I manage money for other people - some of them very rich themselves. It is incredibly stupid for someone to come into $100+ million after taxes, then to blow through so much money, take out such large personal loans, and make such stupid decisions with personal and business matters and conflating the 2 that they end up having to file PERSONAL bankruptcy. I would never want such an idiot as a client, no matter how much $ they initially brought to me - it's not worth my time and trouble to work hard to help someone preserve and grow their wealth, only to see them get to a point where they end up blowing through most of it, and with large debts and legal judgements that they cannot pay.
While he had and some would say still as a big fan base, I'm not sure if I'd use the word legend to describe him to be honest. As for the money he's earned and lost, sadly I doubt if he'll be the last star to fall into this trap as none of them seem to learn their lessons.
50 Cent is great! I read on the NYPost that papers from US Bankruptcy court show that he isn't solvent $185K a month in marketing and promotional earnings, but that he spends around $108K in misc expenses as well as $72K on is 18 bedroom mansion in Connecticut. I guess a look at the court papers would be a more legitimate way to discuss this of course, but one wonders if he is indeed a financial guru or instead the next MC Hammer!
