Monday, July 14, 2008

Blogger Interview - Gerard Sheehy

I am having a little difficulty in deciding what to write under the 'Social & Personal' label. What I mean is, what can I write under this heading that would be on any interest to someone else that does not know me from Adam?.

Some of the print media carry interviews, with people we have heard of, about their business and finances. I guess that these interviews must be popular with readers, as otherwise they would have been consigned to the scrapheap a long time ago.

What I will attempt to do here is interview someone, you have not heard of, with questions that come to mind at random. If you want to aske me another question that does not require an 'advisory' answer, please feel free to do so.

What was the best business decision you made? Its a toss up between deciding to work for myself and exiting the General Insurance business.

Have you ever lost money investing? Lost a lot (to me) of money investing directly in shares. Just didn't do the research. An expensive lesson but learnt my lesson.

Do you own property abroad? Yes. I purchased an apartment 'off-plan' in Tenerife in 1999 with a friend of mine and our friends and families use it constantly. I also have a 50% share in some small commercial units near Helsinki airport ( I should add, that the bank will 'own' these for a good number of years to come).

What 'Business Model' do you aspire to? It has to be the 'Low-Cost' one. Keep the overheads down so that you can pass the savings back to the consumer.

What did you do with your SSIA money? Reinvested it in unit-linked funds and continued to add to it monthly since.

What car do you drive? A VW Golf.

Do you own your own home? No! The bank, my wife and I co-own it.

How does the economic slowdown effect you? Much the same as everyone else. A limited supply of money with an increasing demand on it. The market for investment products has slowed down along with the steady requests for mortgage related life insurance. The pension and PRSA business is holding its own.

Do you have a Pension, Life Insurance, Income Protection, and Health Insurance? Yes, I have all of them.

What's your favourite movie? It depends on the mood. My Cousin Vinny / The Shawshank Redemption / Rabbit Proof Fence / Not One Less

Have you ever won money? One of my 'vices' is having a few bets on the horses. On occasion I have been on the winning side but on the laws of average I will loose 25% of what I wager. This might seem like a mad exercise for someone in my business but there is a whole social dynamic involved in the experience and the sums wagered are minute. I did win €75 a few weeks ago on a prize bond I forgot I had.

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