For all the money 50 Cent has amassed throughout his career, the multi-millionaire has some serious financial liabilities. G-Unit Records is among the list of expenses bleeding the 40-year-old dry in legal documents filed Monday, reports TMZ.
The G-Unit brand as a whole, which includes the label and a film and TV branch, ate up $10.45 million of the 40-year-old Queens native’s riches, after three straight years of tepid profits, costing him an estimated $97,000 per month. This year however, G-Unit has earned Fif nearly $44,000 per month, which is an improvement, although the company, which he lists as his employer, is still losing money.
More on Fif’s financial matters reveal that his income is listed $184,000 per month, with $108,000 in expenses, including $5,000 for gardening, $9,000 for security, $14,000 in utilities for his Connecticut mansion, $5,000 a month in investment properties, and $12,000 per month in child support for his two sons (one is almost of legal age). By the time his youngest, Sire, turns 18, Fif will have paid $832,600 in child support to the child’s mother, Daphne Narvaez.
That’s not it, the Grammy winner shells out $13,000 on insurance every month, $1,500 for household supplies, $6,000 for pool maintenance and additional repairs, and $600 for phone service. He also spends $2,500 per month on his grandparents, $3,000 on food and entertainment, almost $6,000 on a car lease, $2,000 for monthly travel, plus $4,000 in personal grooming and wardrobe. Miscellaneous expenses are listed at $1,800 a month.
In the area of financial gains, Fif has $2.7 million in the bank, $24 million in personal assets, and his business ventures are worth $4.4 million. Ironically, his G-Unit stock is worth the most, at $2.7 million.
The rapper filed for bankruptcy last month in the midst of a $7 million sex-tape lawsuit, which he lost. According to the new money documents, the brunt of his income is brought in by royalties and interest from investments. His unsecured debts are listed at $32.5 million, which includes an $18.4 million judgment owed to Sleek Audio.
To put it bluntly, Fif really can't afford another lawsuit.
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