What chef Matt Moran knows about money

To say that Matt Moran learnt everything he knows on the tools is an understatement. He left school at 15 to be a cook and his hard work started to pay off early. By 22, Moran had bought his first restaurant. And in many ways that’s when his education really began. He went from cooking dishes that delighted patrons to learning what it takes to keep the lights on. And he’s the first to admit that when it comes to business, he’s often relied on the wisdom of others to help him succeed. Of course, it doesn’t hurt that his food has always kept people coming back for more.

Would you call yourself a good saver?

Growing up I was a great saver because I knew that if I wanted something, I needed to buy it for myself. When I first started working, I never had time to go out and spend money—as a chef you work Friday and Saturday nights, when your friends are out spending. So that helped, of course. But yes, when I bought my first car and house, I had really concentrated and saved.

When it comes to having money boundaries, what have you learnt?

I’ve always tried not to live beyond my means. It’s also really important to have something tucked away for those rainy-day emergencies or surprise expenses you may not have been expecting.

What are your earliest memories of money?

When I was at school, I used to do a paper run and wash people’s cars so I could get a little bit of cash to spend.

Moran had bought his first restaurant by the age of 22.

Is there a great piece of advice about money that has stuck with you?

I was only 22 when I opened my first restaurant and the bit of advice that I didn’t get – but now give other people when they ask about starting their own business—is to surround yourself with people who know more about business than you do and learn as much as you possibly can very quickly.

What have you tried to teach your kids about money?

To have a good work ethic but also to pursue a profession that they love rather than something that’s all about money. They’ve watched their mother and I work really hard but also do what we love—if you can do that then everything else comes naturally.

You certainly bring other people joy with your food but what are your guilty pleasures?

I probably have too many motorbikes—I’ve collected them over the years. At my farm, there are garages and even some offices full of them.

If you weren’t running restaurants, is there anything else you would be doing?

I can’t imagine doing anything other than what I’m doing but I’m good with a knife—I can dissect a carcase pretty quickly. So maybe I would have made a good surgeon, although the theory would have been tough. Funnily enough, that’s my son’s ambition.

Are you as precise with your finances as you are with your cooking?

I’d like to say that I am but on balance, I’d say my cooking would win every time.