‘I’m a play-it-safe person – I only take my Jaguar out when the weather is good’
Bruce Foxton played bass for Irish punk rock band Stiff Little Fingers for 15 years. He is also an original founding member of The Jam, whose music he now plays on tour. He made more money in 2018 than he ever did when he was playing in The Jam in the late 1970s and early 1980s, when they had most of their hits.
The legendary bass guitarist, now 64, says he was paid just £150 (€164) a week when he signed a record deal for The Jam, along with Paul Weller.
The band, he says, went on to earn silly money: tens of thousands of pounds for five or six minutes of their time.
Nowadays, he spends most of the year on tour with bandmate Russell Hastings from the original group playing songs by The Jam – except in February when they both take a month-long holiday in Barbados to relax and play golf.
What did your parents teach you about money?
To respect it. I came from a working class family. My dad sold coal doorto-door before becoming a painter and decorator. My mum worked in a bakery and then a sports shop.
I never wanted for anything when I was growing up. My parents were careful with money and always tried to do their best for us. They worked hard and had to make sacrifices to take us on holiday. But when I told my mum I was going to stop being a printer and go off with The Jam, she wasn’t keen. I had only just finished my five-year apprenticeship and qualified. I told her: ‘I’ll just give it six months and see what happens.’
I kept my printer’s union card right up until 1980. I treated it like a lucky mascot.
Have you ever been paid silly money?
Yes. There was one gig several years ago in Hong Kong. We were supposed to play some songs in the interval of a rugby tournament. But the live TV programme overran and in the end we only played one and a half songs.
Jam songs are short so it only took us five or six minutes to do that and we earned a five-figure sum. We had a good time on that trip,
The audiences at our tours just keep getting bigger. I think that’s down to what we do on stage. People still want to hear those great Jam songs played live.
What is the most expensive thing you bought for fun?
It was a convertible Jaguar XK Portfolio in British racing green. My friends rib me because I never take it out except on special occasions and when the weather is good. I bought it new in 2010 for €74,000 and I’ve only done 11,000 kilometres.
Sometimes when I get in it, I have to familiarise myself with the controls again.
The best money decision you have made?
Buying my home. It’s a four-bedroom Grade II-listed 500-year-old cottage in Surrey. I bought it six years ago. I love living there because the house is in a really quiet location in the countryside.
I’m out on the road making a racket for a lot of the year. When I come home, it’s nice to be somewhere so peaceful and quiet.
Do you save into a pension?
I used to. I took out a lump sum recently to pay some of my mortgage off. I think it’s a good way to save for retirement if you can afford it.
Do you invest directly in the stock market?
No. I don’t understand it well enough. I’m a ‘play it safe’ person. It’s a big gamble in my opinion. I’d rather get a lower return on my money and take fewer risks.
What is the one little luxury you treat yourself to?
Holidaying in Barbados. I like to go out every winter for a month. I love the sun and listening to the sound of the Caribbean sea lapping on the shore. Russell [Hastings, guitarist in from The Jam] and his family come too.
We stay in separate villas, play a bit of golf – badly – and just relax.
Do you donate money to charity?
Yes, particularly cancer charities. I lost my brother, mother and father to cancer so it’s important for me to donate a little money every now and again to cancer charities.
What is your number one financial priority?
To pay the mortgage. Pure and simple.