’80s Music Star Joyce Sims Talks To ME & MY MONEY
Strong investor: Joyce Sims has a portfolio of stocks and stocks
The most expensive gift American singer Joyce Sims ever received was a “priceless” diamond ring.
Sims, who rose to fame in the late 1980s with the hit single Come Into My Life – one of the UK’s top ten singles – says she would work to end homelessness, hunger and poverty if she was. Chancellor of the Exchequer.
His new album, Change, will be released earlier this year. She’s talking to Donna Ferguson.
What did your parents teach you about money?
To respect and deserve it. I grew up in Rochester, New York. I was the oldest of five. My mother was a chef in a family restaurant and my father was a machinist for Kodak.
Money was tight. As a child, I remember hearing my parents often discussing what bills to pay and in what order. Everything was on budget and they worked hard for the money they made. But we had everything we needed and some of the things we wanted. We were a united family.
Have you ever struggled to make ends meet?
Yes. The worst time was in the mid 80’s when I first left home and went to New York to continue my recording career and try to get a recording deal. I was 23 years old.
I moved in with a friend in Manhattan and to pay the rent I got a job in an office filling out some paperwork. In the evenings, I worked in a recording studio, singing along to songs in exchange for free time in the studio to record my own music.
My rent was so expensive that all I could afford for lunch each day was a slice of pizza and a soda. At one point, I had to ask my parents for money to help me reach the next paycheck.
The worst part is that I took my car to New York. Parking is crazy in this city. You have to move your car from one side of the street to the other, depending on the day and time. I’ve racked up so many parking tickets – over $ 700 in fines. Since the car was in my parents’ name, all fines went to my parents. They called one day and asked me what I was doing. They said to me, ‘Take our car home.’
Have you ever been paid ridiculous money?
In the late 1980s, nightclubs would sometimes pay me thousands of dollars to sing All In All, my biggest hit in America. It would take me six minutes and 31 seconds and I could earn up to $ 3,000 (equivalent to £ 4,700 today).
What has been the best financial year of your life?
It was in 1987 when the Come Into My Life album came out. It has been a great year financially and in all other areas of my life. I was delighted to release my first album. Holding this album in my hand meant so much. Many of my dreams and aspirations came true when the album came out. I would say I made over $ 100,000 that year on tour and almost $ 100,000 in album sales.
What’s your biggest money mistake?
I didn’t buy a property as soon as I could afford it in 1987. Instead, I rented in different locations for three years before finally climbing the property ladder in my thirties. At the start of my career, I was so busy touring and recording in the studio that I didn’t save much. I have helped my family and friends, and I also wasted a lot of money just by living.
The best financial decision you’ve ever made?
Spending $ 20,000 to turn one of my rooms into a home studio in the early 90s. This decision has saved me several thousand dollars over the years.
The most expensive gift you have ever received?
It was a pear shaped diamond ring with several karat yellow gold. My husband gave it to me for Christmas. He is magnificent and holds a special place in my heart. I don’t know how much it costs, but to me it’s invaluable and I love it. I was speechless when I received it, which does not happen often.
Are you saving in a pension or buying stocks?
Yes. I started saving for a pension when I was in my mid-thirties because my accountant advised me. I wasn’t really thinking about my retirement back then, but I’m glad I listened to it.
I have several thousand dollars invested in the stock market and have been investing for about 20 years. I have a diversified portfolio, but I lean more toward stocks than bonds.
I take a medium to long term risk approach and let someone else manage my portfolio. To date, I am satisfied with the performance of my investments.
Do you own a property?
Yes, my husband and I own our house. This is a three bedroom townhouse in New Jersey. We bought it ten years ago. I’d rather not say how much I paid for it, but I really think its value has gone up since we got it.
The little luxury you treat yourself to?
Go to a hotel on the edge of New Jersey and spend a few days at the beach. I love to sit back, relax and listen to the waves.
I find it inspiring – it’s good for my soul. I actually recorded the sound of the ocean to use in my songs. A trip like this usually costs me around $ 500.
If you were chancellor, what would you do?
I would end hunger and homelessness. I would increase funding for organizations that support the UK’s poorest families. I would try to end poverty and ensure that everyone has a living. In my opinion, no one in the UK – or the US – should go hungry or be homeless. If everyone could have a home and not worry about food, I think they would live more productive lives and the world would be a better place.
Do you donate money to charity?
Yes, I donate to charities that feed children and care for the poor. I also donate to my church.
What’s your number one financial priority?
Leave a legacy for my two children with the hope that they will do the same for their children. I want to die knowing that my children are being taken care of financially.
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