Simon Cowell, known for his success with ‘X Factor’ and ‘Got Talent’ franchises, is also recognized for his eight-year stint on ‘American Idol’ where he often told contestants they were “going to Hollywood.”
However, when he was 28, Cowell found himself broke and had to live with his parents. His multimillionaire status came earlier but he spent too much and didn’t manage his money well at the time.
Cowell learned a valuable lesson in his late twenties about the management of money. He said at Advertising Week Europe, “Once I started to make a little bit of money, then I just did everything a young A&R (Artists and Repertoire) guy would do. I bought a Porsche, bought a house I couldn’t afford. What I didn’t learn about was credit cards.”
Although Cowell was relatively well-off financially at the time, spending too much and borrowing too much led to his financial downfall. “By the time I was 28, I was broke. I had to go back and live with my parents. I was nearly bankrupt,” he said.
It took a decade for Cowell to get his next big break. He signed Irish boy band, Westlife, and British boy band, Five, to his music label, S Records, which is now known as Syco Entertainment. His near-bankruptcy taught him a valuable lesson that “It taught me I was rushing. I wanted everything to happen overnight,” he said.
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