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Me & My Money: Conor Manning, managing director, Pipelife Ireland
Me & My Money: Conor Manning, managing director, Pipelife IrelandConor Manning is managing director of Cork -based Pipelife Ireland, a manufacturer and provider of plastic piping systems for the heating and plumbing, water pressure, electricity, cable ducting, gas and agricultural sectors.
I don’t spend impulsively, but if I believe something offers genuine value, whether it’s a family holiday or something built to last, I’m happy to invest in it. I’ve come to appreciate over the years that financial security brings far greater satisfaction than simply owning more things. My first paid job was picking raspberries on Sean Boylan’s fruit farm in Dunboyne, Co Meath, in the summer of 1987.
I was paid 10p for every punnet I picked and, even after a full day’s work, I rarely earned more than £10. It was hard, physical work, but it taught me the value of money and the satisfaction that comes from earning it yourself. Those long summer days were probably some of the best financial education I ever received. Absolutely.
It’s never been easier to compare prices, read reviews and research products online, so I always do my homework before making a purchase. That said, I don’t automatically buy the cheapest option. How can we get the measure of an Irish economy that defies conventional metrics? In my late 20s, I bought an Alfa Romeo 156 for around €38,000, a significant purchase for me at the time.
It had everything I loved about Italian design: beautiful lines, a luxurious leather interior and a sense of character that many other cars lacked. Unfortunately, its resale value never lived up to its appeal, so it probably wasn’t my wisest financial decision. It was a purchase driven more by passion than logic, but now and then, that’s no bad thing. Investing in my health.
Whether it’s my gym membership, a good pair of walking shoes, or simply making time to exercise, it’s been the best money I’ve ever spent. No investment delivers a better return. I’m generally quite disciplined with money, but I once went into Lidl for groceries and came home with a pair of diving fins, even though I don’t sea swim and have absolutely no use for them. They are a reminder that not every bargain is a bargain.
If it’s a significant purchase, absolutely. My children find it embarrassing; I call it doing my homework. That said, I believe businesses need to make a fair profit, so any negotiation has to work for both sides. Most of my investing is through my pension rather than trying to pick individual shares.
I’ve never invested in cryptocurrency because I prefer investments I understand and can take a long-term view on. Steady progress beats chasing the next big thing. Yes. I think it’s one of the smartest financial decisions anyone can make.
The earlier you start, the more time compounding has to work in your favour, and that’s something younger people often underestimate. To mark a special birthday, my wife bought me a beautiful watch, or perhaps bought isn’t quite the right word, given it was my money! It’s something I would never normally have treated myself to.
Around the same time, I came across the idea that, if you’re lucky, you probably have around 30 good summers left, and that really stayed with me. Every time I wear the watch, it reminds me that life is there to be enjoyed and to make the most of the time we have. Buying our family home was by far the biggest financial goal I’ve ever worked towards.
It required years of discipline and planning, but the sense of achievement when we finally got there made every sacrifice worthwhile. I’ve made investments and purchases over the years that haven’t worked out as planned, and I’ve certainly paid for a few lessons along the way. Looking back, I’ve realised the cost of making a mistake is often far less than the value of the lesson it teaches you. Not really.
I might have the occasional flutter on the Grand National or during the Cheltenham Festival, but it’s purely for the enjoyment of it rather than any expectation of making money. Needless to say, I’m still waiting for the big win. My best habit is planning ahead. I like knowing where I stand financially and rarely make big decisions on impulse.
My worst habit is probably overthinking larger purchases. I can spend weeks researching something before finally deciding to buy it. Probably less than €20. My phone has effectively become my wallet, much to the annoyance of my kids, who can never understand why I don’t carry cash.
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