What is the most important lesson you have learnt about money? It’s the last question we ask the celebrities featured in our Fame & Fortune interview every week — after they have opened up their wallets, counted what they earned last year and gone through their best and worst investments, with varying degrees of embarrassment.
The most common money lesson is a variation of: “It doesn’t bring you happiness.” Yet those who have endured some hardship usually also acknowledge that not having enough of it can be a great source of unhappiness.
Occasionally people tell of practical lessons learnt along the way, although a few offer a moral perspective. Some acknowledge how meaningless money can be in the face of tragedy, while others see it as a great enabler.
Here is a round-up of some of our favourite answers.
Libby Lane
The Church of England’s first female bishop, May 1, 2016
Money does not equate to value and people must never be valued by their income or net worth.
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Wilbur Smith
Novelist, April 3, 2011
It is like a beautiful and infinitely alluring woman. The more you have of her, the more you want. But you have to cherish her, or you won’t have any of her at all.
Mark Constantine
Co-founder of Lush, April 20, 2014
The value of money changes in different hands: £5,000 given to a small, dynamic charity will be able to do unbelievable things.
Bettany Hughes
Historian and TV presenter, August 23, 2015
I’m with Buddha and Socrates and Confucius, who all say pretty much the same: wealth is not intrinsically bad, but you should never pursue it at the expense of wisdom.
Joan Bakewell
Author and broadcaster, January 25, 2004
To me it isn’t important. It is a mechanism for how we negotiate the provision of things we need. It is very important if you haven’t got it. Once you have an adequate income for yourself and your family I don’t see the point of wanting to acquire a lot more.
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Michelle Mone
Entrepreneur, March 8, 2015
It is so hard to make and so easy to lose. Never become complacent. I love the fact that I feel quite sick every morning. The fear of failure drives me every single day.
Bonnie Tyler
Singer, June 26, 2011
When my late mother had Alzheimer’s, it was the worst time of our lives. It’s a terrible disease. People think you only lose your memory, but your whole system shuts down. You can’t do anything for yourself.
We had bought her a house down by the sea in Wales. But when she had Alzheimer’s, we couldn’t buy anything to help her. All the money in the world is no good in that situation.
Rachel Reeves
Labour MP and former shadow work and pensions secretary, May 29, 2016
Always make sure you’ve got something set aside. When I first started work, I always saved a little bit every month. I have always tried to put the maximum amount I can into my pension. You never know what the future holds.
Andy Haldane
Bank of England chief economist, August 28, 2016
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Having enough for it not to be a worry is incredibly important. Psychological research has shown just how much of your cognitive bandwidth is absorbed when you don’t have enough money to make ends meet. It literally chews up your IQ. Scarcity of money reshapes your brain and reshapes your decision-making.
Jonathan Aitken
Former Tory MP and author, May 18, 2003
I don’t think possessions are important, and travelling light is not only the cheapest but the happiest way of living. I can honestly say that having had a luxury lifestyle followed by a frugal one, I have been more contented living the frugal life, though I still enjoy the odd flash of luxury. Even in my high-income days I was more interested in politics and writing books. Now I have a low income by businessmen’s standards but I am spiritually and personally very happy. So life has given me a good deal.
Michel Roux Jr
Chef, February 27, 2011
One of the things my father [the chef Albert Roux] taught me from an early age is that you have to work hard for your money. By making me do the washing up and paying me for it, I truly appreciated the value of money.
Laurence Llewelyn-Bowen
Interior designer, November 18, 2012
It’s a bit like that song from Carmen — love is like a gypsy child; it won’t come when you want it to, but when you ignore it, it comes in by the bucket-load.
Paddy Ashdown
Former Liberal Democrat leader, April 26, 2009
The only thing that matters is: do you have enough to be comfortable? If you do, then get on with your life and don’t worry about it.
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The bottom line, by the experts
What about the people who work in financial services and deal with money all day, every day? What lessons have they learnt about money?
Stuart Wheeler
Founder of spread betting firm IG Index, November 8, 2009
You can’t have complete safety however you deal with your money. You have to accept a bit of risk to make any decent returns and the most obvious way to do that is to buy shares.
Jayne-Anne Gadhia
Head of Virgin Money, October 16, 2016
Managing it carefully is important. But, after a certain level, there are more important things in life.
Sue Fox
Head of M&S Bank, September 27, 2015
You have to work hard for it, and don’t take it for granted.
Justin Urquhart Stewart
Stockbroker and co-founder of Seven Investment Management, November 20, 2016
Learning about the need for it, the benefit of it and the horror of not having it.
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Peter Hargreaves
Co-founder of financial services firm Hargreaves Lansdown, March 11, 2012
If anything looks too good to be true, it is.