Russell Hastings on why he won’t touch the stock market

Singer and guitarist Russell Hastings thinks the Government should set up a social deprivation fund to help people who have lost income due to the coronavirus.

Hastings is a member of band From The Jam – an offshoot of The Jam. They have had to cancel 60 tour dates, but are planning to return in September for their Sound Affects 40th Anniversary tour. Tickets are available from website agmp.co.uk.

Hastings, 54, spoke to Donna Ferguson from his home in West Sussex where he is isolating with wife Kim, sons Charlie, 21, and Bobby, 16, dog Rosie and three cats.

How have you been impacted by coronavirus?

I chose to start isolating with my family about three weeks before the rest of the country locked down. My mother has a lung condition and lives not far from me. I was petrified playing gigs before lockdown. I also felt uncomfortable getting on flights.

In terms of our Sound Affects 40th anniversary tour, all the Spring dates were cancelled and most of the summer ones, too – so about 60 shows in total. But we are planning to return later this year. Fingers crossed.

What did your parents teach you about money?

To always have something tucked away for a rainy day that you could fall back on. It’s come to fruition because it’s a rainy day now. 

This virus was like a meteor coming out of the sky for people such as me: work dried up immediately.

My dad was a sales manager for a coffee and tea company, but before that he was a Redcoats entertainment manager at Butlin’s in Bognor Regis. 

That’s where he met my mum – she was a Redcoats dancer who became a doctor’s receptionist.

I had a humble upbringing. We didn’t have loads of money, but we were happy. I didn’t really want for anything, but I did have dreams and aspirations. For example, I remember looking at boats when we went to the beach and thinking I would like one of those one day.

I have got one of my own now.

Have you ever struggled to make ends meet?

Absolutely. I had some difficult times in the 1980s, but the early to mid-1990s were the worst. 

That was a time when I thought that if someone had a tenner in their pocket they were loaded. In those days, I wasn’t good with money. I didn’t realise that credit cards were a bad thing.

There was a lot going on at that time. I was playing guitar for various bands, but I had no direction in life. 

I used to be drunk by 8.30 in the morning, thinking: ‘What am I going to do for the rest of the day? I know, I’ll just get more drunk.’ I can laugh about it now, but at the time it was pretty mad. Eventually, I hit a place of desperation and I gave up the drugs and alcohol.

Before that, I must admit I caned it. I really spanked it. And that’s all I want to say about that episode of my life.

How did your fortunes change after you gave up drugs and alcohol?

I knew that music was the way I wanted to go. I ended up in a studio doing some backing vocals for Mike Rutherford from Genesis. 

Then by chance, I came into contact with Ringo Starr and went round to his studio. After that I bumped into Rick Buckler from The Jam.

I ended up playing with Rick on the road. 

A year later, Bruce Foxton joined us and I became the ‘replacement’, if you like, for Paul Weller in the band. Since then, the music business has been very kind to me and so have the fans.

They have welcomed me with open arms in a way that I didn’t think was possible.

Have you ever been paid silly money?

Yes, I have been. There have been a couple of festivals that have paid me healthy amounts: more than £10,000 for sets that last about 25 minutes.

You do think to yourself: ‘I’m in a fortunate position to be here earning that.’

What was the best year of your financial life?

I don’t know. There hasn’t been one that stands out. They have all been good years for the past 20 years.

Mind you, this year is looking rather lean because we have no work in lockdown.

But I’m sure we will get through it. And the whole world is in the same situation.

What is the most expensive thing you bought for fun?

My Porsche Carrera. I bought it used five years ago for £48,000. It was a car I aspired to own as a kid and I love driving it.

Every time I come back off tour, I jump in it, drive around all the country lanes nearby and consider myself extremely lucky to be alive.

What is your biggest money mistake?

I haven’t made any. In general, I’m careful with money. For example, I have never invested in the stock market. 

I was thinking about doing so in February when no one expected this crisis to happen. 

But I decided to sit on my decision. And the people I know who did invest at that time have lost a ton of money. But I don’t feel smug – I just feel secure.

The best money decision you have made?

Buying my current home five years ago. I live in a large four-bedroom house on the beach, overlooking the sea in West Sussex. 

We’ve renovated and extended it and now the house looks fantastic and ultra-modern. 

I’m sure we must have added a lot of value to it but I haven’t had the house valued, so I wouldn’t know what it’s worth. We still have a small mortgage.

Do you save into a pension?

No, and I never have. It was pretty wild when I was growing up so for a long time I didn’t think I was going to survive past the age of 40. 

Since then, every time I’ve gone to set up a pension, I’ve ended up deciding to buy a bigger house instead.

What is the one little luxury you treat yourself to?

Going away on my boat, a little motor cruiser, as much as I can. We’ll go to somewhere off the coast of the New Forest or off the Dorset coastline and anchor in the middle of nowhere with the dog. I love it.

If you were Chancellor what is the first thing you would do?

I would set up a fund to help people who have lost their income. There’s going to be a lot of social deprivation as a result of lockdown and what will happen then is that alcohol and drug addiction problems will go through the roof – along with incidents of domestic violence.

Unless the Government gets on top of it, there will be problems. But they know that.

What is your number one financial priority?

To make sure there’s food on the table and that the bills for the house are paid. Without that, you’ve got nothing.