Fame & Fortune: Michael Aspel

By Sarah Ewing


Published: 7:54AM GMT 30 Dec 2009

How did your childhood influence your attitude towards money?

I was born to poor, working class parents and there was no love lost between
dad and me. I felt I couldn't share anything with him. What surprises me
most is that I probably had a better business acumen as a child that I then
lost as an adult.

When I was seven and evacuated from London during the war to Somerset, I did
the paper round for the local newsagents – until they decided to stop the
service. Seeing a gap in the market, I knocked on the door of all my
customers and said I would continue to deliver their paper for twopence a
week.

They all agreed and I ended up making six times more than when I was being
paid direct by the newsagents.

I saved and saved, and when I returned home four years later, I even helped
buy furniture for the family house. I'm entirely hopeless now and have no
idea, so managing money frightens me to death. My eyes glaze over if I have
to read something that seems the slightest bit complicated. I'd like to be a
bit sharper.

So would you say you're a saver or a spender?

Definitely a spender. But I like to know what I've got and I do save because
people tell me to. I've wasted more money in my life on cars than anyone I
know.

The car I've got right now, a Jaguar, I've probably had for 15 months, but
that's the longest I've had a car since I started driving almost 60 years
ago.

My first car was a 1952 Morris Minor – it was older than me and was a charming
wee thing with a back shaped like a duck's bottom. The sad thing is that I
know nothing about cars, so I feel I've almost single-handedly sustained the
motor industry.

But I've never had more than one at a time and I don't always buy expensive
cars or new cars. I just fall in love with new models easily.

Has there ever been a time in your life when you've been in debt or short of
cash?

No, because having done the paper round, I went straight into a job after I
left school, followed by a stint in the Army, and then finally landing a job
in broadcasting aged 21, purely by chance.

There have been times where I haven't earned, but I've had enough to keep me
ticking over. I've earned a lot over my career, but I've wasted huge amounts
of money and lost massive amounts too, so I'm not well off now.

Have you learnt any difficult lessons about money over the years?

Yes, don't be too trusting. In the 1970s, I invested into what I thought was a
good, clean educational company, but within 18 months, I'd become
responsible for the entire debt of the company, as I had the deepest
pockets.

I was forced to sell the beautiful 15th century cottage in Hereford I had been
renovating for 18 months and hadn't even had the chance to enjoy for a
night.

Ironically, I'd only initially been approached to be the face of the company.
So I was getting a fee for that, and then decided I'd also invest in it. I
got independent assessments to make sure I was doing the right thing, but I
still got burned.

Did you feel bitter after that?

I just think I was lucky to have had the house to help cover my losses. It
could have been truly horrible without that as a fallback. It taught me a
lesson that I'm a fool!

So what's been your best business decision?

Coincidentally, buying and selling houses. My first house cost £3,500 in 1957
and I then spent over £25,000 doing it up. People thought I was mad, but I
didn't care. I just wanted it to be nice. I then got married and we needed
to move on to a bigger place.

A year to the day after I'd bought it, I put it back on the market and it sold
immediately for £55,000, which was terrific at the time. Another time, I
bought a little cottage in Wimbledon in the mid 1970s – it was a tiny space
and I paid £19,000.

I held onto it for a while and prices skyrocketed in the area, so it was worth
a pretty fortune.

Is there anything that you hate about dealing with money?

Yes, anything financial at all terrifies me. The thing I dread most is meeting
my accountant. Trying to understand anything other than, 'Hello Michael, how
are you,' is difficult. I simply can't get excited about looking at figures
and you have to be able to concentrate, which I can't.

How do you prefer to pay for things – cash, credit or cheque?

I'm loathe to use credit cards, but I must of course. I do keep cash around –
I never let it dip below a couple of pounds because I don't want to be
caught short in an emergency. If I'm going out for a meal, I make sure I
have enough to give a decent tip in cash so I don't need to stick it on the
machine.

How do you feel about tipping?

I always tip and I make sure I put it in their hand, rather than leaving it on
the table, so I know it's got to the right person. If the service is rotten,
I'll only leave a small amount. It's tricky when the service charge is
automatically added onto the bill.

I don't like that. Sometimes the amount added on is ludicrous and it implies
you've had the most wonderful time, irrespective of whether you have.

I would always make sure a waiter was rewarded, particularly if I was with my
disabled son Patrick, who's in his late 20s, who has cerebral palsy, as they
have to carve a path to get him through the restaurant with all his medical
equipment.

Do you invest in stocks and shares?

I really like money being in one source. Coming from a family who had no
money, I'd probably like to have stacks of coins I could pour over myself –
that's my idea of money! The thought of it wafting away in various
investments makes me somehow feel like I've lost track of it.

I do have a financial adviser, in addition to my accountant, because when it
came to my retirement years and pension time, I wanted to make sure I had
the most up-to-date advice, given how often the Government keeps mucking
about with pension rules. I just don't get how often you can pay tax on the
same amount of money.

How often do you speak to your accountant and financial adviser?

I don't usually phone them voluntarily! I speak to them several times a year.
They're very patient with me and if there's something I don't understand,
they do their very best to clarify it, and they're always available for me
if I do need them – that's very reassuring.

Do you bank online?

No, I don't do anything like that. I wouldn't even consider it. When it comes
to passwords and security questions, how much more information do we need to
store in the dark caverns of our minds? It's endless. I use my computer for
email and that's about it.

Michael Aspel is playing Baron Hardup in the First Family Entertainment
production of Cinderella, at Woking, which is being sponsored by Robinsons.
Tickets to your local pantomime are now on sale at www.firstfamilyentertainment.co.uk

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