Music mogul and famous rapper 50 Cent shocked thousands of fans all over the world when he announced that he decided to file for bankruptcy. How can someone with so much money end up filing for bankruptcy??
After the big bankruptcy announcement, thousands of people were at a loss for words wondering how someone so wealthy end up filing for bankruptcy. Now if you don’t want to end up like 50 Cent, then pay attention to these three important tips.
1. Don’t ever talk publicly about your wealth
Much like Floyd Mayweather, 50 Cent was famous for flaunting wads of cash via social media which isn’t the best move when you’re “supposed” to be broke. If you are telling everyone how much money you have then you’re pretty much putting a target on your back and placing your wealth at risk. Stay low key and don’t just tell any Tom, Dick or Harry how much money you have in the bank. Otherwise, prepare to defend yourself from vultures waiting for the next big hit.
2. Be smart when it comes to choosing what to invest on
50 Cent was famous for making glamorous investments, however, investing in clothing, alcohol or even the movies may sound glamorous and prestigious or even profitable but it’s also a massive gamble. You’re better off investing in more stable industries such as finance or real estate because these industries are well known in the finance world as a smart investment.
3. Save – Save – Save!
Most people get carried away when they start earning good money. 50 Cent spent a fair bit on jewellery and cars but unfortunately, he forgot to save money for a rainy day. Besides investing wisely, you need to make sure you have money in the kitty for a rainy day. If you don’t have any emergency money then what’s going to happen to you when things don’t go the way you want them to be in the future?
If you want to enter the entertainment business then you need to be smart with your money and don’t get carried away. After all, money doesn’t grow in trees.
Editorial credit: Featureflash Photo Agency / Shutterstock.com / Source: Entrepreneur.com/