FINANCE
Money
Matters
Money! Money! Money! In
each issue of Tees Life, we ask
a prominent Teessider about
their thoughts on finance
This time, we talk to Chris Petty,
managing director of Stockton-
based commercial IT experts
Cornerstone Business Solutions.
Does money make you happy?
Definitely. I wouldn’t be doing what I do if
money didn’t make me happy. The buzz of
the deal and the potential to make money
is what gets me up in the morning. People
say money doesn’t make you happy but it
certainly makes life a lot better if you don’t
have financial worries.
What was your first paid job?
On my dad’s advice, I got a job on a
construction site when I was 16 just before
I joined the army – and I absolutely loved
it. We were building Abbey Hill School
next to North Tees Hospital. My job was
called a chain lad, working with a surveyor
– basically I held the big, long ruler! I was
earning £95 a week so I felt mega-rich. They
wanted to send me to college to become
a civil engineer, which would have been a
fantastic career, but I had my heart set on
joining the army. In the army I was allowed
£10 a week while the rest was banked until I
came home. I spent the money on fags and
Chocolate Hob Nobs but I’d make money by
selling fags and the Mars Bar cakes my mam
would send me. I was natural entrepreneur.
What’s your best financial tip?
Try to buy things that you can definitely
make a profit on. That’s what I always try to
do, rather than risking my money on stuff
like shares.
Are you a saver or a spender?
Traditionally definitely a spender until
recently as I’ve become financially secure
when you can save. If I’ve had it, I’ve always
blown it! I’ve lived for today and had a
fantastic time. Now that I’m financially
Entrepreneur - Chris Petty
sold his mum's Mars Bar
cakes to army colleagues.
“Try to buy things
that you can definitely
make a profit on.”
secure, I can still do that and have pennies
left for a rainy day. We’ve decided to have
a break every month, though I’m always
working – always on the phone. I’ll even
do Skype calls from the pool. Fortunately,
I love my job. I never suffer from Monday
blues.
What’s the biggest drain on your
resources?
My wife and kids! There’s always some
reason they need money. For my son,
Lewis, it’s been paying for his increased
motor insurance after he crashed his car
twice in a year. His insurance was £1,600
a year and it went up to just under three
grand after the last crash.
What’s been your biggest financial
mistake?
I paid 25 quid for a pair of Lacoste sliders
and they were too small! I cut my feet to
smithereens! Seriously, I can’t think of any
Chris (centre) with his fellow
Cornerstone directors.
personal mistakes but the financial mistake
I made with my business is that I paid a
debt collection company to chase some
money we were owed – but I only succeeded
in increasing our losses. We were owed
£60,000 by three customers who hadn’t paid
their bills. I had solicitors on the case but
when a debt collection company promised
me they’d get my money back, it sounded
promising. But the money didn’t materialise
and the companies all went pop.
What’s been your best investment?
My business. I got a 25 grand overdraft
from the bank to start it off. I was always
confident it would be a success and it has
been, thanks to a lot of hard work and some
great staff and customers.
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