How Mark Steel Manages His Money
In our “How I Manage My Money” series, we explore how individuals handle their finances, from spending to saving and investing. This week, we speak to comedian, author, and broadcaster Mark Steel. He shares insights into his financial journey, including living in a squat before comedy took off, buying a flat in Crystal Palace, London, for £59,000, and why he has never contributed to a pension.
Early Life and Financial Background
Mark Steel grew up in a working-class household. His father worked as an insurance man, going door-to-door to collect payments. His mother stayed at home but had occasional jobs, such as being a dinner lady or receptionist. The family didn’t have much money and rarely went on foreign holidays. However, they managed with a two-bedroom bungalow and a garden on one income, which seems impossible by today’s standards.
Strangest Jobs Before Comedy
Before his career in comedy took off, Mark held several unusual jobs. The longest was working for London Transport in an office. His job involved copying details from one form to another, without ever understanding the purpose. Despite the monotony, he received a free travel card, which felt exciting at the time.
First Payment for Comedy
Mark’s first payment for comedy came when he was just eight years old. He entered a talent contest at a holiday camp and performed a poem about animals, winning 10 shillings (50p). Later, in the early 1980s, he started earning proper money for stand-up gigs, usually around £10 here and there. These small amounts were incredibly exciting.
Spending the Money
At the time, most of the money went towards paying off debts. After being unemployed and living in a squat, Mark needed to catch up on bills, replace clothes, and settle outstanding payments. Financial security wasn’t immediate, even after starting to earn again.
Worrying About Comedy Long-Term
Mark recalls the Enterprise Allowance Scheme, which provided unemployment benefits for a year while trying to become self-employed. Many comedians and musicians were on it. He thought he had one year to make comedy work. By the end of that period, he realized he could sustain himself through comedy.
Financial Side of Stand-Up
In comedy clubs, performers might earn around £150 per gig. However, touring is more like running a small business. Ticket sales are reduced by VAT, theatre cuts, agency fees, and travel costs, leaving the performer with what’s left. Though not always pleasant to think about, this is essentially the reality of the profession.
Biggest Financial Win
One of Mark’s biggest wins came from a university gig when he was broke. Due to an administrative error, he and another comedian were paid for a non-existent band. They accepted the extra £100 each, which felt like winning the lottery. He used the money to pay off debt and buy a cassette deck for his stereo.
Feeling Financially Stable
Mark first felt financially stable once he regularly performed at the Comedy Store. With a council flat in the 1980s costing about £40 a month, he could save money. He eventually saved £12,000 and bought a two-bedroom flat in Crystal Palace for £59,000. He sold it in 1992, and the same flat would now be worth around £400,000.
Changing Attitude Towards Money
As Mark aged, his attitude towards money shifted. Having children and grandchildren made him think more about others. If he suddenly had half a million pounds, his first thought would be helping his kids. A paid-off mortgage offers security, but he also notes that life feels less secure now. His son earns more than he did at the same age but still can’t afford to move out and buy a place.
Pensions and Financial Security
Mark never saved into a pension. He doesn’t have a private pension, but he’s lucky because comedy isn’t a job he necessarily wants to retire from. He still enjoys it.
What Success Means
For Mark, success isn’t just about financial security. He points out that even though Elon Musk is one of the richest men, he wouldn’t consider him successful in a meaningful way. Stability and security are important, but if money is the only goal, it leads to a strange life.
Mark Steel is currently touring the UK with his latest show, The Leopard in My House, based on his experience with throat cancer. Tour dates and tickets are available via Mark Steel’s website.
