50 Cent's Spending Habits Revealed In Bankruptcy Papers, $30M In Debt

[G.O.A.T Squad Spokesman]

anticipated, but it was trash.

I agree.

 

[BarackStar]

50 has always put the majority of his money into his companies, he was topping forbes for so long based on what he put into his companies off vitamin water, clothes, shoes, music etc. When it was clear he might lose these lawsuits he put dozens of millions in cash into these companies. Opt out of receiving dividends so she can't get a piece then when this is over start paying himself back. A lot of the billionaires especially the tech dudes like the Facebook founder got most all they money in the company, sue them is entirely different vs suing the company. She doesn't have the money to play this game long term, she'll take a settlement. 50 does shyt like punch people in the face in public or put out sextapes or videotape people's sleeping moms, he'd be a fool to leave his fortune vulnerable to any random lawsuit off shyt he does 2 fukk with people, so he uses his corps even more than most in his position.

 

[Redeem87]

Donald Trump went bankrupt 4 times .

50 going to be all right and still get money

 

[Big Boss]

50 never had enough money to hide. He spends a lot.

Even if he made 25 million a year since 2003, that's 300 million. You dummies would think he's worth 300 as if he didn't spent 1$ or had to pay taxes. I believe Jay and Diddy worth have a Billion. They may have earned close to half, but you spend money. A lot of money. Private jets, cars, vacation, mortgages, up kept, staff, security, shopping at LV and Gucci, every hotel and restaurant is top notch. . That money goes fast. God bless you if your accountants forgets to give themselves a raise early and often.

Tyler Perry was like WTF with Forbes telling people he made 70 million last year, but not tell how much he spent to make that money. Broke people don't know sometimes you have to spend 25 to make 30. That's really only 5 net profit, not 30 profit.





And hiding money!!!

You couldn't get a million dollars out this country if had to. How would you do it? Paypal, bank wire, in a duffel bag on a plane? Our greedy as government has their nose all in the everyday person's finances. Now if you're Wall St / Hedgefund Guru with the right connects, they might allow you. The Bushes and Clinton and Obama have reduced taxes so much on the wealthy that there's no reason for them to think about hiding or moving money.


50 been broke, his ego and all the shytting on people about money and sell makes impossible to humble himself like a Antoine Walker and tell the truth to help people. He's just playing these games to save face with the few Stans he has left.


Antoine went thru it so 50 and other wouldn't have to.

 

[King Poetic]

He could be rich

He could be broke

Nobody knows...only thing now we know for sure is 50 is getting killed in the media

 

[bordeaux]

what about the money from touring overseas and the tv show, its pretty popular right?

 

[O.G.B]

Most true wealthy people in this world, if you don't know their wealthy, that's a person to learn from. Flamboyance of wealth will kill you everytime. That's what I've learned,

This is true to a degree, but isn't always the case as there are also different levels of wealth to where some who are legitimately ultra rich can actually live, afford & maintain a flashy lifestyle with little to no consequence. Also for some well known business magnates or tyc00ns, being financially flamboyant can or may increase the prestige & status of their personal or company brand

 

[Pimp]

I wonder if people are paying attention. This guy claims he only makes 2.2 million a year.. He's trying to convince them he spends about 1.3 million a year. He has money he's trying to protect it.

Master P wife said Master P wouldn't show up at court for divorce and claims Master P put all his companies in Romeo name so he wouldn't have to pay her. You must protect your wealth.

 

[Lifer11]

not sure if i seen anyone post more bull shyt in a thread before than this @Lifer11 kid

just one dumb post after another, for pages..

The fact that I even had to argue with people in here about how much rich people hide money in various offshore accounts tells me all I need to know about a good amount of people on here.

I know there's plenty of intelligent people on here, many far more intelligent than me and more educated on certain subjects, but then there's close minded idiots who seemingly understand nothing outside of what their nightly news tells them.

Now I don't know if you're one of those people, but if you think my posts in here were stupid, then you're not too bright yourself because I posted many facts, and then some opinions based on those facts. If people can't understand the difference between being flat out broke and bankrupt I can't really help that level of ignorance if people aren't willing to learn. Another person told me assets are subjective. Sure the value of something can be subjective, but an asset is an asset, if you want to take it to a completely different level and say a die hard buddhist sees no value in many of the things we place great value on, that's great but don't tell me that if a person has $50 million in artwork, $10 million in precious metals, $40 million in debt, and they just lost their high paying CEO job so they can't keep up with their monthly payments without liquidating their assets that they're broke. If they so chose they could liquidate their assets and pay the debt, but only a foolish naive person would do that, they could let their house go into foreclosure and stop paying the debts, but again foolish and naive. That's where bankruptcy comes in. I don't know why I'm even explaining myself, but it's just baffling how some people are having trouble grasping this concept. This person would declare bankruptcy because their debt exceeds their income at the moment, NOT because they're broke, but because they don't want to liquidate their assets, or liquidate as little as possible, many of which probably have some sentimental value as well. So to avoid that they declare bankruptcy and very well may get to keep all their cool shyt. In 50's case he will because he is just restructuring his debt and pushing the payments down the line, and it's all just a ruse to get the judge to lower the amount he has to pay Ross' baby mom.

From Business Insider:

"Through that restructuring you have to share your assets and liabilities, so what's expected to come in, so to speak. Here's the thing, the restructuring plan takes almost two years to be approved, so if you're a creditor and you're sitting out there you're waiting eight months to a year, 16 months to get paid."

So by filing he not only doesn't have to liquidate his assets, he bought himself another 8-16 months before he has to pay any debt.

More from Business Insider:

"People tend to think that when anyone in the entertainment world files for bankruptcy that they have no money. That's not the case.

No. Look at Donald Trump. I think Donald filed for bankruptcy on multiple occasions. It's not because the person has no money so to speak. A lot of times they may have entered into an agreement which at the present moment may not be favorable. If you've got a line of credit that has a high interest rate, we're talking a good amount of money, but if rates have dropped considerably and you're paying a high amount of interest, you may say, "Let me go back to the bank or whoever loaned me the money and see if we can restructure."

They may say, "No, we had a deal in place, you've got to honor that." If it behooves you, then maybe you may file for bankruptcy because now you don't have to pay and now almost willingly your creditors will go back and say, "We'll take something since it doesn't appear like we may get paid the full amount," or we may go back and say, "Hey, the previous contract we had was X amount of dollars paying 15%, let's lower the percentage to 5%."

It works out for you, it works out for them. In this particular case it's usually not that the person doesn't have money, it's preventative. Usually preventative. You almost have to show that you're not capable of maintaining your debt or your requirements. You have to show that if we keep going on this track at some point I'm either going to run out of money or you know what I don't have the income right now to support all of my obligations, so I'm looking to restructure and the bankruptcy is an option in which to do so.

I doubt it's because he's sitting with $5 in his bank account."


The fact that people can't see this is just a scheme to avoid paying this lawsuit either altogether or to have the amount drastically reduced is actually quite frightening that there are this many empowered idiots on this site.

I don't know you, I don't recall ever seeing your posts, maybe this doesn't apply to you, but if you have something to contribute that would disprove this I'd love to hear it, and I'm not saying that sarcastically, everything I've read about bankruptcy would point to 50 not being anywhere near broke, just avoiding liquidating his assets and putting the lawsuit payment off, while trying to get it reduced even more, for as long as possible.

And I'm not a fan of 50, I liked his shyt in the early 2000s, but I could care less about 50's finances. And none of my posts were dumb, if they seemed that way, get your reading comprehension up. I mean there's people in here actually acting like people don't do everything they can to hide money from the IRS, and acting like I'm nuts for assuming that most people are doing everything in their power to hide money, to underclaim assets etc. People will often label a house sale as a "gift" and claim it changed hands for $1 to avoid paying the taxes on it. Maybe being raised in South Philly and seeing criminal behavior on a regular basis has desensitized me, but I promise even the richest most spoiled kids on here with parents that they think are perfect and would never break the law are doing everything they can to hide money and avoid taxes, and would be doing the same thing as 50 to avoid paying a huge lawsuit.

 

[Hood Critic]

Please stop comparing Trump and 50's bankruptcies. Trump doesn't file personal bankruptcy, his holding/shell companies do.

50 has just been recently educated on parking and distributing his wealth through holding companies when his boxing promotion company failed.

Chapter 11 bankruptcy restructures debt so that it can be paid for over a designated period of time. He doesn't get out of his debt, he still has to pay it, just in increments.

 

[Carter G. Hoodson]

He doesn't want to pay it

 

[BK The Great]

maybe that's why he wants to move to Africa, dude copped a cheap ass mansion out there not long ago

50 Cent posts video of house in Africa amid bankruptcy - BBC News