TV doctor Hilary Jones, 57, lives in Kent with his partner, fitness expert Dee Thresher. They have seven children between them.
HOW DID YOUR CHILDHOOD EXPERIENCE INFLUENCE YOUR ATTITUDE TO MONEY?
My father was an NHS GP in the days when they worked around the clock and for very little money, so money was always tight. While food in the cupboards and a roof over your head were always a given, anything else above that was a bit of a luxury.
I did my first paper round at the age of 13, so it was a lesson learnt that you have to work very hard just for a few quid. I also worked in my school holidays and soon realised that I would have tobudget really hard to get through a six-year university course to study medicine.
I was always aware of the value of money and how difficult it was to come by formost people and therefore I've never been extravagant with it.
WHAT HAS BEEN YOUR BEST BUY?
Definitely my last two houses in north Hampshire – both of which proved to be fantastic investments.
The first was a three-bedroom house that we bought in 1988 and sold in 1992, and the second was a five-bedroom house that we bought in 1992 and sold eight years later. The first house doubled in value, but the second probably broke even as we spent a substantial amount on renovating it.
I think a choice of house that doubles or triples in value, especially when you have loved living there, is a really good way of increasing your cash flow. And the fact that selling your main home is a tax-free investment as well makes it very worthwhile.
WHAT DIFFICULT Lessons ABOUT MONEY HAVE YOU Learnt BY MAKING MISTAKES?
I've learnt that having an interest in vintage cars can bevery financially draining.
Ten years ago I bought two vintage cars, for which I had always had a weakness. But I lost a load of money on the privilege of owning them.
The first was a 1925 Fiat Doctor's Coupe, which I lost about £5,000 on, and the second was a 1963 Austin-Healey Sprite and I lost about £1,500 on it. Of course, these types of car cost a lot of money to maintain and, while they are expensive to run, you don't use them very often.
And I have learnt that, much like having a boat, the happiest two days are when you buy them and when you sell them.
Now I would never invest in cars – not just vintage cars, but any car. I'd never buy a car brand new as I have learnt that you can still have a really nice car by buying an ex-demo model or a second-hand car. It will still look great, but somebody else takes the VAT hit. I now drive a2008 Mercedes CLS 320 diesel.
DO YOU INVEST IN SHARES?
Yes I do, but I always buy shares that have an additional benefit that come with them – I used to own P & O and Brittany Ferries, which gave you concessions when you bought tickets across the Channel.
Not only do you get the potential profit from the shares, but you also get the benefits of things like cheaper tickets and deals, and for me that is quite attractive.
I have always used a trusted independent financial adviser who operates my portfolio for me and he is much more able to keep tabs on what's good than I am.
Originally, my adviser worked with me on television as a financial correspondent and once, when I asked his opinion on getting a mortgage, he immediately saved me about £6,000 in fiveminutes.
He told me that there was a special mortgage option for doctors, which cost 1pc less in interest than any other mortgage available. I have been with him ever since.
DOES HAVING MONEY MAKE YOU HAPPIER?
No, not me. Although Ithink occasionally a bit of recreational shopping can lift your spirits, the things that bring me the most pleasure in life are not related to money at all.
I'm more of a people person. I believe that being with someone who makes you happy and who shares love with you is much more important than having loads of dosh. In the past I have been financially comfortable, but not necessarily terribly happy. So I'm actually much happier with things that aren't related to cash.
ARE YOU CAUTIOUS WITH MONEY OR LIBERAL?
I'm a bit of both. I'm usually cautious with money as I have several children to clothe, send to school and take on family holidays, so that has always been a huge part of my budget.
But there have been moments when I have been very extravagant, for instance at times in my life when things have been very stressful or I would just think "What the hell am I working for?" so I have bought an expensive painting, vintage car or large piece of furniture.
WHAT'S BEEN YOUR GREATEST EXTRAVAGANCE?
A villa in Spain. But it was also functional, as with lots ofchildren it meant that we would actually save on the holiday itself, but it did mean that we had to consider the maintenance, so it was a luxury while I had it.
Luckily, I did make money on it – I was fortunate that, because the property was in Marbella, it was not affected by the market slump, so Istill made a decent profit.
DO YOU BANK ONLINE?
I have started to bank online only recently and I must admit I was far too late doing it, because it is so much easier. It was getting to the point where I was beginning to develop a real paranoid phobia of having to queue in banks and waste so much precious time. But I'm also very grateful for having the ability to phone aperson or an assistant manager at the Royal Bank of Scotland when I need some help and they have always been brilliant.
DO YOU HAVE A PENSION?
Yes I do. Most of it is in a Sipp (self-invested personal pension), but I also have an NHS pension, which I think isreally worth hanging on tobecause, like many of the government pensions, it is fairly generous.
DO YOU FEEL YOU ARE FINANCIALLY BETTER OFF HAVING taken A NON-TRADITIONAL CAREER PATHFOR A GP?
Definitely. I took a gamble many years ago, when many people said that general practice and a medical career were a very reliable profession so I could always count on being in a job. But I saw it as being a trap which meant that that was how yourlife was going to be forever.
So I took a risk and went down the media route, and people warned me that it was a fickle industry and might not last. But fortunately it haslasted and while it has been challenging and entertaining on top of my medical career, it has certainly been more lucrative.
- Dr Hilary Jones will be taking part in the Great South Run on October 24, raising funds for the Alzheimer's Society