Electric Six singer Dick Valentine talks to ME & MY MONEY

On track: Dick Valentine, of Electric Six, may be a day-trader

Singer-songwriter Dick Valentine invested correctly in belongings, a pension and the inventory marketplace after spending his 20s operating in quite a lot of day jobs and finding out in regards to the price of cash. 

Despite being lead vocalist for the band Electric Six, he claims to not be a ‘actual’ rock and roll famous person. He tells Donna Ferguson he hasn’t ever executed cocaine, purchased a guitar or thrown a tv out of a window. 

Now 50, he lives in New York together with his spouse and two daughters, elderly 4 and 9. His newest album, Streets Of Gold, is out now. 

What did your folks train you about cash? 

To purchase most effective what you’ll be able to have the funds for and repay your bank cards when you’ll be able to. I grew up in suburban Midwest America and each my folks labored in gross sales. Dad offered lighting to homeowners of administrative center structures and factories, whilst Mum offered administrative center furnishings. So, between them, they offered the issues that made you in a position to take a seat and spot when in an administrative center. 

Given they labored in gross sales, their source of revenue fluctuated and a few years had been higher than others. There had been occasions after we gave the look to be dwelling prime at the hog. But at an early age, I learnt that in relation to cash, there are ups and downs. 

Have you ever struggled to make ends meet? 

Not in point of fact. I’ve all the time been accountable in relation to cash. Even after I wasn’t incomes a large salary, I discovered the best way to make that paintings for me. I used to be within the rock band Electric Six for 6 years prior to we were given a report deal. I all the time had day jobs to pay the hire – I did the whole thing from operating as a barista at a espresso chain to forcing buses and copywriting. So I’ve by no means overlooked a hire cost and, up to now no less than, I’ve by no means in point of fact were given into hassle with cash. I’ve all the time lived inside of my manner. 

Spending my 20s operating in ‘actual’ jobs has given me some point of view on how wonderful it’s – and the way fortunate I’m – to make a dwelling doing what I do as a musician. I believe if I had were given a report deal at age 21, I would possibly no longer have had that point of view. So many musicians don’t realise that the struggles you might have on excursion are such a lot higher than the rest you may well be coping with should you had a 9 to five activity at house. 

Have you ever been paid foolish cash? 

Yes. The silliest used to be after we performed on the Big Day Out song competition in London’s Finsbury Park in 2005. We most effective needed to do 4 songs and so they paid us an exorbitant sum of money. It would possibly had been greater than £10,000. 

What used to be the most efficient yr of your monetary lifestyles? 

It used to be 2004 – a results of how a lot we had been traveling and likewise what we had been being paid in royalties for the usage of our songs on radio, TV and movie. The giant hits we had – similar to Danger! High Voltage and Gay Bar – had been in 2003, however we were given our royalties in 2004. I’m no longer speaking hundreds of thousands, or retirement cash. But it used to be almost certainly on the subject of £100,000, which used to be a step up from operating as a barista.

What is your greatest cash mistake? 

I do not believe I’ve made any giant cash errors. I’m no longer an extravagant sort. I’ve by no means taken cocaine and I’m no longer an actual rock and roll famous person. I’ve by no means purchased a guitar. I’ve by no means thrown a tv out of a window. When I am getting cash, numerous the time it is going instantly right into a financial savings account. 

The very best cash determination you might have made? 

Buying my two-bedroom condominium with my spouse in Brooklyn, New York City, in 2011. We purchased it on the proper time and it is long past up in price. It appears like a super funding. It supplies us with each a house and monetary safety.

Do you save right into a pension? 

Yes, I’ve a retirement fund that I throw cash into. I began doing that once I used to be 22. Although we now have social safety in america, our retirement advantages don’t seem to be as excellent as the ones in the United Kingdom. I realised I had to take care of myself as a result of america govt is not going to do it for me. I used to save lots of into my fund once a year, however since I’ve had youngsters, I have a tendency to be extra advert hoc about it. I simply throw some cash in from time to time.

Do you put money into the inventory marketplace? 

The band’s guitar participant, John Nash, were given me into it in 2009. I began day-trading on-line whilst on excursion, making an investment in low to medium-risk shares, and I have not appeared again since. I’ve made hundreds, no longer hundreds of thousands of kilos. I’m forward. But no longer forward sufficient to surrender my day activity and get started my very own funding company. 

Do you are taking recommendation about what to put money into? 

No, with on-line buying and selling, it is simple to do it your self and I revel in finding out about shares. I to find it interesting. 

I put money into corporations after I like what they do as a industry. But additionally I put money into corporations I do not like such a lot if I’ve a good suggestion of the place the highest and backside of the inventory is and will make cash from that. 

Recently, I’ve been making an investment in numerous solar power corporations. I’m expecting they are on the backside presently with regards to their proportion costs, however will soar again. 

Of direction, I might be improper and I might warning someone to not take monetary recommendation from me. 

I believe my pastime in shares additionally has so much to do with sitting in a van and being at the street for 6 or seven hours an afternoon. It’s one thing to do.

What is the only luxurious you deal with your self to? 

I love a meal out two or 3 times every week. New York has the most efficient meals on the planet. I’ll generally spend no less than £60 every time I am going out. 

If you had been Chancellor what’s the very first thing you can do? 

I’ve 3 issues I might do and I’m no longer going to pick out one over the opposite. 

I might allocate extra instant investment for refugees settling in the United Kingdom, particularly with what is going on in Ukraine. 

I might stay the NHS going. From an American point of view, it is wonderful to have a countrywide healthcare device like that. 

And I’d give a boost to investment for schooling. I’ve youngsters and I believe schooling is extremely vital. 

Do you donate cash to charity? 

Yes, and I additionally donate my time as soon as in a blue moon, however no longer up to I will have to. It’s one thing I might cherish to do extra of. 

What is your primary monetary precedence? 

To make certain our daughters have the whole thing they want. Once you might have youngsters, they are all that issues. 

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