If you have seen any celebrity news stories lately, chances are you?ve heard about the 50 Cent bankruptcy story. The famed rapper and music mogul shocked fans around the globe when he announced he would be filing for bankruptcy. This move brought about a number of questions from both the public and financial gurus alike who wanted to know ?how does someone who makes so much money end up bankrupt??
Here are some tips I have that can help anyone, no matter what their income may be, to make certain that they do not end up bankrupt like 50 Cent.
1. Make sure to save.
If and when you start making a lot of money, make sure that you are making smart decisions with the income you are using. It can be tempting to make lots of big ticket purchases, but you need to put some of that money away for a rainy day. One of 50 Cent?s biggest mistakes is that he immediately started spending money on cars, jewelry and an entourage without ever putting savings away for an emergency. If he would have saved for a rainy day, things may have turned out much differently for the rapper.
2. Remember what you have to lose.
Having a lot of money is a double-edged sword. If you make a lot of money, do not start fights with random individuals. Remember, you actually have something to lose. People file lawsuits every day, particularly against people with a lot of money. This was a problem that 50 Cent kept running into; he kept facing lawsuits and ended up paying a great deal of money because of petty conflicts.
3. Do not talk about your money publicly.
Talking about your wealth publicly is putting your money at risk. If you are out in the open about how much you have, you are just asking for trouble. Keep quiet about your finances. Protect the money you have when you have it so you don?t have to worry about others coming after it.
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