The best financial decision that musician Martin Fry ever made was to invest in property.
Fry, lead singer and songwriter of 1980s pop band ABC, owns three buy-to-let properties, and he lives in a house in North-West London that he says is worth ten times what he paid for it.
The 60-year-old also admits that he makes more money from his music than he ever did when ABC released hit songs such as The Look Of Love.
Next month, ABC is embarking on a Lexicon Of Love tour with Anne Dudley and the Southbank Sinfonia. Tickets are available at ticketmaster.co.uk.
Tuition fees: Martin Fry thinks education should be for everybody (Pictured: students protesting in London in 2015)
The best money decision you have made?
Investing in buy-to-let in 2002. I was advised to do so by an accountant after I received a dividend from a tour I did with The Human League.
Usually I would fall asleep in meetings with him but not that day – and never again.
Eventually, I ended up buying three properties in London with the money I made from buying the first one. I still own them. The day I took that accountant’s advice was a good day.
Do you save into a pension or invest in the stock market?
Not directly in the stock market, but I started saving into a pension 15 years ago.
Do you own any other property?
Just my home. I live in a six-bedroom Edwardian house in North-West London, with my wife Julie. I bought it 20 years ago when nobody wanted to buy there. I have been fixing up the place for years. I would estimate it is now worth ten times what I originally bought it for.
What is the one little luxury you treat yourself to?
Luxury hotels – they are absolutely incredible. I stay in one about three or four times a year.
If you were Chancellor what’s the first thing you would do?
I would abolish tuition fees. Education should be for everybody. Introducing student loans was a scam.
What is your number one financial priority?
To pass what I have earned on to my children.