Iwan Thomas: I made £50,000 in 44 seconds, then puked into a bin (2024)

The 400m runner Iwan Thomas was born in the London borough of Bromley to Welsh parents. As a boy he was a BMX champion, then switched to athletics, making the GB relay team that was fifth in the World Junior Championships in 1992. Four years later the senior team won silver in the 4x400m at the Atlanta Olympics, then in 1997 they won silver in the World Championships, which was later upgraded to gold after the US team was disqualified. Thomas, 50, who held the UK 400m record for almost 25 years, now works as a pundit. He won Celebrity Hunted on Channel 4 in 2022. He lives in Southampton with his partner and their sons, Teddy, five, Dougie, two, and Bowie, who was born in January.

How much is in your wallet?

I don’t even know where my wallet is. It’s probably in my car. I’ve got about 80p in my training kit bag as I took it out this morning and my boy said, “I’ll have that for my piggy bank,” but it’s all the phone now. I don’t really carry cash, so in terms of money in my wallet it’s a big fat zero. The only cash I might keep is whatever I’ve got left over from a holiday, which I might keep to use the following year.

What credit cards do you use?

I’m so sensible, I don’t use my credit card as a credit card. I have a NatWest Black account that has a credit card with it and that’s what I use for my everyday spending, but the full amount is paid off every month, so I don’t pay any interest. I’m quite savvy and I don’t like borrowing. I have some business credit cards as well, but I don’t use them. I’m of the belief that if you can’t afford something, go without. I have a very small mortgage on this house — £200,000 — and everyone’s like, “Why have you not paid your mortgage off?” and I’m like, well, I know mortgage rates are bad at the moment, but I’m on a fixed rate of 1.6 per cent, so my mortgage is like £300 a month or whatever, so I know that 200 grand invested is going to earn me more than 300 quid a month in interest. So I could pay it off, but right now my money is being used more wisely.

Are you a saver or a spender?

Definitely a saver; that’s been drilled into me from my dad from quite a young age. My dad is very savvy. Even when I was at university everyone used to take the mickey out of me because my dad would very kindly pay my rent and gave me 50 quid a week spending money, and I used to carry around a little black Filofax, and would write down everything I spent. Literally everything. I probably should have been an accountant.

I don’t do that any more, but I’m very conscious of what I spend. I know, when I was an athlete, my body let me down a lot and I had a lot of injuries and I was very aware that it wouldn’t last for ever. My dad always said, “Be smart,” so I got into property quite young. I knew that I may have a couple of really good years and think I’m earning pretty good money — not footballers’ money, but I was doing well compared to most of my friends and I didn’t want to blow it. My friends would say I’m boring or tight, but I live within my means. Life is about memories, so I try and find the right balance between not being extravagant but also not being tight.

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How much did you earn last year?

I don’t want to go into exact figures but, touch wood, I’ve been really fortunate as an ex-athlete who hasn’t run for 25 years. I seem to be quite busy a lot of the time, which I’m very, very grateful for. Last year was a really good year and this year, because it’s an Olympic year, will be a good year. I’m always busier and my income always rises in Olympic years — 2012 was a massive year.

When I broke through and won a silver medal at the 1996 Atlanta Games straight after leaving university, I moved to Southampton and got a job in Next while I was training, and was earning £4 an hour. Then, straight after Atlanta, I signed a four-year deal with a shoe company for £50,000 a year, so everything changed massively.

I always ran to make people proud rather than for the money, but the most lucrative race I ever ran was the 1998 World Cup in South Africa, where the prize was 50 grand for first, 30 grand for second and 20 grand for third. There were four of us racing and with 30 metres to go I remember thinking, “It’s 50 grand to win. That’s got a much nicer ring to it than 30. Dig in, Iwan.” So I put my head down and won it. Fifty grand for 44 seconds’ work. I remember puking up into a bin straight afterwards.

Since retiring from athletics in 2012 I’ve worked in broadcasting, which isn’t necessarily better paid than athletics, and making after-dinner speeches and motivational speaking — so if you want to hire me for an event, my going rate is between five and seven grand.

Have you ever been really hard up?

Definitely. There were times when I had injury after injury and wasn’t earning the appearance fees from racing the big races, but luckily I had invested and put money away.

Do you own a property?

The first house I bought was £94,000, then I sold that six months later for £120,000. The next house I bought for £140,000 and sold for £325,000. At the same time I had a barn conversion in the Midlands I bought for £210,000 and sold that two years later for £325,00. The property I live in now used to belong to the wildlife guy Chris Packham. I had it valued earlier this year and it’s more than doubled in value, so I’ve always done very well with property.

Are you better off than your parents?

My mum was a teacher and my dad came from quite a poor background and worked up to group captain in the RAF. He was very career-driven and very focused. When he came out of the RAF he did some consultancy work for a few years. But because my dad’s my hero, I’d like to think my parents are better off than I am.

Do you invest in shares?

I have a financial team that does everything for me. So I put everything into my pension investments, EIS [enterprise investment schemes] and all different bits and pieces. I’ve got all sorts invested through my company. Everyone took a hit over the Ukraine conflict, but over the years I’m definitely winning.

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What’s better for retirement — property or pension?

A bit of both. I can take my pension when I’m 55, so I’ve got five years, but I won’t. I’ll just keep putting everything I earn into investments, apart from everyday running costs and nursery fees. Without wanting to sound like that really boring man, I do try and invest everything I can.

What’s been your best investment?

Properties. Getting into them at the right time. They weren’t big houses, but I seem to have bought them when the market was low and then it came back up. In terms of my investments I don’t keep a really close eye on what’s going on. I meet up every six months with my financial adviser, who tells me what my portfolio is doing, but I’m not as clued up as I should be. I trust them to look after it and it’s going all right.

And the worst?

I’m a massive petrolhead and my worst investment was a Lamborghini Huracan, which was £160,000 about five years ago. Then I sold it a year later for £142,000, which I know is a big loss, but I’ve never smoked a cigarette, I don’t drink often, and I could have worse vices. Cars have brought me a lot of joy.

What’s the most extravagant thing you’ve bought?

I actually had an even worse loss on a Bentley Continental GT. There’s a company called Onyx that charges 40 grand to take it to Portugal, put bigger wheel arches on it, flared bonnet, it’s a real monster of a car. But I bought it, then literally two days later Bentley announced a new version of that model, so mine instantly dropped 15 grand in price. I’m sensible now. I’ve got a Tesla, an Audi RS 6 — the ultimate dad car — and an American farm truck, which I bought myself for my 50th birthday this year. It’s way cheaper than a Lambo, but I’m not telling you how much. My other half lets me get on with it, but she will say, “How come we’re not going on another holiday, but you’ve bought yourself another car?”

What’s your money weakness?

Takeaway food. Too many Chinese and Indian takeaways. Nothing extravagant, though. I don’t have a weekly gambling habit. I’m really quite boring.

What is your financial priority?

My children, and making sure they’ve got a nice little start in life. If I was to go tomorrow, touch wood, I know they’re in a good place.

What would you do if you won the lottery?

I’d have to tread carefully if I won the lottery because I know my mates will be after a little bung. I’ve seen a couple of houses locally on Rightmove — that’s another weakness, but nothing really crazy. I’d buy a nice big house and a Lamborghini with doors that open sideways. I’d just make sure that for the rest of my days here on Earth as a family we have a great time.

Do you support any charities?

My son was born with strep B and spent his first ten days in intensive care fighting for his life, so I support Group B Strep Support. I also do a lot for Macmillan Cancer Support.

What is the most important lesson you’ve learnt about money?

Look after it now and it’ll look after you in the future. Spend wisely, because tomorrow might be a rainy day.

Iwan Thomas’s memoir, Brutal, is out now (Bloomsbury Sport £20). Order from timesbookshop.co.uk. Free UK standard P&P on orders over £25. Special discount available for Times+ members