First Apprentice winner Tim Campbell talks to ME & MY MONEY

Tim Campbell, former winner of TV show The Apprentice, is financially cunning. He invests in real estate, pensions and the stock market, but also likes the high life. He drives a Mercedes worth over £50,000 and likes to wear expensive watches and well-made suits. Still, his favorite “luxury” is a homemade cinnamon bun.

He tells Donna Ferguson that he hopes to make a TV show about financial literacy that people will talk about the same way they talk about Love Island. The 45-year-old businessman, the first-ever winner of The Apprentice in 2005, recently took the place of Claude Littner as Lord Sugar’s advisor on the hit BBC show. In 2007 he founded The Bright Ideas Trust and in 2012 he received an MBE for services to corporate culture.

He is ambassador for charity Prostate Cancer UK and also works as marketing director of financial education company thezishi.com. He lives in London with his wife Jasmine, 49, and their children, Kayla, 21, and 12-year-old Aaron.

What did your parents teach you about money?

It was all about the need to make ends meet. Money was scarce – my mother was a single parent with three children to care for. My father owned a record store in Hackney Market, London, but he didn’t want to be in our lives and didn’t contribute financially to our upbringing.

Since we didn’t have much money, we had to save to make sure we had enough to pay our bills. We knew we couldn’t afford trips, or to shop at supermarkets that didn’t have discount deals. Mother was careful and frugal.

Her main job was working as a care assistant for the elderly who needed help at home, but it was not well paid. She used to do the cleaning and she worked as a seamstress to make clothes and curtains for the neighbors.

She is a hero to me. She was enterprising, but she never saw herself that way.

Have you ever struggled to make ends meet?

Yes, when I studied psychology. I was the first in my family to go to college and surviving on a tight budget was stressful. I didn’t want to pressure Mom because I knew she didn’t have the money to help me. At one point I couldn’t even afford a Pot Noodle.

I got a part-time job, working four hours a day for Transport for London as a station assistant, while juggling my university work. I realized that I would never again be unable to afford essential things. It was a great motivator to work hard.

Have you ever been given ridiculous money?

Yes. Once I was commissioned to do an appearance on a TV show. Unfortunately the production didn’t go through, but because I had a lawyer who got me a great contract, I was paid tens of thousands of pounds.

My first reaction was to return the money. My opinion was: I did nothing. I ended up giving a significant portion of the money to charity. I am a big believer in karma.

What was the best year of your financial life?

It was 2010 when a recruiting firm I had invested in was sold to another company. I made a good six figure sum.

The most expensive thing you bought for fun?

It was a white Mercedes-AMG GLE three years ago. It cost over £50,000. I still have it and I enjoy driving it. I also love nice watches that cost a few thousand pounds – and I love a well-made suit.

What is your biggest money mistake?

Getting caught up in the fomo – fear of missing out – on cryptocurrency. The hype surrounding it was so alluring that I started to struggle. But I didn’t understand. As a result, I lost a few thousand pounds. Now I only invest in things I understand.

The best money decision you’ve made?

To get on the property ladder young. My wife and I bought a one bedroom apartment in Manor Park, London, for £80,000 in 2006 when I was in my early twenties. Because we bought so young, we’ve been able to climb the real estate ladder – and now we don’t have a huge mortgage.

Are you saving for retirement or investing on the stock market?

Yes, I do both. I started saving for retirement when I was 20 and worked for Transport for London. Since then I have been saving for my retirement.

I started investing in the stock market about ten years ago. I don’t have a financial advisor. I am part of a club called Stockpickers Academy where members exchange ideas about investments. I mainly invest in the financial sector – financial services, energy and logistics companies. With the right advice and the right knowledge, I think it’s a good idea to invest in the stock market.

My mother grew up thinking that it was best to leave money in the couch or under the bed. But she didn’t take inflation and the declining purchasing power of her money into account.

Do you own real estate?

Yes, a four bedroom house just outside East London that my wife and I bought in 2012. It cost us around £500,000 and has since increased in value. We also have three two bedroom properties for sale in London.

What is the only luxury you treat yourself to?

I like a cinnamon bun. It’s my weak spot. Once a week I spend £3 to £4 on a really good homemade sandwich from Borough 22 Donuts in Greenwich, South London.

If you were Chancellor, what’s the first thing you would do?

I would adjust the financial support package for energy so that people with a low income receive the most support. It must be income-related and take into account people’s energy consumption.

You could get people to reduce their energy consumption by giving more support to those who insulate their homes, install solar panels and use LED lighting.

Do you donate money to a good cause?

Yes I do. I think it’s important when you’re blessed that you share those blessings with others. I suffered from testicular cancer years ago, so I saw the proverbial lights flash before my eyes.

My biggest concern as I get older is prostate cancer. One in eight men gets it and the chance is higher for black men: one in four. So I’m donating to Prostate Cancer UK along with other health and education charities.

What is your top financial priority?

Invest in making a TV show about financial literacy that people will talk about like they do about Love Island.

I think if everyone knew how to invest, save and manage money effectively, people would be much less stressed, especially those in the lower socioeconomic groups. TV is powerful and I want to use it to promote financial literacy.