[James]

Me & my money: Ray Shah

DESPITE the fact that he admits to the odd occasion of spending excess, the former Big Brother contestant Ray Shah has made two solid investments.

"I am a really bad impulse buyer, and eBay is generally to blame for me wasting my money. Recent purchases include CDs, DVDs and also a digital camera," he says.

"When I add it all up, I probably spend a ridiculous amount on things that I really could do without.

"Caught up in all the hype surrounding Big Brother, soon after the show ended, there were a number of events and premieres that we were all invited to, so I thought it would be an investment to buy a good suit.

"The suit in question was a Gucci and cost stg£1,400. I was having second thoughts before I even left the store but I bought it anyway.

"On the upside, in the subsequent three years I think I have got my money's worth, and I will be holding on to it for many years to come. I can't afford not to!

"I was lucky and decided to open an SSIA on advice from my mother. It matured just over a month ago. Many of my friends missed the boat with the SSIA offer, and they are still kicking themselves.

"It totalled around €18,000 which I was delighted with. I am not the best saver in the world, and this system was so easy I didn't even miss the money I was saving.

"I have plans to reinvest in property as I still think that property in Dublin is a good investment. It would be all too easy to throw the money away on a few smaller things like a car or a holiday, but I really want to make these savings count in the long term."

In addition to the SSIA, he bought an apartment at the height of the property boom for an attractive price.

"I bought my apartment in Portmarnock in October 2004. The two-bed unit cost €245,000 and it was great value even then," he says.

"The location is ideal and I really love the area. I bought at a good time in the market, just before the prices went sky high.

"Since then the value of the apartment has gone up considerably. I am keeping an eye out for other properties at the moment with a view to reinvesting at some point.

"My mortgage is my biggest expense, but it is worth every penny. I'm glad to be paying a mortgage, as at least it's not money down the drain like the years of rent I paid."

Continuing the dictum that it is never too late to take out a pension, the radio presenter is now planning for future retirement.

"I have a pension although I must admit that I only started it this year.

"For years I never gave a pension any thought other than seeing it as less money in my pocket each month, but you do get to a stage when you realise you must plan ahead," said Ray.

"For me it is a type of saving and a means to ensure that I have a comfortable lifestyle when I retire . . . whenever that may be!" SHANE HICKEY

http://www.unison.ie/irish_independe...issue_id=14890