Rapper 50 Cent shocked the world when he filed for bankruptcy following the lawsuit regarding his sex tape commentary regarding Rick Ross' ex, Lastonia Leviston. The court ruled that he owed a total of $7 million to the victim, a total he promptly claimed he didn't have. Those claims have come into question after Buzzfeed acquired the legal documents where the rapper described his personal assets.
First thing's first: 50 definitely has the cash to put up for the financial penalty. Reports indicate that he's got more than $10 million stored in various bank accounts. The problem is that the emcee also claims he owes creditors more than $32.5 million altogether. His shortage of cash seems strange, considering his net worth of $155 million (estimated by Forbes), which makes him one of the wealthiest figures in all of music, all told.
Somehow, however, the rapper cites the figure that his net income is a mere $77,000 on a yearly basis. Say what?
Part of that can be explained by pointing out that 50's net worth is largely determined by holdings he has in various ventures, and not actual cash on hand. For example, his part ownership in the Vitamin Water brand is lucrative indeed, but he would need to sell out that stake to get the cash necessary for paying off his debts (and he's loathe to do that at this point).
A more problematic explanation for his "net income" is that the rapper subtracted "necessary" costs out of his actual net income (for example, you don't subtract food prices from your paycheck to determine your income). Such costs include (all listed as monthly charges): $6,500 for lawn care at his Connecticut mansion, $4,000 to pay his personal stylist, $1,000 on personal grooming. We understand that some things are truly necessities, but can you love on less than $3,000 a month for food? We'd like to think so.
He also owns nearly $10 million in property from three homes, and $500,000 in automobiles. Sometimes you just have to make like Idina Menzel and let it go dude.
