'I danced ballet with Beyoncé - and got paid for it': Royal Ballet sensation Eric Underwood on his impulse trip to Ibiza and performing with a diva

Published: 16:04 EST, 17 October 2015 | Updated: 16:04 EST, 17 October 2015

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American ballet dancer Eric Underwood has had an extraordinary past 15 years. He has gone from earning $4 (£2.60) an hour as a waiter in New York to dancing on stage with Beyoncé, dressing in Alexander McQueen designer clothes and spending thousands of pounds on impulse holidays at the drop of a hat.

Yet 31-year-old Underwood, a soloist at The Royal Ballet, believes his best financial years are yet to come. He tries to be careful with his money, putting as much aside for the future as he can.

He began training at the age of 14 with his local ballet teacher in Washington DC. At the end of his first year, he started at the School of American Ballet, later winning the school’s Philip Morris Foundation Scholarship.

Sensation: Eric began training at the age of 14 with his local ballet teacher in Washington DC

After attracting critical acclaim for his performances at the American Ballet Theatre, he moved to Britain in 2006 and joined The Royal Ballet as ‘first artist’.

He was promoted to soloist in 2008 and until the beginning of December is starring as Tybalt in Romeo and Juliet at the Royal Opera House in London.

WHAT DID YOUR PARENTS TEACH YOU ABOUT MONEY?

They taught me about the importance of having money. They didn’t have much themselves, so I learnt quickly that it was important to have money. My mom was disabled, due to a heart condition, and my father was a park ranger, who passed away when I was only 17.

HOW MUCH POCKET MONEY DID YOU GET AS A CHILD?

Every day, from the age of eight, I’d get 50 cents at four o’clock in the afternoon to go to the ice-cream truck and buy myself a treat.

Glamour: Eric joined Beyoncé on stage in New York

WHAT WAS THE FIRST PAID WORK YOU EVER DID?

When I was 15, I worked as a waiter as a side job while studying at ballet school in New York. I made $4 an hour.

HAVE YOU EVER STRUGGLED TO MAKE ENDS MEET?

Yes, of course. I remember once, when I was 19, having just $5 to put towards a meal one evening. I was just getting started as a ballet dancer at the time and not earning very much.

HAVE YOU EVER BEEN PAID SILLY MONEY FOR A JOB?

I danced with Beyoncé in New York at the Jacobs Javits Center for a charity. I danced a bit of ballet and a bit of soldier boy hip-hop.

I’m not going to give the exact figure – but I was paid well for two hours’ work.

WHAT WAS THE BEST YEAR OF YOUR LIFE IN TERMS OF THE MONEY YOU MADE?

I have always been a dancer so my income has been pretty consistent. So my best year is in the future. It’s coming – and I’m so ready for it.

Smart money: Eric enjoys buying designer clothes

WHAT IS THE MOST EXPENSIVE FUN THING YOU HAVE EVER BOUGHT YOURSELF?

I spent more than £4,000 on an impulse nine-day trip to Ibiza last summer. I was sitting down at a cafe with friends and they said: ‘We should go to Ibiza tonight.’ So we jumped on a plane later that evening.

WHAT IS THE BIGGEST MONEY MISTAKE YOU HAVE EVER MADE?

About four years ago, I had a credit card and I cut it up. I wanted to be responsible and keep my finances in order but it proved a mistake because I then needed it. I have since taken out a new card but I don’t like to spend on it. I am not keen on spending money that I don’t physically have. I’m incredibly careful with money, probably due to my childhood and my desire to build a secure future.

WHAT HAS BEEN YOUR BEST MONEY DECISION?

Learning to save money. I have always been a great spender but a couple of years ago I thought it would be good to start saving for the future, so I started putting money away in a tax-friendly Individual Savings Account.

HOW MUCH DO YOU SAVE EACH YEAR?

I don't have a fixed amount, but I try to save as much as I possibly can while still being able to afford to travel by taxi.

DO YOU SAVE INTO A PENSION?

Yes. I contribute and so does my employer. I think saving for retirement is a great idea – you’ll need it one day.

Ideally, though, you would have both a property and a pension. Currently I’m renting but I would love to get on to the housing ladder in the future. I live in Clerkenwell, Central London, and I would buy a property there, but not at the moment. I’m incredibly busy with the ballet – I haven’t had a chance to go house-hunting.

HOW MUCH CASH DO YOU CARRY?

No more than a tenner. I don’t really have time to spend any money on anything except a bite to eat.

I have a pretty regimented day. I usually rehearse from 9 o’clock in the morning until 5.30 in the evening. I then perform at 7.30 and finish at 10.45. I do that six days a week.

Island life: Eric took a trip to Ibiza on a whim with friends, spending £4,000

WHAT IS YOUR ONE LITTLE LUXURY THAT YOU LIKE TO TREAT YOURSELF TO?

I like to shop and treat myself to designer clothing. I have some Alexander McQueen clothes that are really beautiful. They cost a shiny penny.

I once bought myself a pair of black Alexander McQueen boots with a bit of snakeskin on them. I can’t remember exactly how much they cost but I remember thinking: ‘Ouch’. I only wear them on special occasions.

IF YOU WERE CHANCELLOR OF THE EXCHEQUER, WHAT IS THE FIRST THING YOU WOULD DO?

Coming from America, I have to say how wonderful it is to have access to the National Health Service. It is brilliant so I would prioritise spending on the NHS.

DO YOU THINK CHARITY GIVING IS IMPORTANT?

Absolutely. I can’t think of anything better than giving to people who are in need. I’m working on a project called Dance for a Cure with a muscular dystrophy charity. I’m going to do a dance performance and give the proceeds to the charity to help fund their research to find a cure.

WHEN DO YOU EXPECT TO RETIRE?

I am not sure. Ballet dancers retire when they break. Things start to hurt a little too much at some point. Personally, I don’t want to finish my career as a dancer having only been a dancer.

One day, I’d like to pursue other options. I do choreography and I have other interests as well. But I love dancing – and I don’t see myself retiring in the near future.

Eric Underwood was talking to Donna Ferguson