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Carol Decker is the lead singer of the pop group T’Pau, who had a string of hits in the late 1980s with songs such as China In Your Hand, which spent five weeks at number 1, and Heart And Soul, a Top hit. 5 in Great Britain and the United States.
The band continues to go strong and this summer will perform at several eighties pop festivals. To date, T-Pau has sold four million albums.
Carol, 66, lives in Henley-on-Thames with her husband, restaurateur Richard, and their two children. Here she reveals all about her finances and whether 80s stardom made her rich.
Top of the pops: Writing hits like China in Your Hands has paid off for T’Pau singer Carol Decker
What did your parents teach you about money?
I remember my father quoting a famous line from Hamlet to me: “Neither lend nor lend,” and I have always liked to live within my means. So even at the height of T’Pau’s success I didn’t go crazy.
My attitude to money was influenced by my upbringing: I spent my early years in a council flat in Liverpool. But my father worked his way up to becoming a supermarket manager, so we moved to Shropshire when I was seven and he bought us a three-bedroom house in the late 1960s for less than £3,000. What would that buy now?
Have you ever struggled to make ends meet?
Absolutely. I screwed up my academic exams so I didn’t go to university and ended up doing a series of dead-end jobs. But at 22, I decided to try to make it in music with my then boyfriend Ronnie, even though he had no money and my dad always had to spend a few quid on me to cover the bills.
At one point I was so broke I had to watch TV in my sleeping bag to keep warm because there was ice on the inside of the windows of my cold Shrewsbury flat.
Have you ever been paid silly money?
Yes, the money to occasionally throw a solo private corporate event can be pretty good; usually a five-figure sum for playing a handful of hits. But I think I have imposter syndrome because sometimes when I’m offered a hefty fee to play, I think, ‘Would you pay that for me?’
I got big royalty checks because I co-wrote those songs… we bought a house, mortgage-free, near Hampstead Heath in London for around £200,000.
What was the best year of your financial life?
It was probably 1988, the year after we had our biggest hits, China In Your Hand and Heart And Soul. I got big royalty checks because I co-wrote those songs with Ronnie.
When big money came in, we bought a three-storey, mortgage-free semi-detached house near Hampstead Heath in London for around £200,000, plus a ten-acre farm near Monmouth, Wales.
Carol reveals that in the late 80s her successes allowed her to buy a house in London without a mortgage… for £200,000.
Most expensive thing you bought for fun?
A new silver Mazda MX-5, which attracted attention in its time, which I bought for £16,000 in 1990. It was the first car I bought; I didn’t pass my driving test until I was 33 years old. I used to race around the streets of Monmouthshire and drive with the roof down, showing off.
What is your biggest money mistake?
I haven’t made any big money mistakes, but I keep getting tricked into buying cleaning supplies online that say they’re going to change my life but turn out to be rubbish.
I recently bought a lightweight £60 patio cleaner on the web which looked good but turned out to be a glorified hair dryer. I must spend £500 a year buying nonsense online. Maybe I need therapy.
Best money decision you’ve ever made?
When Ronnie and I broke up personally, although we’re still bandmates and he’s one of my oldest friends, he got the farm and I got the house in London. In 2005 I sold the house for just under £1 million. It’s probably worth twice as much now.
I receive the state pension, but my live-in job at T’Pau is my real pension.
Do you have a pension?
I recently turned 66, so I receive the state pension, but my live-in job at T’Pau is my real pension. I also have a small private pension that I haven’t topped up for years.
Hitmakers: Carol and T’Pau regularly topped the charts in the ’80s
Do you have any property?
A large bungalow with an outdoor pool and half an acre of land in Henley-on-Thames, which cost a six-figure sum in 2005. We have since built it in the loft, so we have plenty of space.
If you were Chancellor, what would you do?
I would get rid of VAT immediately. It would also scrap inheritance tax and reduce business rates so people in hospitality and other sectors can prosper.
What is your number one financial priority?
Just to make sure I have enough money for when I stop touring. My husband is seven years younger, so he can take over and work until he drops.
T’Pau will be performing at summer festivals and supporting The Human League on the Generations Tour in December (tpau.co.uk). Carol Decker also stars in That’s What I Call a Musical! tour later this year (thenowmusical.com).