8 years ago
11
Rapper 50 Cent files for bankruptcy
"Get rich or die tryin'"
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I can only wonder how much he was spending in order to keep his lifestyle afloat.
Quoting a user from Reddit by the name of Doctor_Kitten. He/she found this post on Facebook from someone so take what you will from it:
Interesting thought. 50 always seemed smarter than other rappers with all his investments in different companies instead of cars and such. Not that he doesn't have some really nice things. Then again there is also a video of him stashing a million in cash in a Lamborghini. So take that as you will.
"His [sic] just a smart business man that knows what he is doing." Yes, smart businessmen put assets in jeopardy then take moves to protect those jeopardized assets. A real Jack Bogle or Warren Buffett...
hmm seems he learned some tricks to stay rich.
Proving once more you can't get a dollar out of 50 cent.
Is bankruptcy in the states not as harsh as all that?
Chapter 11, not so much. From the related article I linked above:
Since 50 Cent filed for Chapter 11, it would lead one to believe that it could be a business strategy to get out of paying the $5 million as /u/LoboPreto said above.
I dunno just such a cop out you would expect it to be scary enough to be a last resort only.
That would be chapter 7. Which is where they liquidate assets to pay off your debt. This one is your proverbial "last resort".
Chapter 11 is a "reorganization" bankruptcy. A bit different.
First thoughts "how the hell does that happen"
Welp, at least he was a mature millionaire while it lasted.
Sounds like he's developed some slick financial moves.