It's undeniable, 50 Cent knows money. So when it comes to financial advice, it's probably a good idea to take Fif's advice.
In a feature with GoBankingRates.com, the hip-hop mogul offered up some lessons to saving money. Below are three key thing he suggests:
1. Pay Off Your Debt
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!
2. Plan for Retirement
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.
3. Identify Smart Investment Opportunities
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.