Right Said Fred star Fred Fairbrass talks to ME & MY MONEY

The best investment musician Fred Fairbrass of Right Said Fred ever made was borrowing £1,500 to record the 1991 hit I’m Too Sexy.

The 66-year-old tells Donna Ferguson that he went from making £400 a week to being able to afford a four-bedroom house in West London.

Today, he owns a £1.3 million apartment in Berkshire with the other half of his band, brother Richard. Right Said Fred’s new album, The Singles, is due out early next month.

What did your parents teach you about money?

Only to buy what you can afford. They were not big fans of credit. I inherited a good work ethic from my parents. Dad was a print seller, while Mom was a hard-working housewife. We were comfortable. We were always fed and clothed – and there was never a problem with heating or bills. We weren’t rich, but we never wanted anything, which I consider a privilege.

Have you ever had trouble making ends meet?

Yes. I had to register as homeless in 1988. I was in the flat for friends and they came back early and I got kicked out. I had to register as ‘without permanent residence’ [for unemployment benefit reasons], which was scary. I’ve never had a bad night’s sleep. I did a little sofa surfing, stayed with friends and with my brother Richard. Finally I managed to get an overdraft from the Midland Bank [now HSBC], so that I could make a down payment for renting a room in a house. Then I got a job in a gym.

Have you ever been paid stupid money?

At one point when ‘I’m Too Sexy’ came out in America, there were gigs where we were paid about $25,000 per song. Another time, we received $50,000 for a day’s work from an advertising agency. It’s been quite a journey to go from registering as homeless to earning so much. I’m not religious, but I do think there is someone who will take care of me and Richard. We work hard and create our own happiness. But I also think we are blessed.

What was the best year of your financial life?

Around 2001 and 2002. We had a lot of success in Europe then and that was a lucrative period. We paid ourselves between £150,000 and £200,000 a year for a few years.

The most expensive thing you bought for fun?

cars. I bought myself a pair of brand new Range Rovers in the 2000s for £70,000. I paid in cash. I also paid £147,000 in cash in 1992 for my first property, a four-bedroom house in Fulham, West London. It would be worth £1.5 million today.

What’s your biggest money mistake?

I was advised to buy Bitcoin when it was around £1,000 per coin. I didn’t, coins are now trading for over £23,700.

The best money decision you’ve made?

Borrow the money to record I’m Too Sexy. Stuart, Richard’s partner, arranged a loan through a bank. We’ve borrowed £1,500 and it’s without a doubt the best investment I’ve ever made.

At that time I was working in the gym and doing door work in a club in Hammersmith, West London, earning around £400 a week. I went from making ends meet to making many thousands of pounds every night.

How did you come up with the song?

We were in a basement studio in Acton, West London, at the end of August 1990. It was hot and Richard walked around the flat – and he started singing, ‘I’m too sexy for my shirt’. So he had the original idea and he thought it was brilliant.

I wasn’t sure to begin with, but I got on board relatively quickly. We wrote it in a few months and saved up to go back in the studio to finish it.

All the record companies we played it on hated it. They said it was bullshit. So we self-released it in June of 1991. The following year I bought a house with cash, could afford nice cars and nice furniture from Italy, and could take my mom on a nice vacation. It was extraordinary – and it was wonderful.

Are you saving for a pension?

I have a self-invested personal pension, but we also see the royalty stream from our music as a pension. I started saving for retirement in 1992 as soon as I could afford it. It’s important to me because I think the music industry is fickle – you can’t trust it. But I don’t plan on retiring any time soon.

We’ve had some good years, but we’ve also had some bad ones in terms of income. For example, when the pandemic started, all our work stopped. Fortunately, we could pay ourselves out of savings, so we did.

Do you invest directly on the stock market?

I’ve held a little bit of cryptocurrency, but I don’t play the stock market. Looking back at the time when I was richer, maybe I should have taken a little more risk with my investments. I’m not interested in just making money, I like earning it in a way that I like. I’m not interested in the stock market.

Do you own real estate?

I co-own a beautiful three-bedroom apartment in Berkshire with my brother. We bought it in 2016 for £1.3 million and I’m confident it’s increased in value, but we don’t intend to sell it.

What’s the one luxury you treat yourself to?

Having the time to do nothing and just stop. I’m in a position where if I don’t want to do any work today, I won’t. I can please myself – and I think that’s worth more than property or cars.

If you were Chancellor, what would you do?

If I could, I would abolish VAT. I think it is criminal to charge VAT on goods that normal people, who are not VAT registered, buy and then cannot reclaim the tax. Taxing money that is already taxed is unfair, especially for those with lower incomes.

Do you donate money to charity?

I regularly donate time and money to charities related to homelessness, Alzheimer’s and mental health.

What is your first financial priority?

Staying healthy. My gym membership is important and I take good care of myself in terms of the quality of the food. Without good health and well-being, everything else is a waste of time and money.