Bruno Senna: My First Million

Bruno Senna Lalli, 26, nephew of the late Ayrton Senna, has just signed to race in Formula One in 2010 for Campos Meta. His mother, Viviane, is Ayrton’s sister. His father, Flavio Lalli, died in a motorcycle crash in 1996.

Bruno raced go-karts – often against his uncle – on the family farm in São Paulo, but stopped after Ayrton’s death at the 1994 San Marino Grand Prix (GP). However, he went on to compete in the British Formula Three (2005-2006) and GP2 series (2007-2008).

Based in London for the past five years, he plans to move to Monaco this month.

Did you think you would get to where you are?

I started very carefully and humbly back in 2004. I did not want to disappoint myself if I did not make it. I took part in three races of the Formula BMW championship and qualified second in two of them. The year I felt I could really make it to Formula One was 2007.

When you realised that you had raised your first million euros were you tempted to slow down?

In 2004, we had to pay for everything, around £60,000, out of our own pocket. At that level, kids rely on family money. From 2005 onwards, it was seriously expensive, and we had to raise money through sponsorship. In 2005, the season for Formula Three cost me an entry fee of €400,000. The figure for 2006 was €450,000. By 2007, with GP2, you are talking about €1.2m, and €1.4m in 2008.

What is the secret of your success?

You need to have a great team of people who work with you – like my sister, and Chris Goodwin, my racing manager. You must be fully committed. The rule of success in sport is having deprivation of everything else in your life.

Do you want to carry on till you drop?

Absolutely. I will drive until I have achieved enough. I believe very much in glory over money. I really do this because I love motor racing. My greatest ambition is to have the chance to fight for a world championship.

What is your basic attitude towards money?

In Formula One, sometimes the team pays you, or you can be in a team where you bring your sponsors with you. For 2010, I don’t have a salary from the team but, at the same time, I am not bringing any sponsorship to the team. I earn money through my personal sponsors. For 2010, I will need at least €150,000 to cover my travel expenses, rent and personal training.

My position in the Formula One team is cost neutral. The team don’t pay me but I have no outlay towards the team in general. All this could change dramatically if I am able to consistently achieve podiums.

What was your most prudent investment?

It must be my career but, as motor racing is so expensive, I have not had the opportunity to invest money in normal ways. It is much cheaper initially to race in go-karts and be talent-spotted by a sponsor or investor. That’s how Lewis Hamilton and Jenson Button started out. I have no money or property of my own, but I have a BMW in my name in the UK.

Have you had time for personal financial planning?

I have a good idea of our budget and I know what we can spend. It is rare that you are able to make a profit on sponsorship in lower single-seater championships.

Have you made any pension provision?

I don’t have any pension arrangements but I do have life insurance, which you must take out before you sign a Formula One contract. As you become better known, the cost of life insurance goes up steeply. It is pretty expensive anyway, around £10,000 a year.

What is your commitment to charity?

I am an ambassador for the Ayrton Senna Foundation (Instituto Ayrton Senna), which is based in São Paulo and educates children from age eight to 17. The foundation creates projects with the local government of each state or city involved. My mother set up the charity in 1994 and is the president.

Royalties from the Senna and Ayrton Senna brands have raised more than $50m. So far, it has helped more than 10m children and teenagers. Ongoing projects cover more than 1,300 cities in Brazil.

Do you allow yourself the odd indulgence?

Of course. I’m a great fan of cycling. It is part of my fitness training. My indulgences are my racing bike and sound systems. I’m crazy about music and electronics. I have been raised in a wealthy family and I have to pay for comfort and my lifestyle, but I’m not a big shopper.

What is the most you have ever paid for a bottle of champagne?

I don’t want to say! It was in Jalouse, a nightclub near Piccadilly. I paid £400 for a bottle of Cristal champagne.

What is your money-saving tip in the recession?

Buy a car that runs on diesel, not petrol. The easiest way to save money is to save energy at home. I find heating and water bills expensive in this country.