• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

How to cope with recession, by Simon Cowell

By Super Admin
|

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)

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more