In our How I Manage My Money series, we aim to find out how people are spending, saving and investing money to meet their costs and achieve their goals. This week, in our celebrity version, we speak to choreographer and current reigning champion of Strictly Come Dancing, Carlos Gu, who speaks about his love of spending, singing and the BBC show.
What did you learn about money when you were a kid?
I grew up with a single mum. Her mindset was to provide the best life possible for me. She worked so hard to ensure I never felt we lacked money. If I said I wanted a particular toy, I’d have it. If all my friends were going on holiday, and I wanted to go on holiday, or I wanted to join a dance class, it would happen. All this required money, but my mum always satisfied my needs without a word, so I never thought about money.
When did you first really think about money?
When I started my first job at age 17, I realised how hard it was to earn money. As a national youth dance champion, I was invited to teach at a dance training camp. When you’re teaching 10 lessons a day for four days, you realise it’s really hard to earn a living. I didn’t earn much, either, probably £20 a lesson.
What did you learn from that experience?
It made me realise that my childhood was the best time of my life because I didn’t have any money worries. I just enjoyed life. After you graduate and you’re earning for yourself, you calculate what money you have to spend and become smarter with your personal finances.
Why did you move abroad to pursue a dance career?
The Latin American dance is a Western dance, and in China, if you want to be the best in the world you must learn from the best, who were all in Europe. I travelled to London when I was 15 to learn from my coach, who was a nine-time world champion. I’d travel back and forth to Asia six times a year.
How did you fund that?
It wasn’t a worry in the beginning because I knew my mum would support me. At that time, it was just a number. My teacher would say I needed to pay £5,000 to cover travel, and I’d say: “Mum, I need £5,000.” But it was just a number. I had no idea of the value of £5,000. When I started to pay for myself, I realised I couldn’t manage. I needed a sponsor, because you don’t have time to earn money by dancing when your focus is on training.
Presumably, you got a sponsor?
Yes. My sponsor, the lady from Hong Kong, helped me for four years to the tune of £30,000 a year, which covered travel abroad.
Did you have a backup plan?
My mum has one. I didn’t. I grew up in Taiyuan, a small city in China, where there was no opportunity to become a better dancer, so I had to go to Beijing. I got into the Beijing Arts Academy at age 13. The teacher told my mum that it was going to be hard for me to pass. She just said: “Let him try for five years, and if he’s still failing, he can become an actor!”
How did you find managing money in England?
Everything was so expensive compared with China, and the money was so different. One pound was equivalent to 15 of our currency. It was insane. With 15 of our currency, we could buy a meal in China. For £1, you can’t even buy water.
Are you a spender or a saver?
I’m a spender. Of course, I’m realistic, I’m not going to buy a plane, but I love to spend money on things that make me happy.
Where does your attitude to spending come from?
I inherited that from my mum. She used to be a big spender because she was an independent woman who had an unsuccessful marriage. If she didn’t treat herself, who would? This was why she never said no to me. I remember I wanted a pair of Dolce & Gabbana trousers when I was 15. They cost a ridiculous amount, but as I really wanted them, she got them for me.
Do you have a pension or investments?
No. I haven’t invested yet. At the moment, my money isn’t doing anything good for me, but I’m planning to change that.
Where do you live?
I currently live in the Notting Hill area of London. It’s a two-bedroom flat that’s spread over two floors, with a beautiful terrace. A terrace is one of my criteria when I’m looking for an apartment. At the moment I am renting because I couldn’t afford to buy a place in London. Otherwise, I’d buy.
Let’s turn to Strictly Come Dancing…
Strictly is the best job a dancer could ever get. It’s an amazing platform, an amazing work opportunity, creative, you’re on telly, and you don’t need to spend money, you earn money. Joining Strictly was the first time I didn’t spend money; everything is income.
What was your biggest prize pot as a dancer?
Not much. Even at the Blackpool Dance Festival, which is the biggest competition, the prize pot is £500 if you win the main category. Financial support from the ballroom dance community isn’t great, unlike in other dance or sports. Ours is different because the better results you get, the better your reputation, and your showcase fee rises.
How did winning Strictly feel?
I think “dream come true” is overused, but winning Strictly was a dream come true.
Did you treat yourself to anything special after you won?
I have enough nice things, and I have tax and VAT to pay. Living in this country, I didn’t know that was the trap. If I’d known that, I’d never have moved here!
What’s next for you?
Singing and dancing are the only things I can do. I can’t do anything else. I’m a performer. My professional dance partner, Amy Dowden, and I are rehearsing for the Reborn tour, and I’m going to sing on the tour.
Tickets for the Amy Dowden & Carlos Gu: Reborn tour are on sale now via amyandcarlostour.co.uk