MakingCentz

Snarky Thoughts on Personal Finance From a Dad of Two

How The Heck Can 50 Cent Be Bankrupt?

Apparently, the man they call 50 Cent owes more cents than he has in his possession.

50 Cent spends $1,000 per month on personal grooming.

50 Cent spends $1,000 per month on personal grooming.

The rap star filed for bankruptcy last month and this week his lawyers filed some financial information that offer insight into his finances.

Here are some of the more intriguing bits of information, as reported in the Wall Street Journal.:

He has more than $24 million in assets. That’s right. He has this much in assets, but is still filing for bankruptcy. According to the court documents, he gets $184,969.58 in monthly income.

He $32,509,549.91 in debt. My goodness. That is a lot of debt. But apparently, a lot of stems from a bad business deal involving headphones. He also was forced to pay $7 million as part of a lawsuit related to a sex tape.

-He has monthly expenses of $108,00. Including $3,000 on clothes, $1,000 on “personal grooming,” and a $17,000 mortgage. Yikes.

-He owes $855,092 in child support. For one kid.

 

So what are the lessons to be learned here? Well, there’s the usual lesson of keeping your spending under control. He’s a star, so some lavish expenses are understandable. Many aren’t. (Does he need EIGHT cars?)

Other advice:

  • Don’t get sued
  • Don’t make bad business deals
  • Support your children
  • Pay your darn mortgage off
  • Don’t do stupid things
Category: Budgets, Spending