When I joined the EastEnders cast I went from being in debt to driving a Porsche
Actor Michael Greco enjoyed his best financial year in 1997 – when he joined the cast of BBC soap EastEnders. He went from being in debt to earning a six-figure salary and driving a Porsche. After leaving the soap the now-51-year-old appeared on Celebrity Love Island and played a police officer in hospital series Casualty among other roles. He also put his acting skills to good use at the poker tables, earning a career total of $680k in live international tournaments – including €40k for finishing seventh in Dublin.
What did your parents teach you about money?
That I had to earn my way through life. My parents grew up in poverty in Italy and when they moved to the UK to start a new life, they had nothing and couldn’t speak English. My dad got a job as a chef in a hospital. My mum worked at the same hospital caring for sick children. They would wake up early in the morning and go to work. My brother and I would get ourselves together and walk or cycle to school. There was always food on the table and clothes on our backs, but we knew money was tight.
Ever struggled to make ends meet?
Yes, after I left drama school in 1992, I shared a house with friends from drama school and we lived on beans on toast. Sometimes, we would travel on the underground without a ticket because we just didn’t have the money to pay the fare to go to auditions. I got caught in a neverending cycle of debt. After three years, I’d started to get theatrical work which gave me a bit of cash. But I didn’t come into money until 1997 when I joined EastEnders.
So, what was the house like?
It was terrible. The garden, in particular, was awful. It was so overgrown that this old lady walked past one day and said, ‘You want to put some petrol on that and light a match’. She was probably just joking, but we thought she was giving us advice and we should do it. So we did. We got some petrol, sprayed it all over the grass and set a match to the garden. It lit up. And yes, it did get rid of everything, but then the garden was all black and totally ruined.
Ever been paid silly money?
Yes. I got paid a fortune to play the lead in musical Chicago on the West End in 2003. I did eight performances a week for between £12,000 and £15,000.
The best year of your financial life?
It was 1997 when I joined EastEnders. It changed my life. I went from being £10,000 in debt to earning a six-figure salary and owning a £50,000 Porsche. I worked long hours for the money I earned. If you’re in a big storyline on a soap, you’re either on set or in your dressing room 12 hours a day, waiting to do another scene. We used to do between 25 and 30 scenes a day.
Apart from the Porsche, what is the most expensive thing you bought?
It was a diamond Breitling watch for £10,000. I used to be a full-time, sponsored professional poker player. I would go to Vegas where I was surrounded by rich people. The watch looked incredible, but I sold it after a couple of years because I wasn’t comfortable wearing such an expensive piece of jewellery. Another poker player bought it off me for two $5,000 chips.
Your biggest money mistake?
Not buying Bitcoin when the Winklevoss twins did. I was on a flight with the rowers and entrepreneurs about 10 years ago. They advised me to invest and I said no. Those two guys are worth a fortune now. If I had put £10,000 into Bitcoin that day, I would probably now own a football club.
Your best money decision?
Buying my former home, a fourbedroom house in West London, for £625,000 in 2005. I sold it for £1m five years later.
Do you save into a pension?
No. I should have started a pension when I was at EastEnders. I think I had the attitude that I should concentrate on what I was doing in the moment, rather than saving for a time 30 years into the future. I was wrong.
Do you invest in the stock market?
No, but a few months ago I invested quite a lot – tens of thousands of pounds – in a company called Alpha Growth. I’ve also put £20,000 into cryptocurrencies, which are going through a tough time.