50 cent? More like a nickel...

Banned 9 years ago

Keep in mind those types of people have an entourage they support in order to look cool, well, their version of cool.

What's hilarious is the guy has a mortgage, that alone is $30K a month including insurance. He's probably home 3 days out of the month.

Gangsta rap problems.

numbnuts - YouTube

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Dan Riffle

9 years ago

I cannot fathom being that frivolous with money. However, I think the same part of their mentality that got them to such a level of celebrity is the same mentality that makes them believe they'll always be on top. Thus, there's no reason to "keep your money on your mind" when you expect every day to be a windfall.

I don't feel sorry for them, but I am intrigued by the thought processes and mentality involved.

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Claude Whitacre

9 years ago

Originally Posted by Dan Riffle

I cannot fathom being that frivolous with money. However, I think the same part of their mentality that got them to such a level of celebrity is the same mentality that makes them believe they'll always be on top. Thus, there's no reason to "keep your money on your mind" when you expect every day to be a windfall.

I don't feel sorry for them, but I am intrigued by the thought processes and mentality involved.

Intelligent observation. You obviously stole it from me. My lawyers will be in touch.

Originally Posted by Kay King

Rapper 50 cent files for bankruptcy. Seems his monthly income is only $185k and his housing expenses ALONE are $72k a month. Poor baby.

Assets worth about 25 million and he can't make ends meet. His court problems, etc, are of his own making (of course).

It boggles the mind that someone can earn fame and fortune - and fail to exhibit any class or common sense once they earn it.
.

Being richer, doesn't make you smarter.

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Dan Riffle 9 years ago

Originally Posted by Claude Whitacre

Intelligent observation. You obviously stole it from me. My lawyers will be in touch.

I've said it before. I'll say it again: I will cut you.
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Kay King

9 years ago

The history of that huge mansion is interesting - seems everyone who has owned it has gone broke. Maybe people weren't meant to live in 50,000 square foot homes?

Interesting article about this at

50 Cent's mansion costs $70k a MONTH to maintain and previous owners went bankrupt | Daily Mail Online

I thought the quote below was hilarious

Once he got the keys 50 Cent added a movie theater, a helicopter pad, an infinity pool, and stripper poles. 'He’s put a lot into it, and it’s all very tasteful, except the stripper poles,' said a real estate agent in 2007.

I don't follow any famous people but I find stories like this interest me because it's fascinating to see how people spend so much money. 50 cents is now calling this a "strategic business move"...uh huh

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sbucciarel

Banned 9 years ago

Originally Posted by Kay King

The history of that huge mansion is interesting - seems everyone who has owned it has gone broke. Maybe people weren't meant to live in 50,000 square foot homes?

He also added a nightclub to the "house" when he moved in. lol. It's insane to have that size house no matter how many hangers on you think you have to support.

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Joe Mobley

9 years ago

Money is a magnifier, it shows more of what you are.

Joe Mobley

Does money make you mean?

Joe Mobley

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Joe Mobley

9 years ago

Where Alexa Smith was a testimony to her parents,

Curtis Jackson is an indictment of his.

Joe Mobley

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Lance K

9 years ago

Originally Posted by Joe Mobley

Where Alexa Smith was a testimony to her parents,

Curtis Jackson is an indictment of his.

Joe Mobley

That's absurd, Joe.

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Joe Mobley

9 years ago

Originally Posted by Lance K

That's absurd, Joe.

I can appreciate that you disagree.

It has been my observation that one's upbringing (or lack of) is the primary influencer of their character traits.

Mr. Jackson's financial irresponsibility and emotional neediness did not come attached to his first big payday.

Joe Mobley

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Lance K

9 years ago

Originally Posted by Joe Mobley

I can appreciate that you disagree.

It has been my observation that one's upbringing (or lack of) is the primary influencer of their character traits.

Mr. Jackson's financial irresponsibility and emotional neediness did not come attached to his first big payday.

Joe Mobley

Joe, I should have elaborated. Got interrupted. My bad.

I don't disagree with you about the importance of one's upbringing. But I've seen people who were raised right and were good people for a long time go off the rails. And it's not because of anything their parents did or didn't do. Sometimes life throws nasty curveballs. Sometimes one bad decision leads down a dark rabbit hole. The thing is, the parents who do a good job of raising their kids are going to be the first to blame themselves (or at least wonder where they went wrong) in these situations.

As for 50, I don't know much about his upbringing. Maybe it wasn't perfect. But maybe his parents did the best they could. Maybe they didn't. I don't know.

As for Alexa, I don't really know anything about who Alexa really was. So same situation as with 50 cent.

I guess as a parent of 4 (almost 5) that I'm conscious of what a difficult/important task it is. For sure, I've often times said "where were the parents on that one" even though deep down I know I probably shouldn't. I don't know the whole situation. But I do know that parenting plays a big role as you say. We get told all the time how good & well behaved our kids are. We work hard to do the best we can. But that doesn't mean we don't worry about their futures. Any one or all of them could face circumstances/decisions (which will be out of our control) in their future that could flip the whole thing upside down.

Perhaps it was just the word indictment that through me. I understand that's the way it is though. But I also understand that these instances are rarely 100% cut & dried. I'm sure there are things in every situation that I could never understand. So I just have to keep doing the best job I know how and hope everything works out ok in my situation.

Can you tell that having kids changes a person?

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TimPhelan 9 years ago

A lot of famous people went bankrupt.

POLITICIANS
1. Abraham Lincoln - filed several times, due to business failures
2. Thomas Jefferson - filed several times, including after leaving office due to large debt
3. Ulysses S. Grant - 18th US President - filed in 1884 after leaving office
4. Daniel Webster - US Secretary of State - 1841
5. George McGovern - US Senator - filed in 1991 after his inn went out of business
6. John Connally - former Texas Governor and Treasury Secretary - filed Chapter 11 in 1987
7. William McKinley - 25th US President
8. J. Fife Symington - Governor of Arizona - filed in 1995 while still in office

FAMOUS PEOPLE
1. Walt Disney - filed after a company owing him money filed bankruptcy
2. Henry Ford - Founder of Ford Motor Company
3. William Durant - Founder of General Motors
4. Larry King - filed in 1971 and 1978
5. Donald Trump - filed several bankruptcies
6. P. T. Barnum - Founder of Barnum & Bailey Circus
7. H.J. Heinz - Founder of the H.J. Heinz Ketchup Company
8. Mark Twain (Samuel Clemens) - filed in 1894 due to failed investments
9. Oscar Wilde - acclaimed poet and author
10. William Fox - Founder of 20th Century Fox Film Corporation

CELEBRITIES
1. Burt Reynolds - chapter 11 in 1996 after owing more than 8 million in debts
2. Lorraine Bracco - filed after long custody battle
3. Mickey Rooney - 1986 filing - first bankruptcy was in 1962
4. Kim Basinger - filed due to $8 million judgment after backing out of a movie
5. Jerry Lewis - filed in the 70's after losing stage bookings
6. Gary Coleman - 1999 bankruptcy
7. Redd Foxx -chapter 11 after owing millions to IRS
8. Mike Tyson - filed after blowing $300 million foolishly
9. Morton Downey, Jr. - filed 5 bankruptcies
10. Larry King - filed in 1971 and again in 1978
11. Gloria Vanderbilt - 1938 bankruptcy
12. John Wayne
13. Toni Braxton - filed in 1998
14. Francis Ford Coppola - filed in 1999
15. David Crosby - filed in 1985
16. Mick Fleetwood - filed in 1984
17. Dorothy Hamill - filed in 1996
18. Marvin Gaye - filed in the 70's
19. M. C. Hammer - filed in 1996
20. Merle Haggard - filed in 1993
21. Chaka Kahn
22. Jackie Mason - filed in 1983 after bad investments
23. Ted Nugent
24. Tom Petty - filed in 1979
25. Debbie Rooney - filed in 1962
26. Anna Nicole Smith
27. Cindy Lauper - filed in 1981
28. Latoya Jackson - filed in 1995
29. Wayne Newton - filed in 1992
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- BigFrank Banned 9 years ago
  
  I have a motto on bankruptcy. "Every nine years, whether I need to, or not."
  
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Rod Cortez

9 years ago

This comes as no surprise as some rappers / hip hop artists fall into the whole culture of wanting "bling" and wanting to be known as a "baller". Y'know....the baller lifestyle right? Big houses, big cars, many cars, women, atvs, boats, and just living large, thinking that the money will always be coming in. Well, very few people in that industry can make sustainable large amounts of cash. For every Dr. Dre or P. Diddy there are 1,000 other blokes who have lost all their money.

And since not everyone is a shrewd business man like Dr. Dre, Jay Z, etc. whereby they invest their money in assets, guys like 50 Cent are a dime a dozen. I don't feel sorry for him and his ilk one little bit.

I like some of his music and think he has real talent and has good flow when it comes to his rapping style, but clearly, his decisions about money are ridiculous. The bankruptcy move is probably a smart move though; hopefully he's finally listening to people who know more about money than he does.

C'mon Fifty, you can do it........

RoD

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TimPhelan

9 years ago

Originally Posted by Rod Cortez

And since not everyone is a shrewd business man like Dr. Dre, Jay Z, etc. whereby they invest their money in assets, guys like 50 Cent are a dime a dozen. I don't feel sorry for him and his ilk one little bit.

I like some of his music and think he has real talent and has good flow when it comes to his rapping style, but clearly, his decisions about money are ridiculous,

He actually made some pretty shrewd business moves earlier in his career. One tactic he used was getting a % of sales or a company in return for doing endorsements. The Vitamin Water deal is the most well known. I think he got 5% of the company for being the main endorser of Vitamin Water. The advertising campaign featuring him was very successful and the company had tremendous growth. Then PepsiCo bought them and he made millions. Some estimated he made 1/2 billion but is was just in the tens of millions. Still, not a bad move on his part.

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yukon

Banned 9 years ago

He should open a fried chicken restaurant like Flavor Flav's Fried Chicken (FFC).

Flava Flav - Yeah Boy! - YouTube

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TLTheLiberator

9 years ago

He's the latest celeb but he won't be the last to file and it does boogle my mind.

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BigFrank Banned 9 years ago

Originally Posted by TLTheLiberator

He's the latest celeb but he won't be the last to file and it does boogle my mind.

Well, at least you said celebrity and not 'talent.'

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- TLTheLiberator 9 years ago
  
  Originally Posted by BigFrank
  
  Well, at least you said celebrity and not 'talent.'
  
  Cheers. - Frank
  
  And I believe you've already agreed that talent is subjective right?
  
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  BigFrank Banned 9 years ago
  
  Originally Posted by TLTheLiberator
  
  And I believe you've already agreed that talent is subjective right?
  
  Actually, I thought we determined that it was something that I decree. :-)
  
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Lance K

9 years ago

People make some incredibly dumb financial decisions in the name of status. It doesn't matter if you're worth $200 million or living paycheck to paycheck. The more money you have, the more extravagant the status symbols you desire become. When the desired status is above one's means, most people are going to be upside down (or at least squeezed) at some point.

You don't see people on "Cribs" or "Lifestyles of the Rich and Famous" that are living below their means in a quaint suburban town. Status is part of the fame game. Nobody wants their favorite celebrities to be boring. They've got that angle covered themselves.

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theskillsbox

9 years ago

A lot of lessons to be learned for any us if you ever become super successful, make sure you understand how to look after your money.

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ThomM

9 years ago

Originally Posted by theskillsbox

A lot of lessons to be learned for any us if you ever become super successful, make sure you understand how to look after your money.

I was recently reading an article that might explain the 50 cent thing a little.
Many people that start out poor simply do not understand how to manage money. First how do you learn to manage something you never had? Second what happens to a lot of people when they suddenly come into some money is they rush out and spend it on the bigger ticket items they wanted but couldn't afford before, it's a buy it now before you're broke again type of thing. In the US when it's tax refund time sales of things like TV's, cars, etc. sky rocket.

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discrat

9 years ago

Originally Posted by ThomM

I was recently reading an article that might explain the 50 cent thing a little.
Many people that start out poor simply do not understand how to manage money. First how do you learn to manage something you never had?

I will counter by saying unless you were born with a silver spoon in your mouth with a Trust fund, none of us had any money at some point early in our lives .

We all started somewhere

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Kay King 9 years ago

I don't think it can be blamed on lack of skills or upbringing - you can learn to manage money. I think it's the need to impress, the need to be seen as being 'at the top'...the need for attention.

But I also agree it's a "spend it now" mentality. It's not new but is visible in celebs like 50 cent - we used to call it old money vs new money.
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whateverpedia

9 years ago

Fools and their money should never have got together in the first place - Gordon Gekko.

.................................................. ............

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TopTier Profits

9 years ago

Haven't been following this story much, but last time I heard, he filed for bankruptcy as he was getting sued by numerous people, specifically for 7 mill for leaking a sex tape. It apparently backfired and he has to pay an additional 2 mill.

He's far from "broke" and probably in no way "bankrupt" simply protecting his assets.

But even if he did file for bankruptcy and ended up with $0 to his name, at the end of the day he's a smart business man who came from nothing and could easily get back on his feet. New album, movie, tour etc.

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Kay King

9 years ago

If he was that smart - he wouldn't have to file. Yes, he had two court judgments against him - both for his own ridiculous choices/bad behavior. When someone like him declares bankruptcy it means some working people and businesses he owes money to won't get paid.

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TimPhelan

9 years ago

Originally Posted by Kay King

If he was that smart - he wouldn't have to file. Yes, he had two court judgments against him - both for his own ridiculous choices/bad behavior. When someone like him declares bankruptcy it means some working people and businesses he owes money to won't get paid.

It was interesting to see one of those I listed earlier asked about his 4 bankruptcies tonight and the thousands who were affected and the billions that weren't repaid. His response was pretty pitiful.

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Rod Cortez

9 years ago

Originally Posted by TimPhelan

It was interesting to see one of those I listed earlier asked about his 4 bankruptcies tonight and the thousands who were affected and the billions that weren't repaid. His response was pretty pitiful.

Agreed, he focused on using "the law to my advantage" "as many others have done", and then he said that these lenders weren't "babies".

He completely dodged the question and didn't address the billions that the lenders didn't get paid and the many people that lost their jobs. He's always been good at spinning his stories.

I think maybe he and Fifty are going out tonight to share a bottle of Cristal......

RoD

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Kay King

9 years ago

I started a thread the other day - and TL jumped in with political rhetoric and (as I predicted) got it deleted.

Now Tim is trying to make this thread political - cut it out. Start your own threads if that's all you can talk about.

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TLTheLiberator

9 years ago

Originally Posted by Kay King

I started a thread the other day - and TL jumped in with political rhetoric and (as I predicted) got it deleted.

Now Tim is trying to make this thread political - cut it out. Start your own threads if that's all you can talk about.

Kay tried to be slick getting in her political points - in that thread. All I did was make my points also.

and...

Where exactly is Tim's political rhetoric in this thread? I'd love to see it.

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sbucciarel

Banned 9 years ago

I haven't seen anything political in this thread but if you're talking about "the Trump" thread, it was the second Trump thread to be deleted immediately and you can't talk about that idiot without talking about politics. After all, he seems to think he's presidential material.

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Kay King

9 years ago

A lot of people seem to think they are presidential material....and exactly WHAT does that have to do with this thread?

This is the second thread I've started that TL and Tim have tried to turn political - surprising to see others jumping in to help them. Just can't resist jumping on the political bandwagon or what???

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Kay King 9 years ago

it was the second Trump thread to be deleted immediately

Wrong - mine was here for a day and had quite a few posts in it. What happened was TL jumping to MAKE it political and then mods delete it.

What I don't know is whether these people REPORT the threads AFTER they derail them. Wouldn't surprise me at all.
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sbucciarel

Banned 9 years ago

Originally Posted by Kay King

A lot of people seem to think they are presidential material....and exactly WHAT does that have to do with this thread?

This is the second thread I've started that TL and Tim have tried to turn political - surprising to see others jumping in to help them. Just can't resist jumping on the political bandwagon or what???

Enlighten us Kay. Where's the politics in this thread other than you talking about Tim and TLC talking about politics. I don't see it, but maybe I'm suffering from dementia or something.

Originally Posted by Kay King

Wrong - mine was here for a day and had quite a few posts in it. What happened was TL jumping to MAKE it political and then mods delete it.

What I don't know is whether these people REPORT the threads AFTER they derail them. Wouldn't surprise me at all.

Well, he did say you attempted to throw in some veiled political innuendos and he reciprocated. I would simply report all Trump threads when I see them because they have no way to go but political. I didn't read that one, but if I had, it probably wouldn't have lasted a day.

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Kay King

9 years ago

from Phelan:

interesting to see one of those I listed earlier asked about his 4 bankruptcies tonight and the thousands who were affected and the billions that weren't repaid. His response was pretty pitiful.

You can read as well as I can- and you can see the posts above it had nothing to with what he is referring to....and you know exactly what it is. Then his tag team partner comes in to act innocent and push a bit more. We were talking about 50cent - a rapper living above his means - filing for bankruptcy.

If people want to start threads where they bash or praise politicians and argue their political view - I don't care and mods can do what they want with them.

They don't do that - they go into other people's threads and spout their politics and get threads deleted.

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Kay King

9 years ago

Intellectual honesty?

You mean like the difference between personal bankruptcy caused by lavish overspending where a rapper files to dump his debt ....and corporate bankruptcies used to re-organize corporate debt caused by over leveraging or economic downturns. I don't care for either but they aren't the same no matter who is filing.

The real problem -I dared to call a rapper "stupid" and that just isn't done....

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Kurt

9 years ago

Originally Posted by Kay King

Intellectual honesty?

You mean like the difference between personal bankruptcy caused by lavish overspending where a rapper files to dump his debt ....and corporate bankruptcies used to re-organize corporate debt caused by over leveraging or economic downturns. I don't care for either but they aren't the same no matter who is filing.

The real problem -I dared to call a rapper "stupid" and that just isn't done....

Yes. Intellectual honesty.

And who are you trying to kid? You don't think Trump lives lavishly? Seriously? Why do you have such a problem with applying your "reasoning" equally?

Your real problem is you want to call a rapper stupid for doing something once that Trump did 4 times and I don't care about any legal technicalities. And your line about not calling a rapper "isn't done" is pure BS. It's your logic, not any perceived political correctness, that's the real problem. No need to make things up.

BTW, I don't have a lot of sympathy for people that over-spend and get themselves in financial trouble. On the other hand, I do find it very distasteful that people like to gloat at others' problems. It seems some people need to see other people torn down in order to build themselves up.

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Zodiax

9 years ago

Originally Posted by Kurt

Yes. Intellectual honesty.

And who are you trying to kid? You don't think Trump lives lavishly? Seriously? Why do you have such a problem with applying your "reasoning" equally?

Your real problem is you want to call a rapper stupid for doing something once that Trump did 4 times and I don't care about any legal technicalities. And your line about not calling a rapper "isn't done" is pure BS. It's your logic, not any perceived political correctness, that's the real problem. No need to make things up.

BTW, I don't have a lot of sympathy for people that over-spend and get themselves in financial trouble. On the other hand, I do find it very distasteful that people like to gloat at others' problems. It seems some people need to see other people torn down in order to build themselves up.

Exactly.

Kay is a really good person, but I think that side of her is not the most appealing...

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Kay King 9 years ago

No, Kurt - I was talking about 50 cent - and no one else. I was shocked at what he spent on his house and his personal luxuries - and nothing more.

I'm sure many people have luxury lifestyle and wasteful living that would disgust me - but I was talking about the numbers released for that one person only. And let's face it - if it were for the news cycle right now.....that other person would not have been mentioned.

It's funny that I commented on one person's quick thinking with the phone number - and several people here wrongly assume I'm a supporter. That's rich in itself.

I think that side of her is not the most appealing...

Am I supposed to care? This is the second time you've posted a rude and rather personal remark about me. You don't know me - and appealing to you is not on my to do list.
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sbucciarel

Banned 9 years ago

Originally Posted by Kay King

from Phelan:

You can read as well as I can- and you can see the posts above it had nothing to with what he is referring to....and you know exactly what it is. Then his tag team partner comes in to act innocent and push a bit more. We were talking about 50cent - a rapper living above his means - filing for bankruptcy.

If people want to start threads where they bash or praise politicians and argue their political view - I don't care and mods can do what they want with them.

They don't do that - they go into other people's threads and spout their politics and get threads deleted.

Oh, I see. You can start a whole thread saying how smart Trump is but Tim can't point out how greedy Trump is .... I personally think Trump is a jackass with no brains. Now we've added another Trump opinion to the mix. Only Tim's was related to his bankruptcy and mine isn't.

As for reading as well as another, he didn't use the name Trump. I know you probably think the whole world hangs on every word he utters, but I didn't watch the "debate" and forgot it even happened until just now so I was not aware that Trump said anything about anything (and of course, he didn't really).

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Kurt

9 years ago

Originally Posted by Kay King

from Phelan:

You can read as well as I can- and you can see the posts above it had nothing to with what he is referring to....and you know exactly what it is. Then his tag team partner comes in to act innocent and push a bit more. We were talking about 50cent - a rapper living above his means - filing for bankruptcy.

If people want to start threads where they bash or praise politicians and argue their political view - I don't care and mods can do what they want with them.

They don't do that - they go into other people's threads and spout their politics and get threads deleted.

Bull. Stop with the spin.

The facts are you said Trump was smart. Then you said 50 Cent was stupid for filing bankruptcy. Tim reminded you that Trump filed 4 times.

I think it's your own political bias that you won't/can't hold Trump to the same standards you hold 50 Cent to.

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Kurt

9 years ago

Tim can speak for himself, but I don't believe his motivation was political. Instead it was logical.

Kay posted a thread saying how Trump handled having his phone number given out and how smart he was for doing so.

Then on this thread Kay gave an opinion that 50 Cent was stupid for having to file bankruptcy and bringing up the harm it may cause others.

Tim then brought up that Trump had filed for bankruptcy 4 times. I believe Tim was looking for some intellectual honesty. If 50 Cent is stupid for filing once, shouldn't that make Trump really stupid for filing 4 times according to Kay's criteria? And how does this contrast with her opinion that Trump was smart in the other thread?

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TimPhelan

9 years ago

Originally Posted by Kurt

Tim can speak for himself, but I don't believe his motivation was political. Instead it was logical.

Kay posted a thread saying how Trump handled having his phone number given out and how smart he was for doing so.

Then on this thread Kay gave an opinion that 50 Cent was stupid for having to file bankruptcy and bringing up the harm it may cause others.

Tim then brought up that Trump had filed for bankruptcy 4 times. I believe Tim was looking for some intellectual honesty. If 50 Cent is stupid for filing once, shouldn't that make Trump really stupid for filing 4 times according to Kay's criteria? And how does this contrast with her opinion that Trump was smart in the other thread?

Bingo.

By the way, I'm not a fan of Mr Cent and do think he made some huge mistakes. Releasing that video probably the biggest, but why the hate for the guy? And to say that anyone who does file for bankruptcy couldn't be very smart is short sighted. Look at the list I posted. There's some pretty intelligent people in that list.

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Zodiax

9 years ago

I smell a lot of envy in this thread.

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Kay King 9 years ago

Huh? I don't there's anyone in this thread worth envying...and I include myself in that.
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- Zodiax 9 years ago
  
  Originally Posted by Kay King
  
  Huh? I don't there's anyone in this thread worth envying...and I include myself in that.
  
  It just bothers me that people feel the need to critisize someone who they think shouldn't be successful because they want it for themselves.
  
  We should dislike and critisize for reasons other than a famous person making poor financial decisions.
  
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Lance K

9 years ago

This thread took such a crazy turn, I thought about checking out the main forum to see if there was anything worthwhile being discussed up there. Think I'll just go to bed instead. Happy Friday everyone.

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50 cent? More like a nickel...

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