Me and My Money: Dan McDonnell, Neon Agency MD

Are you a saver or a spender?

My habits are changing rapidly. I would have been classed as a spender about five years ago, but since setting up Neon Agency and more importantly having a beautiful newborn baby, the saving gene has well and truly kicked in. There’s nothing like the sound of a newborn baby and a dirty nappy to get the mind focused.

Do you shop around for better value?

Always. That’s part of the pleasure for me. I’m one of those guys who can’t take the first offer for fear of finding a better deal elsewhere. But, when I see something I believe offers value, or the very best price at the time, I’ll grab it.

What has been your most extravagant purchase and how much did it cost?

I don’t really do extravagant, to be honest. I don’t mind splashing out on good food, and maybe a decent bottle of wine, especially when my wife and I are at home. When we do manage to get out, we go to a good restaurant. I recently purchased the higher-end Surface Book [laptop], but I haven’t even told the accountant how much it cost!

What purchase have you made that you consider the best value for money?

The house I bought with my wife. We got it at the right time, in the latest mini-slump. With a bit of luck, the bottom won’t fall out of the market again.

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How do you prefer to shop – online or local?

When it comes to business, it’s Irish-based when at all possible. With gadgets, sometimes you can’t beat checking out the real thing, but it depends on where the better value is. If I can get better value online, I will.

Do you haggle over prices?

Yes, it’s natural to me. While I think it is important to haggle, there is a line you need to respect. I don’t believe in pushing someone so much that there is a risk to the quality of what they deliver or the enthusiasm and dedication that I expect them to put into the job.

Has the recession changed your spending habits?

Yes, both to my spending habits and my mindset. When I initially started out on my own, every weekend I was labouring in the west of Ireland for my brother to pay for the rent on a fancy D4 office, so that I had a nice base to bring clients. I guess the recession has forced us all just to work that bit harder and concentrate to stay ahead of the pack.

Do you invest in shares?

Not currently, but I always thought of myself as someone who would do so in the future.

Cash or card?

Card all the way. As plastic becomes so ubiquitous, I almost always forget to get cash.

What was the last thing you bought and was it good value for money?

A €6.50 beef wrap from Lotts & Co on the South Lotts Road. Fairly steep for a roll, but I’d package and sell the granny for this wrap!

Have you ever successfully saved up for a relatively big purchase?

I suppose like all people of my generation, getting on the property ladder was our target. We managed to get that together, so I’d call that a success.

Have you ever lost money?

I’ve had my fair share of ventures that haven’t gone to plan. But I really believe that nothing ventured is nothing gained. I think it’s a very important learning experience for companies to take risks occasionally.

Are you a gambler and, if so, have you ever had a big win?

In the normal sense of the word, no. As a business owner I guess I am – however, it is always measured risk. I risked everything when I went out on my own initially, and then when I formed Neon, so I suppose every entrepreneur is a gambler.

Is money important to you?

To a certain extent, yes. I value the importance of money, but it is not what ultimately drives me. Creating and executing a great project from the bottom up is more important. Whatever the task is, it needs to be successful and, ultimately for me, this means that that the client and more importantly the customers have really enjoyed, engaged and benefited from the experience. That’s the ultimate result.

How much money do you have on you now?

€45, and plenty of receipts. Rats.

In conversation with Tony Clayton-Lea