50 Cent is perhaps one of the best known names in the music industry right now. However, recently the rapper has been making headlines due to his financial woes. The performer recently filed for bankruptcy much to the surprise of fans from around the globe. After so many successful albums and profitable ventures, the bankruptcy came as a shock. However, when you break down the spending habits of the 40-year-old entertainer, it is rather easy to see how he blew through so much money and ended up more than $32 million in debt. 50 Cent’s spending habits can be a major teaching lesson for any person who stumbles upon some extra money and it can be revealing at how quickly even that much money can be spent. While 50 Cent, whose real name is Curtis Jackson, blamed his financial issues on two multi-million dollar poor judgements and the cost of defending himself in these soured business deals, if you take a look at his spending, you will see the real way 50 Cent got so in the hole.
How Much is 50 Cent Worth?
It is estimated that before filing for bankruptcy in the summer of 2015, Mr. Jackson had taken in $3.3 million in royalties and advances that year alone. He has listed his monthly income at nearly $184,969, most of which comes from his G-Unit branded entertainment deals in music, film and television. Forbes has estimated that his total net worth is $155 million and he was once named as one of “Hip-Hop’s Future Billionaires” by the company. As for his assets? When the bankruptcy was filed it was estimated that they were at $24,823.899.18.
He Spends Over $70K to Maintain 3 Homes
50 Cent’s main home is the former property of boxer Mike Tyson. The 21 bedroom home has an eight-car garage, a racquetball court and a home movie theater. The property is valued at $8.25 million and has a $1 million unpaid loan left. He also has other properties, including investment properties in Atlanta and Long Island and a New Jersey apartment that the rapper leases. In total, he spends around $70,0000 a month to maintain his three main homes alone.
$500K in Cars
When it comes to 50 Cent’s cars, the rapper has a fleet of expensive vehicles that have only added to his debt. It is estimated that he has over $500,000 in vehicles alone. This includes a 1966 Chevrolet Coupe, 2015 Chevrolet Suburban, 201 Rolls Royce Phantom, 2005 Chevrolet Suburban, 2008 Dodge Sprinter, 2003 Chevrolet Suburban and a 2012 Suzuki Kizashi Sport.
All of these expenses come on top of $855,091 in child support that he still owes to his ex-girlfriend Daphne Narvaez. According to the rapper, the $1.2 million he owed in child support debt was so bad it kept him from getting a passport to perform overseas. This brought the rapper back to court to defend getting the special passport. With expenses like this, it is easy to see why Mr. Jackson went into debt. The rapper has been moving forward with his bankruptcy proceedings, but has been receiving major flack from fans and the courts alike due to the number of photos he has been sharing of him posing with expensive diamond jewelry and near stacks of cash. No matter what the real issue with 50 Cent’s money and spending habits, it is clear that the rapper can serve as a valuable lesson to anyone who wants to see how they shouldn’t be spending their hard earned money.