Peter Cox Reflects on Overnight Success and Financial Lessons

Peter Cox, the lead singer of the 1980s pop duo Go West, has opened up about the whirlwind of sudden fame and the financial lessons learned throughout his career. Known for hits like "We Close Our Eyes" and "Call Me," Cox achieved significant success with the band's 1985 self-titled debut album, which went double platinum, and their 1990 hit "King Of Wishful Thinking."

Cox, now 70, recalled receiving five-figure royalty checks in the mid-1980s following the success of early singles and their debut album. He described this period as one of "overnight success" that cultivated naive expectations that the income would be endless. While the band experienced financial highs, particularly in 1986-87 and in the years following the release of "Pretty Woman" in 1990, Cox admits to some significant financial missteps.

One of his biggest money mistakes was a year-long "permanent vacation" in Los Angeles after the success of "King Of Wishful Thinking." Another was falling foul of the U.S. Internal Revenue Service (IRS) a few years later while living in Chicago. Advised to set up as a corporation, he failed to realize the requirement for quarterly filings. This led to bailiffs attempting to seize his possessions, though he had already moved back to the UK.

Cox also recounted declining a substantial offer to play Sun City in apartheid South Africa during the 1980s, stating that while financially detrimental, it was the "right decision." He also mentioned a notable purchase: a Mercedes-Benz 190E for his then-girlfriend in the late 1980s, costing around £25,000. He didn't pass his driving test until he was 37.

Looking back, Cox views forming Go West with Richard Drummie as a fortunate accident that led to unexpected success, attributing it to being in the right place at the right time. He emphasized that his motivation was always more about the music than the money, though he acknowledged the pleasure of receiving royalties.

Cox, who still performs live, is currently on a UK tour titled "An Intimate Evening with Peter Cox: Go West, We Close Our Eyes & Other Stories." He continues to work at 70 to avoid being a burden to his wife, who is 14 years his junior. He plans to leave money to the Princess Alice Hospice in Esher, which cared for his father. He also receives the state pension, viewing his current earnings as his primary retirement fund.

Cox and his wife live in a three-bedroom townhouse in Surrey, which they purchased three years ago for a six-figure sum and is in her name. He expressed regret over not buying a house in the Hollywood Hills that he rented in the mid-1990s.

If he were Chancellor, Cox stated he would focus on salvaging the NHS, preventing AI companies from data-scraping the work of creatives, and supporting smaller music venues. His number one financial priority is investing in improving his home environment.