How I Spend It: Enrico Zanarini

Motor Racing – Formula One World Championship – Monaco Grand Prix – Wednesday – Monte Carlo, Monaco

Brilliant and vivacious, recognised and respected as a specialist in driver management and sponsorship acquisition, the Director of Media Sport Group, mister Enrico Zanarini opens his wallet for the Paddock magazine.

What was your first job? How much did you earn?

Selling encyclopedias door-to-door. I cleared 100.000 liras during the first month of activity then run out of relatives who were my best customers…

If this were not your job, what job do you think you would be doing?

Selling something else. I hate encyclopedias.

Do you have any credit cards?

I need to have more than one card because of my frequent travels, but I am affectionate to the one with the most credit…

Do you think of yourself as a saver or a spender?

I am a spender. When I succeed in accruing some capital, I spend it straight away, buying an asset. I do not believe in saving. Spending makes the economy go round which is the core of well being.

Do you invest in shares?

I did but I lost all of my earnings plus part of my capital during a Black Friday some 25 years ago. I never invested in shares again.

Do you believe pensions are a good thing?

I do not have a pension scheme, I want to work until the day I die. In my opinion, retirements accelerate growing old.

What has been your best ever purchase?

My house in Formentera, definitely. I bought it before the Spanish island became fashionable 10 years ago. Today it is worth three times its original price.

What has been the most extravagant item you have ever bought?

My current car.

Do you have any weaknesses when it comes to spending your money?

Not really. I spend it, but I know what I am doing.

What have been your best and worst investments?

Real estate has proven to be the best form of investment for me. I did make two mistakes in my business life: the first time when I put money into an ice cream Newco in Morocco and the other when I invested in a movie production venture in India. I learned a good lesson: never invest in a business you do not know (I did love the ice cream though).

Do you manage your own financial affairs?

Yes, as I do not trust anyone, especially banks.

How many holidays did you have last year?

I am lucky enough to have a summerhouse in Spain. My family moves there as soon as schools shut down in June. My job does not require my constant presence at my offices so I can control what’s up in my business on my computer screen, sitting in my veranda with a magnificent view of the Mediterranean see.

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

People know that I am quite self-confident and for this they give me little advice. However, best financial advice is the one you can give to yourself when you make a mistake: “don’t do it again”!

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