How I Spend It: Barry Gough

Barry Gough, Managing Director of the very innovative Formula 1 memorabilia company Memento Exclusives, opens his wallet for us.

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What was your first salary?

Does a paper round count? My first job was at Reynard Racing cars in 1989 building Vauxhall Lotus and Formula 3 cars.

Do you have any credit cards?

No.

Do you save or spend?

It depends on the requirements! I have recently been spending a lot more on extending our family home.

Have you ever been hard up?

I’ve always been able to pay the bills, thankfully. I think that is because working hard and taking chances were always my first choices. I left home and moved to South America when I was 17 to be a mechanic in the Formula 3 championship – much to my mother’s distress!

What is the best deal you have ever signed?

I think the best is yet to come.

Do you invest in shares?

No, I tend to invest in memorabilia.

Do you believe pensions are a good thing?

Yes. Having children has made me think more long-term.

What has been your best and worst investment?

Best investment – good staff. It’s absolutely crucial.
No such thing as a bad investment – you simply learn from your mistakes.

Do you manage your own financial affairs?

Always.

What is your top financial priority?

Keep costs low without compromising quality.

How many holidays did you take last year?

I took a family holiday this summer for the first time in many years. It’s tough to take time off from the business that you’re passionate about.

Do you have a money weakness for anything?

Yes, designer clothes. Luckily, I live around the corner from Bicester Village Outlet store!

What is the most extravagant item you’ve bought?

It’s a designer handbag for my wife… Actually, a few of them.

Do you play the lottery and what would you spend the jackpot on?

I used to, occasionally. I would probably spend the jackpot on regular first-class flights to Australia and a base over there so that my wife could visit her family more often.

What is the best piece of financial advice you have ever been given?

“Be patient”.