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Five money lessons from 50 Cent’s bankruptcy

By AGENCIES August 11th, 2015 2 min read

If you have seen any celebrity news stories lately, chances are you’ve heard about the 50 Cent bankruptcy story.

The famed rapper and music mogul shocked fans around the globe when he announced he would be filing for bankruptcy.

This move brought about a number of questions from both the public and financial gurus alike who wanted to know “how does someone who makes so much money end up bankrupt?”

Here are some tips that can help anyone, no matter what their income may be, to make certain that they do not end up like 50 Cent.

Make sure to save

If and when you start making a lot of money, make sure that you are making smart decisions. It can be tempting to make lots of big ticket purchases, but you need to put some of that money away for a rainy day.

One of 50 Cent’s biggest mistakes is that he spent big on cars, jewellery and an entourage without ever saving. If he would have saved for a rainy day, things may have turned out much differently.

Remember what you have to lose

Having a lot of money is a double-edged sword. If you make a lot of money, do not start fights with random individuals. Remember, you actually have something to lose.

People file lawsuits every day, particularly against people with a lot of money. This was a problem that 50 Cent kept running into; and ended up paying a great deal of money because of petty conflicts.

Do not talk about your money publicly

Talking about your wealth publicly is putting your money at risk. If you are out in the open about how much you have, you are just asking for trouble. Keep quiet about your finances.

Protect the money you have when you have it so you don’t have to worry about others coming after it.

Don’t tie your entire brand to money

Many people put their money at risk. In fact, this is one of the ways that so many people are able to turn the money they have into more money.

However, if you are going to put your money at risk, do not tie your entire brand to that alone. You can use money as a starting point, but make sure that you build off of it.

Think about the investments you make

There are so many potential investments out there that sound glamorous and may try to pull you in.

Things like clothing, alcohol, television and movies may sound glamorous, but they are also very dangerous. Just because they are glamorous doesn’t mean they are smart investments.

Stick to better paying industries such as finance and technology. They may not seem as fun, but if you take the time to research these industries, do the necessary studying and make smart investments, you will be better off in the long run.

50 Cent was someone who only tried to make glamorous investments. You need to learn to be self-sufficient with your finances, that way you NEVER risk losing it all like so many celebrities and athletes who rely on others, some of whom lead them astray.