Tim Jones is chief executive of Galway-based medtech company SymPhysis Medical, which he co-founded in 2018. It develops patient-centred solutions in palliative care.
Are you a saver or a spender?
I’ve never had money or come from a wealthy background, so I never grew up in a way that made me feel I needed money in the bank to feel safe. However, as I’ve got older and, dare I say, wiser, I’ve managed to save well over the last few years.
What was the first job you received money for, and how much were you paid?
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My first proper paid job was at the age of 17, behind a bar. I think I earned £2 per hour but I loved it and it helped shape my work ethic and my love for working with people.
Do you shop around for better value?
Always. I know exactly how much anything is that goes into my basket, and what the sell-by dates are. I also look for a fair price and assess on the fly if they’re value for money.
What has been your most extravagant purchase and how much did it cost?
Without doubt, it was a boat. I wanted to buy a boat to rent out to people as a kind of Airbnb business and I borrowed €30,000 from the bank to do it. As I went through the process of setting it up on the Galway docks, I fell in love with the local sailing folks, joined the Galway Hooker Sailing Club and ended up using the boat to get out on the water as much as I could. I’ve now got so many memories with close family and friends that make that purchase one of the best I’ve ever made.
What purchase have you made that you consider the best value for money?
Most of the cars that I’ve bought over the years. I’ve taken a lot of measured chances when buying cars, often through eBay on auction or through DoneDeal. The secret for me is to always buy a classic car that will bring me a lot of joy and accept the costs of maintaining it.
Is there anything you regret spending money on?
I’ve lost count of the kitchen gadgets I’ve bought over the years that now reside in my bits and bobs drawer.
Do you haggle over prices?
Some people think that negotiation is throwing out a number that’s really low and then expecting to eventually agree to meet halfway. Understanding the value of something gives you the power to be able to walk away from something knowing that it’s not worth it and being okay with that.
Do you invest in shares and/or cryptocurrency?
I don’t. My life is extremely busy, and I don’t want the additional burden of watching or following the trends of other companies outside of my control. It seems like a lot of work for minimal gain, and I’d prefer to put my money into something more local that I can see making a difference.
Do you have a retirement or pension plan?
I have a medium/high-risk pension plan, but I don’t plan to ever retire.
What was the last thing you bought and was it good value for money?
The last thing I bought was a 2013 Audi Q5. At €15,000, it was the most expensive car I’ve ever bought, but I felt it was good value for money. Unfortunately, two weeks after I bought it, it was stolen from outside a friend’s house, so I’m now looking for a new one to fill the void – something less desirable, perhaps!
Have you ever successfully saved up for a relatively big purchase?
I have just finished saving up for a deposit to buy a house. With the cost of living so high, trying to have a good work-life balance, get away on holidays and travel, and everyday expenditure makes it very challenging to amass that amount of money, but I recently hit my target and now the house hunting begins.
Have you ever lost money?
Not that I recall. As I said, I’m a mix between a spender and saver, and I’d best describe myself as careful with money.
Are you a gambler and, if so, have you ever had a big win?
I’m not a gambler, but that doesn’t mean I won’t go horse racing and put a fiver on a horse or that I don’t play the lotto. In fact, a few years ago, I won €2,000 on the lottery, my only big win ever!
What is your best habit when it comes to money? And your worst?
My best is understanding value for money. I genuinely think about the cost of things – how much they cost to make, ship, promote, and so on – and I feel I take all of that into account. My worst habit is probably when I’m with loved ones. Then I stop thinking about the cost and spend a little loosely.
How much money do you have on you now?
€15. I typically have a few notes in my wallet just in case. You never know when you might walk past an incredible busker, or someone homeless, people who draw you in.
In conversation with Tony Clayton-Lea
