Simon Cowell Spells Out Tips To Manage Recession

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oi-Staff

By Staff

Monday, March 30, 2009, 10:49

Simon Cowell has made a thorough revelation in an exclusive interview of how he hit the dumps 20 years ago losing his home, cash and Porsche due to excessive borrowing and how he bounced back to buoyancy regaining his lost fortune.

Cowell, 49 who at present owns a fortune of 100million pounds spelled out tips about how one could handle credit crunch.

The Sun stated the music mogul as saying "Don't forget, I had my own credit crunch 20 years ago,"

"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.

He further said : "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,"

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