When I broke the 50-metre butterfly world document I purchased a BMW M3, says former swimmer MARK FOSTER

Mark Foster, 55, is a former swimmer who represented Great Britain at five consecutive Olympic Games from 1988 until 2008, won six world titles, 11 European titles, two Commonwealth titles, and set eight world records, writes Peter Robertson.

Since retiring in 2008, he’s become a commentator and motivational speaker. His autobiography is published in May and he lives in Essex and Norfolk.

What did your parents teach you about money?

‘You can’t have it unless you’ve earned it.’ My late father Robin started his working life as a maths teacher, and then worked in advertising with Saatchi & Saatchi, though he wasn’t a film producer or bigwig.

My mother Sheila is a former nurse and health visitor who loved sport.

I grew up in Thorpe Bay, Essex, and Mum paid for me to have swimming lessons in Southend from the age of six. At 15, I was the fastest swimmer in the country.

What was your first pay packet?

For a while from around 15, I occasionally helped my sister Claire with a paper round and on Saturdays I’d assist the milkman delivering bottles. I didn’t get paid much, but didn’t mind the early starts because I was already getting up at the crack of dawn for swimming practice.

Have you ever struggled to make ends meet?

Yes. There was no money in swimming – it was completely amateur and the rewards were just medals and representing your club or country.

At 17/18, I worked as a groundsman at my old school. When I was 19/20, I signed on. Other jobs I did to make ends meet were fitting double-glazed windows, temping in a council office and being a courier driver. If I wanted to keep swimming, I had to keep earning.

Have you ever been paid silly money?

No. The most prize money I ever got was £20,000 when I broke the world record for the 50m butterfly at Empire Pool, Cardiff, in 1996.

What’s been your best financial year?

Definitely not in the pool but outside the pool since I retired. Probably 2012.

My main income is from public speaking – mostly about a career in sport and lessons learnt – to businesses, schools and colleges. British athletes were in particularly big demand that year of the London Olympics.

That was my first Games since I retired and, when I helped with the swimming coverage on TV, Clare Balding said to me ‘The next best thing to doing it is talking about it’, and she was right because I got to share my love of the sport with viewers.

Are you a spender or saver?

A saver, but not an ultra saver. I don’t put money away all the time.

I’m risk-averse but I will also have a punt at the same time. As a kid when you start earning money, you spend what you earn. I went through a phase of buying nice things.

Now I don’t earn a lot of money, I do OK, and I’m not extravagant. Maybe that’s part of getting older.

I live within my means and I know the value of most things, but don’t ask me what a pint of milk costs!

What’s the most expensive thing you bought for fun?

With the £20,000 prize money I won in 1996, I bought a BMW M3. Being from Southend in Essex, I’d been a bit of a boy racer and always wanted fast cars.

Then when I got to 25 and broke that world record, that was my reward for all the hard work I’d put in.

I had that BMW for two or three years, then went completely safe and became Mr 4×4, even though I don’t have a family. For five years now I’ve driven a Volkswagen Touareg, the best car I’ve ever had.

What has been your biggest money mistake?

About 20 years ago, friends of a friend persuaded me to invest £40,000 in a supplement company. I also got Colin Jackson, the Welsh athlete turned commentator, to invest £40,000.

I’m not sure why but within a very short period of time it was all gone and we were fed a load of excuses. I’d rather have given that money to charity. That was a big lesson learnt.

The best money decision you’ve made?

One of the best has been FitSteps, the dance/fitness programme I set up in 2014 with professional dancers Ian Waite and Natalie Lowe, who I met through Strictly Come Dancing, which I competed on in 2008. They put the dance to the music and I did the health and wellbeing side.

We’ve got about 1,000 teachers across the UK. FitSteps combines the graceful steps of the ballroom with up-tempo Latin steps to provide a fun and effective workout.

There is no need for a partner and it is suitable for all ages and abilities.

Do you have a pension?

No. People in normal jobs usually get a pension as part of it, but being self-employed (like me) you don’t.

I had Isas and Peps, and they’re now invested in a hedge fund and stocks and shares. One of my best mates is my accountant and financial adviser.

Do you own any property?

Yes. I own a three-bedroom semi in Essex and another house in Norfolk, and divide my time between the two.

I’m from Essex and my mum and two sisters are within five miles.

I fell in love with Norfolk while playing golf there.

My best handicap has been 9.5 and it’s currently 9.9 so I’m near my best.

If you were Chancellor, what would you do?

There are so many things that need fixing and could be fixed. I wouldn’t know where to start.

But I find it harsh that someone works and gets taxed all their life and when they die the money they leave gets taxed.

What is your No 1 financial priority?

To get my mortgage paid off. There’s about ten years left of that. If I came into a load of money, I’d pay that off first.

I still keep fit going to the gym four times a week, and I swim once or twice a week as a member of David Lloyd clubs.

Occasionally when I’m recognised in the pool, some guys will try to race me and I’ll put the afterburners on to let them know I used to be quite good.

Other times, if they’re good enough, I’ll let them beat me.

• markfoster.co.uk

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