Money
Matters
FINANCE
Money! Money!
Money! In each issue
of Tees Life, we ask a
prominent Teessider
about their thoughts
on finance
This time, we talk to pharmacist Mike Maguire – former
owner of Marton Pharmacy in Middlesbrough.
Does money make you happy?
No, but it is quite important. A quote I like is “Money isn’t
the most important thing in the world but it’s right up there
with oxygen.” Money is something we all want and need
but it doesn’t guarantee you happiness because that’s about
relationships with other human beings.
What was your first paid job?
I was a pre-registration pharmacist straight out of
university. I got paid £6,000 a year at Clevechem within a
health centre in Redcar. I have good memories of it because
I didn’t have the same responsibilities back then.
What’s your best financial tip?
Don’t spend more than you can afford. It’s a great tip – but
not one I follow myself!
Are you a saver or a spender?
I’m definitely not a saver because I can’t see the point
of having loads of money in your bank account and not
doing anything with it. Life is short and I think it’s about
experiences – and to do that you need to spend your
money.
What’s the biggest drain on your resources?
My family – with having a wife and six kids! Going to
Florida with eight of you means spending not far short of
£20,000, which is a lot of money for a holiday.
“Money isn’t the most important
thing in the world but it’s right up
there with oxygen.”
What’s the most you’ve splashed out on a single item?
Taking my wife Karen on the Orient Express to Venice was a
once-in-a-lifetime experience but, in terms of actual items,
I bought Karen an Omega watch for her birthday that was
about £4,500. She does love it so it’s totally worth it. I don’t
mind spending money but I hate wasting it.
What’s been your biggest financial mistake?
Credit cards! They are very easy to rack up large amounts -
and the interest gets you into a negative cycle that’s hard to
get out of. Credit cards are great if you can pay them off each
month, but otherwise they can be dangerous.
What’s been your best investment?
I bought an Audi A5 not long ago and I love it. It’s totally
value for money. I can’t see me wanting to change it in the
future because I like everything about it.
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