchase?
Yeah, I’ve done this a few times, usually for holidays. I love travelling so, typically, I’ll plan a big trip and save up for it for months.
Have you ever lost money?
Yes, plenty of times. Every time I do, though, I look upon it as a lesson for the future. Most people have lost money at some point and, being an entrepreneur, I reckon I’m more likely to lose money on some deals and make money on others. I realise that’s the business I’m in and, because of that, I just have to roll with it.
Are you a gambler, and if so, have you ever had a big win?
No, I’m not. I wouldn’t be able to handle losing a large amount of money on any game that I have no control over.
What is your best habit when it comes to money? And your worst?
I’m good at protecting money and trying not to lose it unwisely on various deals or investments. My worst habit is spending money on holidays, but I really enjoy travelling, so the pleasure I get from them outweighs everything else.
How much money do you have on you now?
I hardly ever carry cash any more, especially at home or if I’m in the UK and most parts of Europe, and I can’t remember the last time I had a physical wallet on me. Seriously, who has a real wallet these days?
I always have my phone with me, so I use Apple Pay for everything. I rarely have a problem with paying by phone, but earlier this year I was in China on business, and we ran into a bit of trouble in shops and restaurants when we found out they don’t accept Apple Pay over there. So now, when I travel to places where I think there might be payment issues, I always take cash, just in case.
In conversation with Tony Clayton-Lea
