Colin Barry is founder of Brite Mobility, which supplies e-bikes and emopeds for riders to use on a pay-as-you-go basis. The rider downloads the smartphone app and scans a QR code on the bike that will turn the bike on and off. Payment is calculated by time of use.
Are you a saver or a spender?
If we are talking about cash and disposable income then yes, I’m a total spender. If I have it, it will be spent. I love buying dinner for friends or presents for my family, but on the other hand I do have a mortgage which I equate as savings. I would hope to be able to take out all the money I am putting in now, sometime in the future and make a little profit.
Do you shop around for better value?
Value is very dependent on what your life goals are. I try to live sustainably, use keep cups, water bottles and buy local produce. I don’t spend hours doing price comparisons on groceries, but I do use price comparison websites for lowest-priced utilities as it’s quick and easy.
What has been your most extravagant purchase and how much did it cost?
I own an original Graham Knuttle painting – it was a Celtic Tiger extravagance. It cost a lot, but I love his mad characters and colours.
What purchase have you made that you consider the best value for money?
I bought a new 2005 Ford GT directly from Ford’s HQ in Detroit at dealer cost. I drove it for about 250 miles in total around Galway for a few years but cometh the crash, cometh the bank repayments, and it was sold to a buyer in the UK.
How did you prefer to shop during the Covid-19 restrictions – online or local?
Definitely local. We are lucky enough to live in Galway city and have some amazing people doing amazing things locally whether it’s Ernie’s fruit and veg, Charlie Byrne’s books or our French-Galwegian cousins at Rouge Bakery. I couldn’t stand all the packaging that was used to ship those home cooking kits, so we just shopped locally.
Do you haggle over prices?
If there is a deal to be done then yes. However, I never begrudge someone making a profit. That’s what us entrepreneurs are there to do.
How has the Covid-19 crisis changed your spending habits?
I’ve started buying more music because I’ve had more time to listen to it. I try to buy mostly new Irish music; my two recent album purchases have been James Vincent McMorrow and Elaine Mai. I also spend a lot of time listening to Peppa Pig’s album in my car with two toddlers – great craic.
Do you invest in shares?
I am a bit of a control freak, so I like making the decisions because the buck stops with me. It’s just so difficult to hand money over to a group of people who are verbally committing to getting you a return.
Cash or card?
Card. It’s just so easy now to use our phone to pay for goods or services, and I really think these systems have improved our lives. I do remember, though, someone did pay me with a €500 note for a gig. I had it framed in my house for about a year until it was used to pay for a train trip from London to Romania!
What was the last thing you bought and was it good value for money?
I like taking pictures of interesting things, so I recently bought a nearly new Nikon camera with a decent lens from a German reseller to bring to Inis Oírr. It represented about a 40 per cent saving on a new one. They provide warranty and tech support, so it looks like I got value. I am thinking of disappearing and starting a new life as a photographer living in Brazil. I just haven’t told my wife yet.
Have you ever successfully saved up for a relatively big purchase?
No! I am into making profit on deals to collect money, so any relatively big purchase is usually paid for from a bonus or a deal made at work.
Have you ever lost money?
Definitely. I have invested money in my own start-ups that stalled for many reasons, but I would not be the person I am today without having learned the hard way. If you stick to your intuitive gut feeling, leave all the emotion out of your decisions, remove the ego, and trust and back yourself, then you will win in the end.
Are you a gambler and, if so, have you ever had a big win?
I love playing poker. It’s very time-consuming, so I don’t get to play much any more because it is a full-time job minding two toddlers but I have learned a lot about business playing poker. Back to trusting your instincts, making calculated calls, understanding the opposition’s hands, pushing when you need to push. I would love to say I have won €100,000 like some great Irish players, but alas no. The most I have won is about €200.
Is money important to you?
A lot of my life has been given over to making money. I am very much trying to wean myself off the need to be constantly moving to the next project as it’s so time-consuming and energy-zapping. I like the comfort that money gives us, but I can see my little kids getting bigger. To be honest, I loved the time during Covid where we would lie in a field staring at the clouds with not a care in the world.
How much money do you have on you now?
A fiver. My little kids started talking about money recently which was scary. My boy would say, “I have three money, will that buy me a Paw Patrol toy?”, and I would say, “no, you need 16 money for a paw patrol toy.” He would say “oh!” and head off thinking to himself how he was going to get more money. I had to sit down and have a little cry to myself.
In conversation with Tony Clayton-Lea
