The best money decision the author Adele Parks MBE ever made was writing her first novel at the age of 30.
Now 54, she has since earned millions from her bestselling thrillers and romance novels – and tells Donna Ferguson she takes the ‘feminist stance’ of never feeling overpaid.
She lives in Surrey with her husband and son.
Bestselling author Adele Parks has earned millions from her thrillers and romance novels
What did your parents teach you about money?
To be very prudent. They were never in debt and never bought anything on credit cards. My dad was an engineer and my mum was mostly a stay-at-home mother while my sister and I were young.
They had enough money and we didn’t go short, but we only went out for meals on birthdays and we only got treats at Christmas and for birthdays.
But that’s what everybody did, so I didn’t feel hard done by in any way. It was quite normal not to have a holiday every year, at least where we lived. Perhaps there was a lot more wealth knocking around. It just didn’t happen to be in Teesside, where I grew up.
Have you ever struggled to make ends meet?
Yes, when I was doing my first job, which was in advertising, and earning £8,000 a year. My parents were quite clear that once I left university, I was on my own. Paying rent in London on that salary, even in the early 1990s, was really hard.
I remember doing things like taking extra handfuls of loo roll from the office to make sure I had some at home. I didn’t go anywhere and there were weeks when I would just eat tinned food and literally nothing else, to make sure I could pay the rent.
I remember my boss telling me I needed to buy more clothes – I had two work outfits I was rotating – and going into the loo and crying my eyes out. I only had one jacket.
That period lasted for about two years, until I moved up the career ladder. I remember when my salary increased to £15,000, I thought I was a millionaire.
How much did you make from your first book?
I actually got a two-book deal when I was 30, after a bidding war between six publishers for my debut novel, Playing Away, and it was for £150,000 per book.
It was 1999 and I was still working in advertising and getting that contract was the equivalent of six years’ salary.
I’d wanted to be a writer, from a young age, and left a pitch and a third of the novel on the desk of a famous agent at Curtis Brown, Jonny Geller, who absolutely loved it.
Playing Away went on to become the debut bestseller of the Millennium so I gave up my day job and wrote the second one in four months. All my other books also became bestsellers – I’ve written 23 novels in 23 years and I’ve been well paid for all of them.
What was the best year of your financial life?
Cover story: Adele Parks loves collecting vintage books including the Cinderella Ladybird editon
It was 2009 when I was offered a very comfortable seven-figure sum for a four-book deal. I remember getting the call from my agent where he told me how much I was getting and knowing that it was a life-changing amount.
And although I was thrilled and excited, my first thought was: I’ve got to be careful, not to waste it or do something silly with it. I think that stems back to what I was taught in my childhood. I wanted to make sure that money worked hard for me.
In the end, my husband and I used my advance, which was a huge amount, to buy a house in Guildford, Surrey, knock it down and build our dream home, which has four bedrooms and two offices. We still live there. I’d rather not say how much it cost us, but it wasn’t cheap and I’d say we’ve doubled our money.
Do you ever feel overpaid?
I know I’m in a lucky and unusual position, because the average salary of writers is something like £7,000. But I take a feminist stance, never to feel as though I’m overpaid for what I do or that I shouldn’t be in this position. I think I have as much right to it as anybody else.
What is the most expensive thing you bought for fun?
An 18th Century drinks cabinet which was adapted by artists into a funky bookcase where I keep my childhood books.
It cost me a few thousand pounds 14 years ago, which I think is a lot of money for a bookshelf, but I love it. Every time I look at it, it fills me with joy.
The best money decision you have made?
Writing that first novel. It was a risk to spend all that time writing it. I had a good job by then, and was on a good salary. But I took that risk and it worked. After that, it would be property. I bought my first property – a one-bedroom flat in London for £57,000 – when I was 24, with an £11,000 deposit.
I bought my first property – a one-bedroom flat in London for £57,000 – when I was 24, with an £11,000 deposit
Adele Parks
Ever since then, I have moved up the property ladder and that’s brought me a lot of happiness and security, and in my opinion, that’s the best reason to spend money.
I think money is only really very useful to make your life more comfortable, and you and your loved ones happier.
Do you save into a pension?
Yes – I’m quite a saver now and pensions are a good idea. I’ve identified an amount that I think will keep me reasonably comfortable and I’m aiming for that. I don’t plan to be dependent on anyone when I get old. I hope I can pay my way even when I’m ancient.
I love my home and I can totally understand people thinking: ‘I’d rather invest in my home.’ But at the same time, you know you’re going to get old and you will need money when you’re not earning, to look after yourself.
We are an ageing population and I think we ought to take responsibility for ourselves, as much as we possibly can.
Do you invest directly in the stock market?
Yes – my husband manages it and we go for green and ethical stocks. I’m very careful about where I put my money. I don’t invest in countries I would feel uncomfortable visiting, and I like to think my money is going to good causes.
What’s the one luxury you treat yourself to?
Buying a rare or vintage book, such as one I had in my childhood. It’s a little indulgence and the book can cost as little as £20. It means I have endless editions of a particular book, such as the Cinderella Ladybird book, for example, or Emma by Jane Austen.
Do you donate money to charity?
I donate to St Mungo’s and Shelter, because I think homelessness is heartbreaking, and to Help the Aged and Alzheimer’s charities, because of elderly relatives we’ve lost.
What is your number one financial priority?
Making sure my husband, my son and I don’t have to feel stressed or worried about money. We have a lovely life and I feel we’re lucky to have it.
I don’t need yachts or helicopters, I don’t need designer clothes. But I do like being able to pop out for a meal and not worry about it too much or check the price tags of everything when I’m shopping, the way I did when I was young.
Adele Parks’ latest psychological thriller, Just Between Us, is out now.
