Early Memories of Money in Jamaica
In our "How I Manage My Money" series, we explore how individuals manage their finances to meet their needs and achieve their goals. This week, we feature Levi Roots, an entrepreneur and musician who has made a name for himself through his unique journey.
Levi, who is 67 years old and the father of eight, recalls his earliest memories of money growing up in Jamaica. His parents were part of the Windrush generation and had moved to the UK, leaving him and his siblings with their grandmother. At the age of six, he started collecting bottles to sell for pennies. This was a way for children to support themselves when their families were poor.
He remembers picking up bottles from the street or grabbing them after someone finished a drink. He would fill his grandmother’s shed with as many bottles as he could collect over six months and then sell them for a penny each. These early experiences taught him the value of hard work and resourcefulness.
The Most Financially Rewarding Opportunity
Looking back on his career, Levi considers his appearance on Dragon’s Den in 2007 as one of the most financially rewarding opportunities. He presented his grandmother’s jerk sauce recipe and received a £50,000 investment from Peter Jones. This moment marked a turning point in his life, allowing him to pursue his passion for music and food.
Levi emphasizes the importance of following your passions, even if it takes time to see financial success. He believes that when you are truly engaged in what you do, it becomes easier to keep going, even when things aren’t going well financially.
Changing Perspectives on Money and Risk
Appearing on Dragon’s Den also changed Levi's perspective on money and risk. He learned the importance of being authentic and confident in his own identity. Despite advice to avoid bringing a guitar on the show, he chose to be himself, which ultimately led to his success.
His mother’s words about not comparing himself to others played a significant role in his confidence. She believed in his potential and encouraged him to stay true to who he was.
The Smartest Investment
One of the smartest investments Levi ever made wasn't his own—it was his mother's. She bought a used guitar for £500 at Exchange Mart in Brixton, along with a Beatles songbook. This guitar became a pivotal part of his journey, inspiring the "Reggae Reggae Sauce" song that he later performed on Dragon’s Den.
Levi credits his mother’s vision and sacrifices for his success. She worked at King’s College Hospital, while his father worked for the council. Despite their financial struggles, they always encouraged him to believe in himself.
Financial Mistakes and Spending Habits
Levi admits he hasn’t made many financial mistakes, but he does recall buying a lot of suits after becoming successful. He now owns over 36 Savile Row suits, though he has no space left for them.
When it comes to spending, he is primarily a saver. He values saving and investing wisely, learning from mentors who taught him not to waste wealth. He invests in the stock market, ISAs, and pension funds, ensuring a secure future for his family.
Retirement and Future Goals
For Levi, retirement doesn’t mean stopping. He continues to work by visiting schools, universities, and prisons to inspire young people. He wants to ensure that his son, Christopher, can take over the business and continue the Levi Roots brand.
He also owns a property in Croydon, London, and remains focused on the long-term success of his ventures.
Saver or Spender?
Levi identifies as a saver, with the exception of his collection of suits. If he lost everything tomorrow, he would start another business, drawing on his experience and knowledge of entrepreneurship.
He believes that the brand is more than just his sauce—it's about inspiration and the spirit behind it. He is committed to keeping that legacy alive.
Levi recently helped launch the National Windrush Museum and revealed that a feature film based on his life will begin filming next spring, with a Hollywood actor set to play the lead role.
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