Well read: Jenny’s 38 books generate seven figures a year for her company
Author Jenny Colgan received £1m for her first novel 26 years ago and has never looked back.
She had been laid off from a job in healthcare and was about to start working as a waitress when, in her mid-twenties, she landed a “remarkably lucky” book deal.
Her romantic comedy bestsellers now generate a seven-figure sum each year and are published around the world, with new readers discovering the 38 books in her backlist, she tells Donna Ferguson.
Now 52, she lives in a castle in Fife with her husband Andrew, 59, a marine engineer, and their three children, Wallace, 19, Michael-Francis, 17, and Delphine, 15.
What did your parents teach you about money?
Having a good work ethic. They were both full-time teachers and my father also ran part-time music shops in Prestwick, Ayrshire. They moved houses carefully and we ended up in a lovely place on the seafront – a big house for people on a teaching salary. We didn’t go on fancy holidays or eat out, but we always felt good.
My mother had nothing to do and was exceptionally good at making a lot of money work for her. She made our sofa cushions and all our clothes herself. Of course, I was a little girl and desperately wanted something modern from C&A.
Have you ever had trouble making ends meet?
I have been a poor student, but I have never been in a situation where I could not work, and I have always known that I could come home to a loving family and have good food and a roof over my head for as long as I needed it.
I have never been ill and I have always worked. I have been a cleaner, a postman and worked in many bars and shops. At the same time, I have been a great reader and writer. I wrote many bad poems and sketches for the BBC which were not chosen. I wrote a children’s story which was not published.
In 1998, when I was 26, I started writing my first novel, Amanda’s Wedding. I spent so much time on it that I was sacked from my job as an administrator for a health policy think tank. I was thinking of working as a waitress, but then I sold that novel for £1m in total, including the film and foreign rights.
I was young and quite naive, so it took me a long time to realise how incredibly lucky I had been. The timing was really opportune. Helen Fielding and Marian Keyes had just had huge successes, so publishers were looking for fun books written by young women and set in London.
Have you ever been paid an absurd amount of money?
Of course. I was once given £5,000 to give a 40-minute speech about love stories to business executives. Half of the attendees were not native English speakers and couldn’t understand my Scottish accent. They just stared at their phones.
The best year of your financial life?
The last five years have been incredible: a virtuous circle in which more and more countries have connected to the Internet and started publishing my books. That means that new readers are finding and buying my previous works. I have written 38 books in 24 years and my company now earns a seven-figure sum every year.
What’s the most expensive thing you’ve ever bought for fun?
My pianos. Like people who love cars, I’m always looking for the next, bigger, better one. The most expensive is my Yamaha Baby Grand, which costs about the same as a used car. I also have a Yamaha Clavinova and an Erard Upright. If you don’t play piano, you might think I’m pretty good. If you play seriously, it’s immediately obvious that I’m terrible.
What is your biggest financial mistake?
After my book deal, I basically gave a flat in London to an ex, assuming he would split the profits when he sold it, but without making a record of it. It was a big surprise when he didn’t.
The best financial decision you’ve ever made?
Paying off all of our mortgages as soon as we had the means to do so has always given me great peace of mind and a lot of pride.
Are you saving for a pension?
Yes, I have been saving for a pension since I was 20, although writers never retire.
My view is this: get your mortgage, your pension and stop paying your taxes and then have fun with everything else.
Hitting the right note: Jenny’s most expensive piano is her Yamaha Baby Grand
My husband and I both buy some form of government bonds. It’s not a huge return, but it adds up and means we’re not taking any risks. My husband is more careful with his money than I am, but we’re both very cautious about taking risks in the stock market, which we don’t understand very well.
I always assume that if you don’t know who the target is, it’s you.
Do you own any property?
We have a six-bedroom castle in Fife. It’s a really magical place, which we went to see as a joke and fell in love with. Jack Vettriano, the Scottish artist who painted The Singing Butler, lived there.
It needed updating – my husband has worked hard to heat it. We also have a four-bedroom flat in Edinburgh for work and a two-bedroom flat in London, which we bought 17 years ago. My eldest son, who is 19, is studying in London and now lives there.
When all the children are gone, we will get rid of some property and buy somewhere abroad, hopefully in France, where we spent many happy years when the children were young.
What little luxury do you allow yourself?
Travel. In October, we went as a family to Martinique, an island in the French Caribbean, and it was a paradise. We also spent the holidays in Hossegor, in the southwest of France, and went surfing. I don’t know how much we spent, but my husband takes care of all that.
If you were Chancellor, what would you do?
I would offer support for childcare and housing for young people – it is madness that this country cannot support its own families. And there will be some tough decisions to be made about how to fund elderly care and the NHS. Sadly, I suspect it will all come crashing down at the exact moment when I am old and desperately need the NHS. But we have leaned too heavily on us old folks (who vote) and left the young to their own devices.
Do you donate to charities?
Sure, but donating money is probably the laziest way to give to charity. I don’t think it counts unless you put in the hours, so I don’t feel very good about what I do. I’m generous with my money and a terrible time-hoarder.
What is your number one financial priority?
I want my children to know the value of money and to know how to work hard. I’m not too worried about leaving them money. I hope they can make their own way.
- Close Knit by Jenny Colgan is now available.
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