This common money mistake saw TV judge Simon Cowell broke at 28 and living with his parents

British euphony mogul Simon Cowell whitethorn person hundreds of millions of dollars to his sanction today, acknowledgment to the runaway occurrence of his TV endowment franchises Pop Idol and America's Got Talent.

But the 63-year-old wasn't ever a savvy businessman. In fact, aboriginal connected successful his career, helium astir went bankrupt.

In his precocious 20s, Cowell had immoderate occurrence moving successful the euphony manufacture arsenic an artists and repertoire (A&R) advisor and signing novelty acts similar the Power Rangers and puppets Zig and Zag.

It's then, Cowell said, that helium got carried away.

"What I didn't larn astir was recognition cards," helium said precocious astatine Advertising Week Europe, recalling lessons from this vocation path.

"Once I started to marque a small spot of money, past I conscionable did everything a young A&R feline would do. [I] bought a Porsche, bought a location I couldn't afford," helium said.

Before long, he'd spent each his wealth — and past immoderate — and had to determination location with his ma and dad.

"By the clip I was 28, I was broke. I had to spell backmost and unrecorded with my parents. I was astir bankrupt, actually," helium said.

In fact, it wasn't until astir a decennary later, successful his mid-30s, that Cowell said helium started to bash "really well."

It was astir past that helium signed British boybands Westlife and Five, which went connected to spot monolithic success.

Soon afterward, helium became a justice connected the archetypal bid of Pop Idol, a TV singing contention helium created with chap euphony manager, Simon Fuller, which went connected to spawn assorted TV endowment shows including The X Factor and the Got Talent franchises.

Today, the entrepreneur is worth an estimated £390 million ($483 million), according to the latest variation of the Sunday Times Rich List released Friday.

Still, Cowell said that his aboriginal wealth mistake taught him an important lesson: "It taught maine was I was rushing; I wanted everything to hap overnight."

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