Changing my swing was my biggest money mistake, says golfer IAN WOOSNAM

Golfer Ian Woosnam achieved world No 1 status in 1991 at a time when his peers included Seve Ballesteros, Nick Faldo, Bernhard Langer and Sandy Lyle, writes Dan Moore.

By then, Woosie, as he was known, had already become the first golfer to win £1million in prize money in a single year.

The Welshman is a US Masters champion, a member of five Ryder Cup-winning teams and was inducted into the World Golf Hall of Fame in 2017.

Still playing golf, the father-of-three lives with his wife Glendryth in Jersey.

What did your parents teach you about money?

Money doesn't grow on trees and you cannot just lounge around and expect

it to come to you. The harder you work, the greater chance you have of being successful.

These mantras were drummed into me from an early age.

My parents, Harold and Joan, were farmers – and they lived what they preached. It was hard work, and all four of us kids had to chip in, baling hay or milking cows, to help make the farm succeed. If we pulled our weight it meant they didn't have to employ anyone, which helped the family.

What was your first ever job?

When I was 16, I went to the Hill Valley Golf Club in Whitchurch, Shropshire, and worked in all kinds of jobs – manning the pro shop, working the bar and sometimes hoovering floors.

Eventually I worked on the golf course in the mornings, driving tractors mowing fairways and greens, then I would have the afternoons free to play golf.

My weekly pay was £5 for digs and £5 for food. I would go to the bar in the evening and get members on their jolly way, then offer to play them the next day for a few quid. After a few gin and tonics, they were raring to go!

When did golf become a career?

I wanted to be a pro player from age 14, and that ambition never wavered.

I always looked at a career as a mountain. If you want to get to the top you have to take it in stages. You learn from experience, and it took me a long time to get to base camp.

I had a good friend, [Scottish pro golfer] Sandy Lyle, who lived round the corner and we played a lot of golf together in Shropshire teams, and I was glad he was my sparring partner.

If I hadn't make the cut as a pro-golfer, I still would have found a way to work in the golf business.

Have you ever struggled to make ends meet?

Absolutely. I travelled in a VW caravan around Europe, playing in little tournaments in an attempt to win money. There was many a time I lived off eggs, bacon and baked beans.

One time I drove from Inverness to Milan to try playing in the Italian Open. It was a nightmare, but what an experience.

These guys now who fly to all the tournaments don't know what they're missing, but what can you do when you're playing all over the world?

What was your best year, financially?

I had an incredible year in 1987, winning eight tournaments, including the winner-takes-all Million Dollar Challenge at Sun City, South Africa. That was my biggest pot.

Which win are you most proud of?

Winning the US Masters in 1991.

You work all your career to achieve a win like that – to get the recognition from your peers; to be world number one.

That is when you feel you've reached the summit of the mountain, and it makes all the long, tedious, baked bean-eating trips around Europe worthwhile.

Are you a spender or a saver?

I've always been a saver.

You don't know when a rainy day is coming around.

Also, your career at the top is short lived. When it ends, it ends. You can't afford to keep burning money like you do when your earnings are high, although some do and get into all sorts of problems.

I didn't want to get caught out, so I saved.

What has been your best money decision?

I've had some good accountants and tax advisers. One was a tax officer for the Government and then became an adviser – he knew what the score was.

I always looked at ways to avoid paying more tax than necessary.

What has been your worst money decision?

Indirectly, it was when I decided to change my swing after winning the Masters.

The swing got me to the top of the world, so why would I want to change it? I thought if I made improvement, I would go on to win more majors. It did the opposite.

I also struggled with the limelight. I'm a person who likes to go down the pub, have a few pints with the lads, and it wasn't the same. People saw me differently. I remember my dad saying: 'Now that you're famous, you belong to the public.'

Do you own any property?

I have a lovely five-bedroom house overlooking the sea in Jersey, near La Moye Golf Club. I've also had a home in Barbados since 1995 overlooking the 18th hole fairway with a sea view.

We enjoy going there. It's great for my back, which I struggle with – the heat helps.

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What's the most expensive thing you bought for fun?

For practical reasons, a plane. Aside from the fun aspect when I moved to Jersey and could afford it, it's a tax saving.

It makes getting to and from the island easier. Every Sunday, after a UK or European golf tournament has finished, I have the chance to get home that night.

Do you have a pension?

I have a few, and took out my first when I started earning. My dad was pretty good at that stuff, making sure I had a pension and proper financial advice.

If you were Chancellor what would you do?

Scrap the inheritance tax on farmers. These people give their life to the land, to their job, and now they're told they must pay more when they die. That's wrong.

No one should have to pay inheritance tax... that's my belief.

What's your No.1 financial priority?

My family. My money will be left in a trust for my three children and grandkids.

Hopefully, that money will last for a few more generations. That's my hope.

• Ian Woosnam can be booked for corporate days and Q&A events (champions-speakers.co.uk and motivationalspeakersagency.co.uk).