Lucrative: Nicholas Owen says an agent helped him maximise earnings
The broadcaster Nicholas Owen finds it difficult to spend money on himself – except when it comes to sports cars.
The former ITN Royal Correspondent tells Donna Ferguson that he started buying them when he was first made a newscaster in 1990 and currently owns a red Toyota GT.
He thinks home ownership is expensive and overrated, and he would prefer to rent. Now 76, he lives in a three-bed house in Surrey, which he bought 39 years ago for £85,000, and is an ambassador for The Children’s Trust.
What did your parents teach you about money?
To save. My father worked for Rothschilds, the famous merchant bank. He did various jobs there and eventually became communications manager. When I was growing up, he was described as a ‘bank official’. Money was tight and my parents were careful, because they had to be. I can remember him being paid on a Friday and giving my mother cash for the housekeeping. She was a stay-at-home mother.
I started saving into a pension as soon as I went to work for the Financial Times, in 1972. I’m now of an age where I’m drawing down that and my ITN pension. I’ve never wanted to borrow vast amounts of money either, and I think I got that from my father.
Have you ever struggled to make ends meet?
Yes, as a young reporter. I started working on my local newspaper in the mid-1960s when I was 17. I was paid seven pounds and five shillings a week. At first I lived at home. Then I managed to earn a little bit of money by freelancing and went off to live in a bedsit as soon as I could afford to pay the rent of £3 a week. A little bit later, I managed to buy myself an extremely ropey motorcar that cost £35.
Have you ever been paid silly money?
Yes. Working in the mad world of television, there have been occasions where I’ve been paid rather a lot. Sometimes I think: ‘I didn’t really merit that’.
I think I’ve been rather lucky at times. I remember one week I was on two shows, the BBC quiz programme, Pointless, and the ITV programme, The Chase. The BBC paid me a few hundred pounds – not very much – and the filming took place in a chilly studio. Later that same week, ITV sent a very large motorcar, gave me a very nice lunch and a much bigger fee. And that was all right because, of course, the BBC show was funded by the licence payer.
When was the best time of your financial life?
It would have been in the early 2000s. I was working for ITN as a news presenter and correspondent. We were well paid, so I earned a good salary. I also did quite a lot of extra freelance work.
That was the best money decision I ever made – deciding to earn some extra money outside of my main work, with the help of an agent. I remember my accountant saying to me at that time – as he said to me again quite recently to my surprise – ‘the taxman will be pleased’.
The most expensive things you buy for fun?
Sports cars. When I was made a newscaster, I decided I would indulge a bit and I’ve run a sports car ever since. I get a lot of pleasure out of them. Most recently, I bought a brand new red Toyota GT. I don’t remember how much I paid for it.
What is your biggest money mistake?
I suppose it’s not investing in the housing market by buying property to rent out. I’ve probably missed out on a way to make a lot of extra money. But I’m one of those people who has never enjoyed owning property.
I live in a three-bed house in Surrey that dates back to the 1870s and I’ve spent a fortune extending and maintaining it since I bought it 39 years ago for £85,000. For example, every single tile of the roof has needed to be replaced. I like where I live, and I feel lucky to live there, but I don’t like owning things, really, apart from cars. Since I find owning even one house a nuisance, why would I want to own more? I don’t think people ever quite add up all the sums.
Best foot forward: Nicholas appeared in the BBC show Strictly Come Dancing in 2006
Would you like to live in a rented property?
Personally – and my wife and I disagree strongly about this – I would actually love to live in a rented property. If the roof leaked, the landlord would have to fix it. And if they didn’t, I wouldn’t care because it wouldn’t be my roof.
Do you invest directly in the stock market?
No. I have investments in the stock market, but invest through my bank. I’m a great believer in letting my money manager look after my money. I would say my portfolio is medium risk, and I’m satisfied with the way it has grown over the years.
Do you enjoy spending money on yourself?
I like to be generous to my friends and family. But when it comes to spending money on myself, I find it very difficult – except for the sports cars.
If you were Chancellor, what would you do?
I would not go ahead with the plans to raise corporation tax in April. I think that is a mistake and a huge discouragement, particularly to foreign investment in this country. So I would stop that and indeed, seek ways to reduce that rate.
Do you donate money to charity?
Yes I do, to The Children’s Trust (thechildrenstrust.org.uk). It is based close to where I live, and I’ve been fundraising and volunteering for that charity for many years. They help children suffering from a neurodisability or brain injury, sometimes as a result of an accident or an operation that went wrong early in their life. I always identify with the parents, being a parent myself.
What is your number one financial priority?
To make sure that my wife, if she’s alive after I die, will be in a good position to carry on the sort of life we’ve had, without any money worries. That is my priority.
