50 Cent is known for his tough upbringing prior to becoming a rapper. Even after getting his start in the music industry, many of his lyrics have reflected a more dangerous lifestyle, with his style of music often referred to as “gangsta rap.” What many people don’t know is, in addition to being a talented rapper, 50 Cent is a crafty entrepreneur — and certainly someone from whom you could learn a thing or two about saving money.
In 2003, Curtis Jackson, also known as 50 Cent, released his debut studio album, Get Rich or Die Tryin’. The same name was also used for the 2005 film based on his life, in which he starred.
One thing is for sure, he didn’t have to die while trying to get rich. He not only achieved his goal in a relatively short period of time, but continues to amass wealth with each project he initiates, showing that he has far more than two quarters to his name.
There are some discrepancies regarding how much money the popular rapper has. Some estimate that 50 Cent’s net worth is in the ballpark of $250 million. According to Forbes, however, as of 2012 he has $110 million as #5 on the magazine’s list of Hip Hop’s Wealthiest Artists, also known as Forbes’ Five.
Over the past decade, 50 Cent has taken part in a number of ventures that have earned him tremendous wealth and it appears that he has even more irons in the fire. So if you’re looking for tips on adding money to your savings account, he’s the right example to follow.
Since getting his start, 50 Cent has shown the world that he has what it takes to earn money. Of course, lots of celebrities earn millions — it’s rare that they can hold on to their fortunes. So why is he just as talented at saving? Here are some lessons he can offer on saving money:
If you currently owe debt, it’s going to be tough to actually set money aside in a savings account, so take time to calculate how much you need to put toward your debts each month and make it a priority to pay it off. This will help you eventually have money available to begin saving and growing.
50 Cent is not a person who has problems with debt. In fact, he has acted like a creditor to his former protege Young Buck, who was debt to him after filing for bankruptcy in 2010. After failing to meet his obligations as an artist on 50 Cent’s G-Unit label, the artist took steps to retrieve his money from his protege through the court system. Ouch!
50 Cent threatened retirement back in 2007, though he admitted later that he did so in an effort to sell records. But when the time comes for him to retire for real, there’s no doubt that he’ll be financially prepared.
Planning for retirement is something everyone should take very seriously. Setting a target date then putting money away each money in more than one retirement fund is critical to making sure money will be available when the big day arrives. 50 Cent has no worries about how much he’ll have at retirement and neither should you.
You’ll only get so far taking leftovers to work instead of going out, and brewing your own coffee instead of stopping at Starbucks. If you really want to grow your wealth, you have to find ways to make the money you already have work harder for you.
50 Cent did just this when he made a deal that would earn him millions. The 50 Cent Vitamin Water deal resulted in him raking in $100 million when Coca-Cola purchased the water company in 2007.
While your investments don’t have to be as large as 50 Cent’s, you can always make smaller investments in stocks and bonds, along with growing your money in interest-bearing accounts like CDs and money market accounts. The more ways you find to grow your money, the more you will have to save.
50 Cent may seem like an unlikely financial role model, but it’s clear that he knows his way around the dollar bill. So as you plan ways to begin saving your own money, don’t be afraid to snag a few savings lessons from this smart entrepreneur.