CELEBRITY Money: RICHARD PARK RICH IS POORER.

Byline: NATALIE GRAHAM

Age: 55 Status: married to Anna, a fashion retailer, with two sons, Jonathan, eight, and Jack, six. He also has two grown-up sons. Lives: Camden, N London Best known as: Fame Academy headmaster. Money attitude: "As a Scot I think we should save for a rainy day but then we've only got one life." Best investment: "BSkyB shares for pounds 6 in 1998."

CLERICAL & Medical has just informed Fame Academy headmaster Richard Park that his endowment pay-out in 2008 is likely to be pounds 20,000 short.

He says: "After paying in several hundred pounds a month for years I was dismayed. The shortfall could be as high as pounds 30,000.

"At the moment I am demanding to know why I was not told this when it was sold.

"There seems to be little else I can do. If I were to pull back now there would be such a huge penalty it would make a mockery of everything I am trying to achieve."

Richard and his family live in a five-storey house in Camden, which they bought in 1995. He says: "Over the last few years I suppose you have to say that property is the best form of saving.

"It's never been more true that the Englishman's home is his castle. Currently it is his only hope."

For anyone about to buy their own home, Richard has this advice: "Always do your homework before talking to any lender, and think about the downside of a deal. Only borrow money if you have to. The road to financial hell is paved with what looks to be good investments."

The broadcaster is disillusioned with pensions, though he continues to make retirement provision. He has a monthly pension with Legal & General but would definitely not top up his pension fund if he were to get an unexpected lump sum.

He says: "It is a good question as to where I should put any spare cash, though anything with a tax-free return needs to be investigated. I invest in Isas, but with caution."

Richard is in no doubt about his best investment. It was buying BSkyB shares for pounds 6 in 1998, which he sold 18 months later for pounds 21.

He points out: "Normally I am in shares for the long term but the numbers were so juicy I had to take a profit. It is the soundest thing I have ever done. I made a tidy sum, which I put towards buying a place in the country for us.

"My attitude to shares right now is that unless you know the firm inside out, its future prospects and the people who manage it, I would not bother."

The most extravagant thing Richard has done is to take his wife to Gleneagles in Scotland in June. "They have the most wonderful rooms and spa there, plus golf courses, and the food is just exceptional," he says.