London, Mar 29 (ANI): Music mogul Simon Cowell has in an exclusive interview revealed how 20 years ago he lost his home, cash and Porsche due to over-borrowing, and how he managed to regain his lost fortune.
Cowell, 49, who now has a 100million pounds fortune, dished out advice on how to cope with the credit crunch.
"Don't forget, I had my own credit crunch 20 years ago," the Sun quoted him as saying.
"My crash was caused by circumstances similar to those today. The stock market collapsed and I was borrowing too much. I was in negative equity and owed the banks money.
"I learnt that if you can't afford it, don't buy it. It took about five years to get back on my feet, but I did it.
"Funnily enough, it is not a bad memory because at the time I was living beyond my means. I believed all the rubbish advisers told me and I came down with a heavy crash. There was nothing I missed - not my house, not my car - because I couldn't afford it.
"All the things my dad taught me 30 or 40 years ago are still relevant. Don't live beyond your means, nothing comes for nothing, you've got to work hard, be patient and believe in quality.
"This recession is going to take a while but things didn't feel real before. There was too much lending and everything got over-inflated. It was nuts but I remain optimistic," he added. (ANI)