American rapper, actor and entrepreneur Curtis James Jackson III, or better known by his stage name 50 Cent, filed for bankruptcy last month according to msn. The filing exhibits that the rapper lost more than $10 million in 2013 and 2014.
It can be remembered that the said rapper burst into the rap scene on 2003 with his debut album "Get Rich or Die Trying," which, to date, sold over 21 million units. With his short stint in the spotlight, 50 cent was able to build his own clothing company and even founded an American record label, specializing in both hip hop and gangsta rap.
However with the said bankruptcy, the said success is being eclipsed by his financial issue, for it reveals that he still owes money to his stylist, his barber and his fitness coach. With that being accounted for, you might ask why a famed rapper and music mogul who makes so much money end up bankrupt? And in order to avoid such event in your life, here are some the tips as mentioned entrepreneur that may help you no matter what your income may be.
SAVE? SAVE. SAVE!
It would be important for everyone to start saving immediately after making a lot of money. Such smart decision has already been proven by most of us as a saving grace when the rainy days come. As for 50 cent, perhaps his biggest mistakes are that he immediately spent money for cars, jewelry and entourage without ever putting savings away for emergency purposes, like what he is experiencing right now.
SOMETHING TO LOSE
Always remember that even you have money, do not start fights with random people. For you may actually gradually lose your wealth through lawsuits. And this is a problem that 50 cent kept facing, thus he ends up paying a great deal of money because of such conflicts.
Secret
Money or any form of wealth should be protected, and one way of protecting it is by not announcing publicly of your money or income. For such action may attract trouble and may put your finances at risk. In such a way mental burden of thinking others might come for that amount would be avoided.
Perhaps the most important lesson we may learn for 50 cent is to make a wise decision with our investments. They are so many investment opportunities appearing to be fancy and may try to pull your finances in. Things like jewelry, clothes and alcohol and other glamorous stuff are very sweet to have, but at the same time they are also very dangerous. For not all things considered to be glamorous are smart investments. It takes research and patience to make a smart investment, but it's good to start investing in yourself, learn and educate yourself. Ask around and seek for mentors so that financial decision making would be viewed from a smart and safe angle.
