'I wouldn't recommend getting into racehorses to make money'
Money talks Eddie Lynam
Published 22/05/2016 | 02:30
Eddie Lynam has been training racehorses for more than 30 years. He learned his trade from the well known horse-racing expert, Jim Bolger. Lynam has a training yard in Dunshaughlin, Co Meath. He has trained the likes of Sole Power and Slade Power -Irish horses which have had major wins on the international stage.
Like many horse-racing enthusiasts, he will be watching the Tattersalls Irish Guineas Festival in the Curragh today.
What is the most important lesson about money which your career as a horse trainer has taught you?
A bad horse costs the same to keep as a good horse. I own part, or all, of many of the horses I train, so I am very aware of ownership expenses. I wouldn't recommend getting into racehorses to make money.
What's the most expensive thing you have found about training horses?
Installing and maintaining our polytrack gallop. We are always spending money on upgrading our facilities.
Are you better off than your parents?
No. They were a massive help - both financially and with their support and advice.
Apart from property, what's the most expensive thing you have ever bought?
My jeep, which is a Range Rover.
What was your biggest financial mistake?
I have made a few. Slow horses and bank shares would be the two that spring to mind.
What was your best financial killing?
Breeding and racing Slade Power. He was a champion sprinter and is now a stallion at Kildangan Stud.
What was your worst job?
I've never had a job I didn't like.
Do you use any money-saving apps?
Android or iPhone?
What are they? I have a very old mobile phone and an iPad that I struggle with.
Do you know how much is in your current account?
Have you ever made an insurance claim?
Yes, health insurance. I would not pass a vet.
Have you ever switched utility provider?
No, I'm too lazy.
iTunes or Spotify?
Never heard of them.
What was the last thing you bought online?
Books for my Kindle. I like reading, especially autobiographies.
Do you have a mortgage? Is it fixed, variable or tracker?
Not on my home. For business, I have a tracker of 0.75pc over ECB.
Would you buy Irish property now?
Yes. If I liked it as a home and the price was right.
Cash or card?
Both. I must get a debit card, I hear they're worth having.
Do you ever haggle?
Sunday Indo Business