Episode 4 synopsis
Eoin McGee meets 31-year-old self employed dog groomer Rachel Heelan. Originally from Donegal, but living in Wicklow, Rachel has started her own business grooming and caring for dogs, but she is having trouble managing the finances and getting her business off the ground.
After assessing Rachel’s tactics for running her business affairs, Eoin identifies just where they are going wrong. Rather than coming up with a clear and straightforward system for paying herself out of the business and recording business expenses, Rachel has been a little more ad hoc. Eoin comes up with a plan as to how she get on the right foot and achieve their goal of a successful business – and also a long term plan of buying a house. He advises her that if she wants to be taken seriously by the bank, then she needs to act seriously and clean up her bank accounts, using her business and personal accounts for what they are intended for – and to start paying herself a wage.
Over the course of a couple of months, we follow as Rachel tries implement the plan set out by Eoin – and see the ups and downs as she tries her best to follow his rules. Will she succeed and manage to make her business a success? And what will she learn in the process?
Series synopsis
How to be Good With Money is a brand new financial series for RTÉ that helps you sort out your finances. Each week, financial planner Eoin McGee helps a household to manage their money and reach a goal they thought they’d never achieve.
Ireland may be experiencing the strongest economic growth in Europe, but wages have been slow to rise, and many Irish householders are still feeling the pinch of the downturn. Not only that, Irish parents face some of the highest childcare costs in the world – making the decision to return to work after children a difficult one to reach.
How you manage, spend and invest your money can have a profound impact on your life. Recent research has found that one third of Irish people are still paying for financial mistakes made in the past, and the same amount say that they find the topic of financial management confusing. Managing money is an essential life skill, but something a significant proportion of us have little clue about. It’s rude to talk about money. It makes us anxious, and awkward, but this doesn’t need to be the case.