Financial guru Martin Lewis turned a modest £80 investment into a £100million fortune – and how he did it is fascinating.
It was way back in a 2015 interview that the budgeting master revealed that his best business decision was setting up his famous website in 2003.
Despite doubts from friends who thought it wouldn’t succeed, Mr Lewis said that he persisted and it was the best thing he could have done.
Mr Lewis said: “It’s called Money Saving Expert. It was built by a chap in Uzbekistan, off-the-peg, with forums, and in only two weeks.”
“My friend said it wouldn’t work. He said I needed to have adverts on the website and that ‘no one puts a face on a financial website’,” he added.
His goal was never to make money but to share essential financial information with the public. He said: “I set it up because I thought the information should be out there, not to make money.”
As the website grew, it became hugely successful, generating £12.6million in annual profits before its sale to MoneySuperMarket in 2012. He said: “In the end, it’s turned £80 into more than nine figures, after tax.”
However, he acknowledged the challenges behind the triumph, adding: “You also have to factor in the 90-hour weeks and the huge amounts of stress.”
Mr Lewis, who never took on debt for his website, emphasised his cautious approach to finances.
He said: “I never spent money that wasn’t generated, and the website never had a penny of debt.”
Growing up in a modest household, Mr Lewis said he developed an early knack for money management.
He said: “I didn’t come from a rich family. My father was a headmaster, and teachers then, as now, didn’t get great money.
However, he said: “My parents didn’t have any money troubles and had a very sensible attitude to it. My Grifter bike, for example, was second-hand when my friend’s was new.”
As a child, Mr Lewis said he was good with money, saving his pocket money while his sister struggled to hold onto hers.
He said: “My dad always tells the story of me and my sister…I would have saved mine and normally have around £20. She would never have any. Then we’d go out somewhere, and she would be given more because she’d have no money.”
He added: “I should have cited moral hazard, but I couldn’t really put forward that argument then.
“She was good at English and I was good at maths. That was always there from an early age. I loved numbers.”
