Me and my money: Anton Savage
'My savings plan is focused on saving my house, my washing machine, my car and my dog'
Published 09/09/2010 | 05:00
PR man and radio host Anton Savage found his spending mistakes started when he bought a house.
"Then I discovered leverage. And equity release. Oh, equity release, what a magnificent thing. You'd walk into a bank, say: 'I've got a house, I'd like a wheelbarrow-load of cash,' and they'd give it to you. It was fabulous.
"And because house prices could only go up, as I told anyone who'd listen, there was no risk. Turned out I may have got some of my forecasts wrong.
"So my biggest spending mistake was everything I bought with the fantasy money handed to me by my house, which I will be paying off until 16 years after my death," he said.
"My savings plan is focused largely on saving my house, saving my car, my TV, washing machine and dog.
"Once a week I slide the driver's seat of my car forwards and root for change underneath it. I then spend it on pampering myself. With stuff like food. And shampoo. I bought bank shares.
"I spent a lot of time analysing historical P/E (price/earnings) ratios, reading consensus forecasts on economic growth and immersing myself in the business plans of the banks and the National Asset Management Agency. Based on my assessment, they were guaranteed to increase in value. So far, I've lost 40pc. If I won €5m in the lottery? I would buy bank shares.
"They're guaranteed to increase in value.
"More money is more important than more time off. Way more money
"Lately, I've been trying to figure out the market value of a kidney."
- Anton Savage is the
managing director of The Communications Clinic and stand-in presenter of 'The Last Word' and 'The Ray D'Arcy Show' on Today FM.