Barbara Taylor Bradford is an author whose novels have sold more than 81m copies in 40 languages.

Before writing her first book, A Woman of Substance, she was a journalist, moving from a paper in Leeds to become fashion editor of Woman’s Own magazine at 20. The Sunday Times Rich List puts her wealth at £166m. She was appointed OBE for services to literature in 2007.

Taylor Bradford, 76, lives in New York with husband Robert Bradford, a film producer. The 30th anniversary edition of A Woman of Substance and her 25th novel, Breaking the Rules, were published by Harper Collins last week.

How much money do you have in your wallet?

There’s never more than $100 (£60) in my purse — or £100 when I’m in the UK. It’s usually for tips for the hairdresser or cabs. When I worked in Fleet Street, I had a terrible predilection for taking taxis. I had to keep asking my father to send more money, which he always did.

Which cards do you use?

I use two British Airways cards and have a Citibank Chairman one, which is pretty fancy. You have to be invited to apply. I always pay off my bills in full.

Are you a saver or a spender?

I’m in the middle. I like nice clothes, shoes especially, but I don’t have 2,000 pairs as someone once wrote. I probably have about 100 pairs, all of them well-worn. I wouldn’t want to spend more than £10,000 on two things.

It might sound like a lot but couture clothing does cost. It lasts for years, though.

How much did you earn last year?

I probably earned a few million last year. A newspaper once said that I was the wealthiest British woman after the Queen but that can’t be right.

How has the recession affected you?

There has been a bit of a drop in book sales globally but fiction is doing well. I have the advantage of being a name and a franchise so haven’t been affected thus far.

Have you ever been hard up?

We weren’t very rich when I was growing up.

My father, an engineer, lost a leg in an accident and was out of work during the Depression, so we relied on my mother, who was a nurse and then a nanny. But I never felt deprived because I was happy.

Do you own a property?

My husband Bob and I have a big apartment in New York, on the East River — it’s about 5,000 sq ft. Henry Kissinger lives downstairs. We bought it for $5m in 1995 and it’s worth about $30m today. It had four bedrooms originally but we’ve converted three of them into an office, a sitting room and a screening room for Bob’s films.

We have two housekeepers and a wonderful major domo, Mohammed. Some people ask me why I have so much help but I write for 12 hours a day so someone has to clean the house.

I tell them it’s none of their business, anyway.

We used to have a property in Connecticut, which we sold a few years ago. It was built in the 1700s and we did a lot to it. We probably made a profit of $2m when we sold up.

What was your first job?

I was 15 when I started working in the typing pool of the Yorkshire Evening Post. I used to leave stories on the sub-editors’ desk and one day the editor sent for me and promoted me to the reporter’s room. I was probably earning £5 or £6 a week.

What is the most lucrative work you have ever done? Did you use the money for anything special?

Writing novels, of course. A Woman of Substance became an immediate bestseller on both sides of the Atlantic and has never stopped selling. It has sold 30m copies all over the world. When it came out, it did very well in France but my agent made some sort of oversight and forgot to give me about £40,000 from the foreign sales. It was a nice little windfall. Bob invested it.

Are you better off than your parents?

Yes, absolutely. I was tremendously shocked when Piers Dudgeon [her biographer] sent me his manuscript, which claimed that my mother was the illegitimate daughter of Frederick Robinson, the 2nd Marquess of Ripon. Looking back, perhaps it was no coincidence that my mother was always taking me to Studley Royal, Robinson’s house, teaching me about Chippendales and Gainsboroughs. I’d love to get to the bottom of it all, but probably never will.

Do you invest in shares?

Yes, but Bob takes care of all that and he’s very cautious: we put money into government bonds. We’ve lost a little in the past year but nothing staggering. Bob would never have invested with someone like Madoff — he thought the returns were suspiciously high.

What’s better — property or pension?

Bob and I have pensions but everything can disappear in the blink of an eye — I think the current market has proven that. We’ve made money from property and it is an important asset, even though everything has been devalued lately.

What’s been your best investment in life?

My marriage. I’m also lucky to have good health. I carry a card called MedjetAssist, which I pay for. If you have an accident in a foreign country they will fly you home.

What about worst?

Bob and I put money in some stocks about eight years ago — I can’t remember what they were — and the company went bust. We lost a few hundred thousand dollars.

Do you manage your financial affairs?

No, they are too complex. Most of our finances are joint — we have been married 45 years, after all. We have a team of advisers from a big accounting firm.

What’s the most extravagant thing you have ever bought?

A dress that cost about $6,000 — I’ve only worn it once. It’s hanging in the closet.

What is your money weakness?

I love china and used to buy a lot from Connecticut from the lovely antique shops there. We’ve also got lots of Biedermeier and art deco furniture in the apartment. Interior decoration is my weakness.

What aspect of the tax system would you change?

Healthcare is the big thing in the States.

I do believe everybody is entitled to health insurance and if it means giving a bit more in taxes, I would certainly do that.

What is your financial priority?

Putting my money somewhere safe. I’m a practical Yorkshire woman at heart.

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

Not to fritter it away on unimportant things.

- In last week’s interview with Edward Guinness, Lord Iveagh, we wrongly called him Rory Guinness. Rory is his brother. Our apologies to both.