Romance novelist Erica James has sold more than five million copies of her 26 novels since they were first published in 1996, writes Peter Robertson. The latest, An Ideal Husband, comes out this week.
Erica’s previous bestsellers include Gardens Of Delight, Tell It To The Skies and Summer At The Lake.
Erica, 64, is divorced with two sons, Edward, 40, and Samuel, 38, and lives in Suffolk.
What did your parents teach you about money?
They didn’t set out to teach me anything, but I could tell they were worried about not having enough. I don’t think my father, a crop duster, was particularly good with money. My mother didn’t work and I remember she worried about money.
I was very aware of the need to earn my own money and when I turned 13 I started looking for work on Hayling Island, off the Hampshire coast, where I grew up. I worked as a nanny, I worked as a maid in a chalet and in the summer I worked at a kiosk on the beach.
Most of my financial advice now comes from my oldest son: he works for Netflix advertising and has his head on the right track. Plus, my kids have to protect their inheritance!
What was your first pay packet?
What was written: Romance novelist Erica James
I was a maid at a chalet in Sinah Warren, then at a holiday camp and now at a Warner Hotel. I would have only earned about 35p an hour, but I remember feeling proud to receive the money in a brown paper packet. When I was 16, I worked shifts at IBM.
Have you ever struggled to make ends meet?
When I got divorced in 1995, the absolute worry was what was going to happen financially because, having been a stay-at-home mom, I hadn’t worked in any paid job for 11 years. But A Breath of Fresh Air, the book I had been writing as a hobby, was published in January 1996. I’m very lucky that it happened just when I needed it. I had no expectations of sales and now, as long as everything works and the royalties come in, it’s fine.
Have you ever been paid silly money?
My agent then negotiated a fantastic two-book deal worth £50,000. At the time I felt like it was dumb money, after I had been counting the pennies. My self-esteem suddenly rose again after being on the ground.
What has been the best year of your financial life?
I remember receiving royalties for my third book, Airs And Graces, in 1997 and buying my first car, a Honda. It wasn’t flash but it had electric windows so I thought I was at the bee’s knees and felt like I had made it.
Are you a spender or a saver?
A little of both. One year I received a tax refund, and instead of putting that money somewhere sensible, I bought a painting by an artist I love.
Other moments of enjoyment included taking my children on a wonderful vacation. But I have also had to save, of course, and I have done it with a pension and with Isas. Most of my investments are with Nutmeg. My son prescribed me Nutmeg and I find them very good. I don’t play the market, but Nutmeg does on my behalf, I guess you could say.
What is the most expensive thing you bought for fun?
I bought a two-bedroom apartment overlooking Lake Como and thought: ‘Wow, this is Hayling Island chalet maid done right!’ I had it for 15 years and it was a really fun time in my life, although sadly George Clooney, who lived just 20 minutes away, never came to order coffee.
I sold it during Covid, but I didn’t make much money because prices have remained stable in the Italian real estate market.
What is your biggest money mistake?
I haven’t really done any; I am risk averse. But speaking of mistakes, when EL James had a big hit with the Fifty Shades erotic novel series, some of my readers thought I had changed my style so I had to explain to them that it wasn’t me. I got an email from Vogue in Russia wanting to write an article about me and I thought: ‘This is very strange, they’ve got the wrong E James.’
I considered playing along for a while, but responded by saying, “I think you’ve got the wrong person.”
Best money decision you’ve ever made?
Every time I move house, each one is a new project, so I put time, money and love into creating a new home for myself, something I enjoy doing. I lived in a good area of Cheshire for many years but always knew I would live somewhere else. Then, 11 years ago, when my children had long left home, I chose Suffolk out of the blue after visiting and thought: ‘What a lovely place.’ I’ll go there.’
Success story: Erica invested money in a second home near George Clooney, above, with his wife Amal in Lake Como
Do you have a pension?
I started a pension when I started making money as an author. I had three but to simplify things I put them in a pot.
Do you have any property?
It used to be ‘Two Houses James’, with properties in Cheshire and Lake Como, but now I only have one. It’s a 500-year-old thatched cottage, very Miss Marple. But I plan to downsize in the near future. I have been a book collector, but I try to be strict and get rid of many.
If you were chancellor, what would you do?
Resign immediately. That’s not part of my skills. But I would let Jeremy Clarkson lead the farmers and make sure they weren’t taxed into oblivion.
What is your greatest indulgence?
Every year when I travel to see my kids, to Tokyo and Los Angeles, I fly first class and they give you a bed, a tablecloth on the folding table, and proper cutlery. That’s a whim and I feel a little guilty about it. I am also passionate about dollhouses and F1. I’ve been to several F1 races, including Monaco and Abu Dhabi.
Dollhouses are an addictive hobby and I try to hold back, but I have three for myself and one for my granddaughter.
What is your number one financial priority?
I have a good accountant and set aside money for taxes immediately, always making sure I have it ready to pay tax and VAT bills. That is my big priority: the fear of getting into debt.
- An Ideal Husband by Erica James (HQ, £9.99) is available now.
Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.