Bravo.
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50 Cent testifies his lifestyle is an illusion.
- Thread starter entremet
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Bravo.
Grover Cleveland
Member
50 playing chess not checkers
He's still got that money, he'd just got it tucked away in places that people (read:Rick Ross's baby mama) can't reach
He's still got that money, he'd just got it tucked away in places that people (read:Rick Ross's baby mama) can't reach
entremet
Member
wouldn't the court have subpoena power to access that?
CassidyIzABeast
Member
His lawyers are putting in work
Probably not, actually. Depends on where it is and how it was structured. 50 may not be the owner on paper.
BotchPoppaPump
Member
Based on real events.
entremet
Member
Keep forgetting how rich people made most of the laws in this county lol, so wealth preservation is rather easy via loopholes and shit.
If you read the article, you could tell the judge knows 50 is bullshitting.
i have no clue as to what has or is happening between 50 and rick ross' baby momma or there being a sextape or what ch11 bankruptcy means. so can someone explain this whole thing to me like im 5? it seems interesting and from what ive read, its nothing more than a loop hole to get out of (or paying less) for whatever happened between him and some woman?
a human being just wrote this sentence.
Would he risk doing some real prison time for perjury?
SliceSabre
Banned
He playing the game all rich people know how to play.
Smart man.
Smart man.
entremet
Member
If you're thinking about retirement, once you add your home, retirement accounts and such, its actually doable for middle class folks.
Actually I'd concede, upper middle class.
Also net worth is not annual income, a common mistake people make.
It is very well possible but how many stories have we heard of rappers or musicians in general getting a raw deal from record companies, expectations to use what money they do have to play up the lifestyle image they are encouraged to rap about and ten years later are broke?
To me this isn't so far fetched. Im not 100% convinced yet but I would not be shocked one bit if this is true.
Ziltoidia 9
Member
While I wouldn't doubt that a record company could have screwed him on a record deal, I think royalty s alone gives him more than that.
Deadly Cyclone
Pride of Iowa State
Dude was just in a movie, he'll get a few mil there. No way do I believe he's down to $4.4.
He said he got like 100k from the movie.
Liquidsnake
Banned
He probably did waste away most of his money. I mean, a lot of people with a ton of money aren't particularly good at managing it.
Probably depends on location though. 4.4 million probably is decent middle class in a place like NYC or SF. Whereas it's probably like 1%-er territory in the midwest.
Probably depends on location though. 4.4 million probably is decent middle class in a place like NYC or SF. Whereas it's probably like 1%-er territory in the midwest.
Vigilant Walrus
Member
.
50 didn't make most of his money from record deals. He made it through things like Vitamin Water. That isn't the type of move you see dumb musicians making. And he reportedly owns (or partially owns) other successful businesses.
This isn't some MC hammer guy with a single hit that blew it all and didn't do anything with his money. Most of his fortune was amassed by smart business moves outside of music.
entremet
Member
I guess this why people are surprised.
50 Cent was the outlier in era of bling rappers. He actually was a shrewd businessman.
Superman00
Liverpool01
old
Member
My guess is much of it was transferred some time ago to domestic asset protection trusts. Assets are still his effectively in that he controls them, but not his "technically" because they belong to the trust.
The rich love to hide their wealth behind trusts and foundations to protect them from civil exposure.
backflip10019
Member
Yeah he may have made 10 cents per record sold, but he also made $100 million from his involvement in Vitamin Water. Probably sunk it in an offshore account or something.
Grover Cleveland
Member
Yep.
Case in point, Eminem's sold many more records than 50 (or Jay or Dre for that matter), yet 50's net worth (I'm talking his actual net worth not this bullshit he's feeding the judge) is significantly higher than Em's.
That's because unlike Em, who's largely stuck to the music, 50's made power moves in the business world.
gamechanger87
Member
Wouldn't be surprised if all of his money/investments are through a living trust that lists himself and his family as the sole benefactor/manager. As these investments make money, the living trust would accrue a tax liability that Fiddy can then pay off from his own personal cash. Thus the value of the living trust and thus his net worth go up, while his own personal cash goes down. The courts can't touch a living trust as it is set up to go to someone else when he dies.
If he wants to buy stuff, the living trust can give the beneficiary a "bonus" for being such a good manager.
This is how you protect your assets 101. Fiddy is a really smart guy and this is rich people money protection 101. Don't be liquid and put the money in a living trust.
In addition, he likely has everything tied up in an LLC through this entity. All of these guys have LLCs to protect their wealth. Otherwise they just get targeted by lawsuits all the time.
If he wants to buy stuff, the living trust can give the beneficiary a "bonus" for being such a good manager.
This is how you protect your assets 101. Fiddy is a really smart guy and this is rich people money protection 101. Don't be liquid and put the money in a living trust.
In addition, he likely has everything tied up in an LLC through this entity. All of these guys have LLCs to protect their wealth. Otherwise they just get targeted by lawsuits all the time.
entremet
Member
I heard of rich guys doing this to avoid costly divorce settlements. Prenups are ironclad as people think.
Battersea Power Station
Member
It has nothing to do with perjury. He's telling the truth: he himself might not have any sizable liquid assets. But just because he doesn't "own" the jewelry or cars on paper (maybe his trust does, or one of his companies) doesn't mean he doesn't use it daily. It's the same thing as owning them. If he ever needs cash, one of his companies writes him a check. He's just a smart businessman with knowledgable accountants and investment advisors.
MWS Natural
Member
Anyone who thinks otherwise is foolish.
Wat. No man. Having a networth of 4.4 million means you're upper class anywhere you go.
Even if Curtis isn't a shrewd businessman, he deifintely spent his money well on lawyers and CPA's.
gamechanger87
Member
Ding ding ding. The first thing you do when you make money is hire a good attorney and a personal accountant. All your money will get pushed into LLCs/Liquid Trusts and thus is untouchable. Who owns your house and cars? The trust.
He controls the entities, but they can't be liquidated. His net worth and equity are in a great spot, but his personal assets are low for protection.
darkwing-buck
Member
That's insane, never thought about it that way but it makes sense.
onadesertedisland
Member
After a quick search, it might be because he is also refusing to pay 17 million to a headphone manufacturing company from a lost court case. I would wager all of his assets are simply not in his name.
You believe him? He's stretching the truth, probably liquid assets.
Shmurda?
Gordon Shumway
Banned
DAMN..been a minute lol.
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