Jerry Staple is the founder of IntrinsicAI and specialises in AI, data engineering, machine learning, and scalable cloud solutions.
Are you a saver or a spender?
While I genuinely want to save more, I often find myself begrudging the act of spending. My goal is always to strike a better balance between prudent saving and mindful spending.
What was the first job you received money for, and how much were you paid?
My first job was working at a seaside cafe in Weymouth, Dorset, when I was about 13. I earned around £20 per week, which seemed like a fortune at the time (even though it would probably be considered illegal today). That early job instilled a strong work ethic and gave me a genuine appreciation of the value of money.
Do you shop around for better value?
Absolutely! It’s easier than ever to shop around these days. I’ve encouraged my daughter, Elsie, who is 13 and a reformed spender, to use browser-based deal finders like Coupert. She now treats finding a good deal like a game, and I’m pleased to see she genuinely enjoys being savvy with her money – that is, my money!
What has been your most extravagant purchase and how much did it cost?
When I was younger, my most extravagant purchases were designer clothes. Back then, spending £100 – about 15-20 per cent of my monthly salary – on a designer shirt seemed reasonable; now it makes me cringe. These days I’m perfectly happy wearing a simple £7.99 Zara T-shirt and £25 jeans. Labels no longer matter to me.
What purchase have you made that you consider the best value for money?
Undoubtedly, property has been my best-value purchase. Over the years I’ve bought and sold various properties, and though timing can be challenging, property generally proves itself a solid, appreciating asset, long term.
[ ‘Behavioural economists would have a field day with me’Opens in new window ]
Is there anything you regret spending money on?
All those designer clothes from my younger days – what a waste! It taught me valuable lessons, though, about priorities and sensible spending.
Do you haggle over prices?
Yes, always! As an entrepreneur, negotiating comes naturally, even to the point of embarrassment for my daughters. I recall once haggling over the price of a muffin, which I admit might have been slightly extreme, but I firmly believe in always seeking the best deal fairly and ethically.
Do you invest in shares and/or cryptocurrency?
I hold both shares and a small amount of cryptocurrency, although I’m cautious about crypto. I wasn’t taught much about financial investing growing up, which motivates me to educate my daughters about it. I’ve set up Junior Stocks and Shares ISAs [in the UK] for them, based on index funds, and I’ve tried to explain the wonders of compound interest, hoping they’ll appreciate the value of long-term investing as they get older. My view on investing is that it isn’t about flashy trades or chasing hype but putting money into a low-cost index fund regularly and leaving it there for years. Time and compounding do the real work. Patience beats cleverness.
Do you have a retirement or pension plan?
I have a pension from my time in the military, along with a Self-Invested Personal Pension (SIPP) and a Stocks and Shares ISA. Retirement isn’t really on my radar since building businesses genuinely feels more like play than work. That said, I firmly believe that nurturing diverse ventures is the best path to long-term financial security and fulfilment.
[ ‘I regret spending money on cars. It always feels like a financial black hole’Opens in new window ]
What was the last thing you bought, and was it good value for money?
The last thing I bought was clothing, but this time in a Zara sale: £19.99 for a pair of trousers that originally cost £29.99. Given the £10 saving, it felt like excellent value for money.
Have you ever successfully saved up for a relatively big purchase?
Yes, typically property. Over the years I’ve saved and invested in various properties. Some performed well, while others proved challenging, especially during the 2007 credit crisis. However, those experiences taught me valuable lessons and reinforced the importance of disciplined saving and the fact that timing is everything.
Have you ever lost money?
Now this seems trivial, but it was one of the best lessons I have ever had to learn. When I was 13, working long hours at the seaside cafe, I lost an entire week’s wages playing the slots at an amusement arcade. I vividly recall the sickening feeling afterwards, as I worked a 60-hour week, maybe more, but it was a crucial financial lesson. That experience completely deterred me from gambling, though I sometimes feel that investing in cryptocurrency feels a bit like that!
What is your best habit when it comes to money? And your worst?
My best financial habit is undoubtedly my mindset around asset creation. I’m always looking to diversify and build value through businesses. My worst habit, historically at least, was impulsive spending on designer clothes. Thankfully, I’ve outgrown that.
How much money do you have on you now?
I rarely carry cash and am generally anti-cash due to convenience. Ironically, right now I have £10 because the car wash I used earlier only accepted cash. No doubt one of my daughters will soon find a use for it before I do.
In conversation with Tony Clayton-Lea
