Billy Ocean, 58, is a 1980s pop singer known for hits such as Caribbean Queen and When the Going Gets Tough.

Born Leslie Sebastian Charles in Trinidad, he came to Britain with his family at the age of 10. By 1975, he had adopted the name Billy Ocean, taking the surname from the Ocean estate where he lived in east London.

In October last year, Ocean began his first British tour in more than 15 years and his first album in 20 years is due to be released later this year. He is also working to promote the charity project Wilberforce 2007 which celebrates 200 years since the abolition of the slave trade act.

He lives in Sunningdale, Berkshire, with his wife, Judy, and children, Cherie, 26, Anthony, 24 and Rachel, 20.

How much money do you have in your wallet?

My wallet is dry at present. To be honest, I don’t really use cash that often. As long as I have petrol in my car, I’m okay.

Unless I’m with my lawyer or accountant I tend not to take cabs. Things have probably changed now, but I remember how impossible it was to get one to stop for me in the 1970s and 1980s. I don’t use public transport either and I don’t smoke so I don’t really need that much ready cash.

Do you have any credit cards?

I have a NatWest debit and Mastercard. I’ve been with them for around 30 years. I also have an American Express card which I use when I can.

Normally I pay off my bill in full every month, but occasionally I make a large purchase so I can’t. Two or three years ago, for example, I bought some musical equipment for £10,000 on the Mastercard.

I was updating my studio in Grenada in the Caribbean. It’s generally much cheaper to produce music there, but I usually have to finish things off in London. I’m busy at present putting the final touches to my new album – things like strings and brass sounds.

I’m renting a studio on Baker Street, but it costs about £600 a day. I’m trying to negotiate a better price.

I have a very good relationship with NatWest, so I don’t think I’m in danger of having my card cancelled or my limit reduced any time soon.

Are you a saver or a spender?

The business I’m in is very fickle and I’ve been around long enough to know the need to save for the future. I’ve been putting money into a personal pension for a long time now.

My accountant helps me deal with this.

How much did you earn last year?

A six-figure sum. The income is mainly from music royalties and my property portfolio.

I also own a music publishing firm called Aqua Music which I take an income from when I need to – to invest in my music or to put into more property, for example.

How much was in your first pay packet?

I made £15 a week doing tailoring work when I was about 15. The factory was on a road off Brick Lane in east London. I was laying material and cutting patterns. I picked things up pretty quickly, though, and ended up working on Savile Row for a few years.

In Brick Lane, I worked for a Jewish man called Benjamin Solenjer. He was a kind man. He knew I was interested in music so he lent me the money to buy my first piano.

Have you ever been really hard up?

Around 1979, things were quiet for me for a few years. I was struggling to get a new recording deal and I was close to the point of giving up. There was a lot of good music coming over from America, and I wanted to be part of that, but I couldn’t break into it.

I didn’t have much money to start anything new. Luckily, I had an understanding bank manager who allowed me to borrow more by securing against my house. That tided me over until I produced Caribbean Queen.

When I did a show at the Hammersmith Apollo last year, I invited him to come along. I had him chauffeur-driven and I looked after him as a way of saying thank you.

What is the most lucrative work you have ever done? Did you use the fee for something special?

Doing Caribbean Queen – that brought me to the attention of the world. It has since sold millions of copies.

I spent the money on a flat for my mother in east London. She stayed there for three years before she passed away. I still have it, but now my daughter stays there while she studies at Queen Mary college, University of London.

Do you own a property?

I live in a five-bedroom 1930s house in Berkshire which I bought 30 years ago. It cost me around £30,000 back then, but I guess it’s closer to £800,000 now.

I have a few properties in London, mainly in the Brixton area. I started buying them about 10 years ago, when the area was cheap, although my most recent purchase was about three years ago. They were all quite run down so I had to spend a lot doing them up.

Even in the past three or four years the value has really gone up – much more than I expected. I was lucky because as soon as I bought, money was being injected into the area.

I also have a few commercial properties. I’m renting one out to a hairdresser and another is a cosmetics shop called Nubian.

I like to have enough from rent so I don’t have to pay anything on the mortgage. I rely on the capital growth so they are long-term investments.

Do you worry about the buy-to-let market?

I don’t really worry about it at all. I try not to stress myself out about what other people are doing or thinking.

I didn’t buy the properties to make a quick profit. For me, they are a kind of security. I suppose that because of my background I feel I need something like this to fall back on if I get into any trouble.

Do you invest in shares?

Not directly. I have investments in my pensions.

What’s better – property or pension?

Definitely property. I understand it better and it has done very well for me over the years.

Are you financially better off than your parents?

Many times better off. When we first came to Britain, we lived in the east end of London, just off Brick Lane. My father didn’t really do much. As far as I was concerned, he was a frustrated musician. My mother was first a domestic at the Royal London Hospital in Whitechapel and then at Watneys brewery.

What’s been your best investment in life?

Apart from the house in Berkshire, it is probably the investment I made in myself. The nature of my work depends very much on how I present myself and the investments I make in time for my music.

The houses will never match the personal gains I’ve made from the songs I’ve produced.

What about worst?

I can’t say that I’ve ever lost money on my investments. I always do what I feel is right and if I don’t get that vibe, then I don’t do it – it’s simple and it keeps me from feeling regret.

I thought the studio in Grenada might have been a mistake when I started it. I bought it in 1993, but it wasn’t until about 10 years later that I started to benefit. I was never despondent, though, because I always felt it was a good thing to do.

What aspect of our taxation system would you change?

I think the taxes here are a bit high, but if you live here you should contribute your fair share. If you don’t like the tax and don’t want to pay it, then get out.

What is your money weakness?

If I’m not careful, I probably spend too much on clothes. I have far too may suits. I have about 12 Ozwald Boateng suits in my wardrobe – he should give me a discount.

What is your financial priority?

I’m currently looking at my retirement plans, but I also want to make sure my children have a good foundation in life.

What is the most extravagant thing you have ever bought?

I don’t think I’ve ever felt able to spend to excess. The properties are expensive but they’re more like my security. The suits are something I need for my work – you have to look good on stage.

I’ve never bought a flashy car, but perhaps I’ll get an Aston Martin one day. At the moment, I’m happy driving round in my Golf GTI.

Do you play the lottery?

Nope. Never played it.

What is the most important lesson you have learnt about money?

Don’t spend it all at once.