Rick O'Shea: ‘My wife and I come from very working-class backgrounds, so we think savings are important'

Irish Times

2 days ago

Rick O'Shea is a veteran DJ and radio presenter who has worked with RTÉ since 2001, currently with RTÉ Gold. He is taking part in Dalkey Book Festival, which runs June 12th-15th.
Are you a saver or a spender?
If you had asked me that question a few years ago, I would have told you I wasn't a saver, but that was only because there was never money left over to save. In recent times that has changed a little. Both my wife and I come from very working-class backgrounds, so a cushion of savings is something we think is important to have.
What was the first job you received money for, and how much were you paid?
The only job I have ever had is being a radio presenter. My first full-time job was when I was 19, playing late-night love songs on a local radio station. I think I was paid the princely sum of £60 a week. In 1992 it didn't quite pay the rent on the Bray-based bungalow I was living in.
Do you shop around for better value?
If it's something big, of course. We had our bathroom completely changed recently and there seemed to be endless months of getting quotes from different companies. If it's something like cereal, or groceries, probably not.
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What has been your most extravagant purchase, and how much did it cost?
I rarely buy expensive stuff such as technology or flash clothes, so the only thing I'd ever call extravagant is travel. After a year of hard saving, we went to Japan and South Korea in 2015, and it cost somewhere in the region of €10,000.
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What purchase have you made that you consider the best value for money?
On the same trip, I bought what I call my Japanese jumper. It's a long cardigan thing that I bought drunkenly late one night in Hiroshima. I've worn it around the house for the last decade, and there are strict instructions that in the event of my untimely death, I am to be buried in it.
Is there anything you regret spending money on?
Every nonsense purchase I made in my 20s. I built up a stupid credit-card debt that took years to pay off but it taught me never to do the same thing again. I have a credit card now as they're handy when it comes to checking into hotels on holidays, but I never use it otherwise.
Do you haggle over prices?
Not really. I think you either have the gene for that or you don't. My father is the exact opposite; it's in his blood. The man loves nothing better than a good haggle over €1 or €2 at a car-boot sale for an album he is interested in.
Do you invest in shares and/or cryptocurrency?
No to both, probably because I view them as gambles that I'm ill-equipped to take. I'm exactly the sort of person who would invest in stocks the day the market crashes or into a pump-and-dump crypto scheme. I'm sure some people do very well at these things, but I'm not wired that way.
Do you have a retirement or pension plan?
When I started working in RTÉ in 2001, one of the few smart things I have ever done was say yes when I was asked if I wanted to enrol in the pension plan. I'm also the sort of person who never takes it for granted that I'll make it to 65, so who knows, it may all have been a terrible waste of money.
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What was the last thing you bought and was it good value for money?
Tickets to the stage version of My Neighbour Totoro, the new Conor McPherson play
The Brightening Air
, and the upcoming production of Stephen Sondheim's final musical, Here We Are – all in London and all for my birthday. With very rare exceptions, spending money going to shows in London or on Broadway in New York has always been good value over the years, regardless of how much it costs.
Have you ever successfully saved up for a relatively big purchase?
All the time. Holidays, solar panels and even our car all came from our savings. We don't have loans out for anything at the moment. If we can't afford it, we save for it and wait.
Have you ever lost money?
No, I don't think I ever have.
Are you a gambler and, if so, have you ever had a big win?
I have a deep-seated cynicism about big gambling companies. A huge part of their business model is taking advantage of people with addiction issues who can least afford it. I couldn't stomach money I had to work hard for just disappearing down the drain, no matter the small chance of an upside. Remember, the house always wins.
What is your best habit when it comes to money? And your worst?
I like to think my best habit these days is having the spare money to give to causes online when I see them. I work with a couple of charities, and I'm painfully conscious of how hard fundraising is these days, particularly in a mainly post-cash world, so if I see a cause I care about online, the odds are I'll donate. My worst habit is probably subscribing to things I don't read. I recently had a subscription to New Scientist magazine that was read one week out of every six when it arrived in the letterbox.
How much money do you have on you now?
I have gotten into the terrible habit of not really carrying cash on me. There's €60 in my wallet right now, and it's been there for over three months.
In conversation with Tony Clayton-Lea