Colin Jackson, the former double World Champion hurdler, is currently a member of the BBC commentary team for the World Athletics Championships in Berlin.
He retired from athletics in 2003, and now works as an ambassador for the 2012 Olympics, and as a regular TV athletics pundit, having covered the Olympics in Athens and Beijing.
During his career as a 110m hurdler, Jackson was ranked in the world top ten for 16 years, and was world number one from 1992-1994. He held the world record over this distance until 2004 and still holds the world record over 60m indoors.
He has since hosted various TV programmes, and in 2005 appeared as a celebrity contestant in Strictly Come Dancing. Jackson, 42, has been ambassador for the Standard Chartered Great City Race for the past three years.
Did you think you would get to where you are?
No, I did not. I never thought that I would make sport my life. I enjoyed doing athletics but it was not until I was 17 or 18 that I realised I could be quite good. I left school and found I was the second best athlete in the country. When I was just turning 20, I was the third best in the world. Then I had to take it seriously!
When you realised that you had made your first million were you tempted to slow down?
I would have been worth a million in the mid-1990s. I did not slow down. Your situation allows you a personal value and you don’t stop working because you have made money. You work because you enjoy what you actually do.
When you are an established name in athletics, you don’t need to win to make money. Every time you run, you get an appearance fee, and that is how you build up wealth.
What is the secret of your success?
Applying my talent. A lot of people don’t apply their talent and skills. I had a skill but I was not the most talented person. I just kept working hard at it. The real talent is applying it, not what is God-given. If you are blessed with a certain amount of ability, use it to the maximum.
Do you want to carry on till you drop?
God no! I’m really interested in slowing down because life has been at such a pace since I was a teenager. I would like to spend more time in Italy and France and immerse myself in different things, like learning French.
Have you had time for personal financial planning?
When I put my mind to it I’m quite ruthless with money. I need to know what is going on, because of the amount of money I have earned in bulk. I have an accountant, my bank manager and a financial adviser to consult on my pension.
Any earnings go straight to my father, Ossie, who used to be a service supervisor for an air conditioning company. He divides my income into separate accounts for savings, tax and running costs. He is good because he is meticulous.
What was your most prudent investment?
My two homes, which are both just outside Cardiff. I have one in Penarth, where I generally live. The other one, that I bought in 1992, is where my parents live. I bought my own place in 1996. It was at the edge of a peninsular and I made the alterations myself. I paid about £175,000 for it.
I bought the property for its spectacular views of Cardiff Bay, the hills and the city. Recently, my neighbour’s house was on sale for £750,000.
Have you made any pension provision?
I was 21 when I took out a personal pension. I paid into it monthly and I always aimed to pay in the maximum. In 1988, the rules were different. You could only contribute at most around £14,000 a year. At 35, I took my lump sum and transferred the rest into another scheme.
Now I think I should have invested in property instead. I could have paid off a couple of houses by now. Today, my pension is only worth two thirds of what I thought it would be.
What steps have you taken to pass on your wealth?
I made a will about six years ago, though perhaps I should update it soon. Everything will go to my immediate family.
Do you allow yourself the odd indulgence?
In the past I’ve frittered money away on designer clothes and top line skiing equipment. Now I’m not reckless with money because it is hard to come by. I’m more protective of my cash than ever before. You could consider it an indulgence when I pick up the £400 bill once a month for four people – family and friends – dining out.
What is your basic business philosophy?
I have a price and I stick to it. Whoever you are, you must have your own personal value. Only get involved in products or events that you believe in. Definitely don’t just do them for the money.
Picasso or Art Deco as an investment?
My biggest vice is having bought solid gold watches over the years. I concentrate on brands like Cartier and Tag Heuer. I would not spend money on an Aston Martin because it would depreciate. Gold is different. Some of my watches I never wear because I feel they will drop in value.
Ten years ago, the price of gold was $300 an ounce. Today it is nearly $1,000 an ounce, so my collection has got to be worth more.
What is the most you have ever paid for a bottle of fine wine or champagne?
I don’t really drink, except occasionally spirits.
Do you have a commitment to charity?
I work with Sport Relief, the BBC charity linked up with Comic Relief. I’m also patron of Fairbridge Cymru, who work with young people to improve their self confidence and skills.
What is your money-saving tip in the recession?
Be extra vigilant with non-essential spending, such as all trips to coffee shops to buy very expensive drinks you can do without. Cut back on non-essential clothes, and spend less on holidays. I never spend what I cannot afford. I have always lived well below my means. As I’m cautious with money, it allows me to live well in times like these.
