Andrew Castle: "It takes many years to be an overnight success"
Andrew Castle, the former British number one tennis player, is the lead BBC commentator for the men's single finals at Wimbledon, and has been since 2003.
Here, he talks about the extreme lengths he went to as a young man in order to fund his career as a tennis player, and how this has shaped his relationship to money.
How did your parents shape your attitude to money?
My values were informed by the fact that there wasn't a lot of money about. The people who say 'money doesn't buy happiness' - well, maybe they always had some. Always, in our house, it was 'money doesn't grow on trees'. It wasn't vindictive, it was just the way we grew up. Buying a secondhand car was a big deal and required thought. What money did come in, it was often misspent. Dad liked to go and have a beer.
What was the first paid work you ever did?
I was allowed to work in my parents' fish and chip shop on a Saturday morning, spudding, for 10p an hour. Then, when I was 16, I worked at a petrol station and got £1 an hour, which was untold riches.
How you pay for your professional tennis training?
Wichita State University was good enough to give me an athletic scholarship. They paid my books, tuition, and fees and a bit of my rent - but it was not enough to cover everything. So I strung tennis rackets, parked cars, gave a couple of sly tennis lessons on the side to rich clients. I tended bar. I would do anything. If you haven't got means, you haven't got means. You do what you've got to do. You make your way in the world.
What's the worst job you've ever done to earn money?
One Christmas I washed the tarpaulin on the back of tennis courts for a country club. There were nine courts and the tarpaulin was 30 foot high. I used it as training.
What did your early experiences teach you about money?
I think it's valuable to struggle because you learn what money's worth and how important and difficult it is to earn it, and what it can bring you. If it all comes into your hand and you can buy whatever you want, that's way too indulgent. I can sense that my daughters have got the same attitude as me on money, which is good because they've got more than I had. My wife Sophia and I were worried it was all a bit too easy. But I think they understand the value of the money.
What's your wife like with money?
My wife never spends. She is so good with money. I'd hate to be in a relationship where you weren't on the same wavelength with money.
What's been your best paid work?
TV commercials pay great. Anything commercial where you give your time and reputation is great. I'm really lucky - and I feel that. I know where I'm from. But you have to earn money. It doesn't just get given. A lot of people feel a bit entitled. It takes many years to be an overnight success.
Do you ever play the stock market?
Yes. I had a really good stock - Monetize - that went all the way up and then crashed. I think it's going to come back again so I'm hanging onto it. I followed it all the way from 16pence all the way up to 80pence. But it's false money. It crashed down to the 13p or 14p so now it's not worth me selling. I think it could come back.
Have you always enjoyed saving and investing?
Yes, I remember they set up a little savings club at school. I brought five pence in every Friday You'd go in and see the headmaster and he would give you a little piece of paper. It was yours. I like that feeling of saving. Savers in this country have been terribly badly treated. Interest rates are flat but where are you going to get returns for any money you've got? You stick it in property and if there's any left, you jump in with the sharks and try and invest.
Do you think people should be incentivised to save?
Yes. You have to give people an incentive, otherwise they're not going to be encouraged to do it. The trouble is, people see the [pension] lifetime allowance of £1 million and that's a great deal to a lot of money. So when someone reduces it - even a Tory government - everyone applauds, very good. People should be applauded for trying to help themselves. Where's all the people saying do the right thing? This whole country is sinking under interest payments.
What do you think is at the heart of the problem?
I think children are coming out of school woefully under-equipped. They should know [about personal finances]. What is a bloody mortgage, how do you get it, where do you go, what's the mortgage market review? Why is this not taught at school?
What's your number one financial priority?
Security. But I'm still trying to figure out what means to me. Because I think I've achieved what I thought I never could. Maybe I'm having a mid-life financial crisis!
Andrew Castle has partnered with TM Real Estate Group, which offers villas, townhouses and apartments across Spain for British holiday and homemakers.
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