Fighter: John Nichol joined the RAF after his O-level studies.
John Nichol is a former Royal Air Force navigator who, along with pilot John Peters, was shot down in a Tornado fighter jet during the first Gulf War in 1991, writes York Membery.
Their Iraqi captors paraded them on television before holding them as prisoners of war for seven weeks.
Since leaving the RAF, Nichol, 60, has written bestsellers on the Spitfire, the Lancaster bomber and the Tornado aircraft, among other subjects, and has sold two million books.
He lives in Hertfordshire with his businesswoman wife Suzannah, their 19-year-old daughter Sophie and their golden retriever Ralph.
What did your parents teach you about money?
I was one of four children and grew up in a three-bedroom council house on Tyneside. My late mother Cath and my father John, who was employed in an engineering factory, were part of the wartime generation who grew up when everything was in short supply.
As a result, they were very frugal people, and that frugality has rubbed off on me. So even though I’m quite wealthy now, I still keep an eye on every penny.
I was furious when a London restaurant recently charged me and a friend £16 for two small bottles of beer. What a rip-off in broad daylight!
Have you ever had trouble making ends meet?
When I joined the RAF as an electronics technician after completing my O-levels, I was earning £15-£20 a week. I lived in barracks on an RAF base, but had to pay for my own accommodation.
After buying a beer and playing the slot machine, I often ran out of money within a few weeks. I was promoted to officer after five years, so I was paid more.
However, the worst time of my life was undoubtedly being held hostage by the Iraqis. I was starved and lost almost 14 kilos in seven weeks of captivity. That said, if I had not been a prisoner of war and had not appeared on television, I would not have the career I have today.
Have you ever been paid an absurd amount of money?
Speaking engagements, particularly corporate events, can pay very well (around £5000) and I have given quite a few over the years. I’m not sure I’d describe it as ‘ridiculous money’, but it’s certainly a lot more than my father ever received in his life. But COVID-19 threw that all out the window and things were never the same again.
Comrades: John Nichol with fellow Gulf War POW John Peters
What was the best year of your financial life?
Since I am self-employed, my annual income can vary greatly, for example depending on the sales of my latest book. But the early 2000s (2002-2004) were probably my best years financially, because I was in demand on TV as a military commentator, I made some TV documentaries with World War II veterans, and I also gave a lot of talks.
What’s the most expensive thing you’ve ever bought for fun?
A £5,000 Rolex watch I bought myself in the 1990s. I thought it was the ultimate watch, until one year I was presenting at the British Watch Awards and found myself sitting next to a guy who had one on each wrist. Their combined value? Half a million pounds! Nowadays I wear a bespoke Bremont MB1 watch – only men and women who have used a Martin-Baker ejection seat in an emergency can wear it. I also treat myself on holiday, booking my family into a nice villa or five-star hotel.
Rare: the custom-made Bremont MB1 watch
What is your biggest financial mistake?
I was buying a used Honda Accord for £1,500 in 1983. The car looked nice enough, but after a few weeks I noticed that the sills had been stuffed with newspaper and sprayed with paint to hide the rust. In short, I had bought a rusty vehicle. After a year or so the suspension collapsed while driving on the M4 and the AA had to tow me home. I had to scrap the car.
The best financial decision you’ve ever made?
Although leaving the RAF and starting a new career at 30 was a bit scary, I knew it was time to move on. Taking that leap opened up a world of opportunities for me and allowed me to become a best-selling author. Yes, being a writer has its ups and downs, but I have been better paid than being in the RAF. When I left the armed forces in the mid-1990s, I was earning around £35,000. Incidentally, one of the jobs I was offered after leaving the RAF was as a combine harvester salesman – I was briefly tempted.
Do you have a pension?
I receive a military pension which I have just started collecting. While it is not a huge amount, it allows me to pay for my weekly shopping at Tesco. I also contribute to a private pension, although I have no plans to retire in the near future as I enjoy what I do too much.
Do you own any property?
Yes, a six-bedroom 1970s house in a quiet Hertfordshire village, next to a church, which my wife and I bought for £300,000 in the late 1990s. I don’t know exactly how much it’s worth today, but I imagine we could never afford to buy it now.
Best friends: John with his old dog, Ted
If you were Chancellor, what would you do?
Reform the way the welfare system works. I understand the concept that if you have more, you should pay more, but I think it is wrong that those who have saved for retirement have to sell everything to finance their care in old age, while those who have nothing have their old age care paid for by the government.
What is your number one financial priority?
Having enough money to be able to comfortably reach my final days.
- John Nichol’s latest book, The Unknown Warrior, has been published by Simon & Schuster this month. His theatre tour, which tells the story behind the tomb of the Unknown Warrior at Westminster Abbey in London, runs from October 4 to November 7. For more information, visit: johnnichollive.com
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