H/T from Boyce Watkins, “50 Cent Lays Hard on Tiger Woods: What This Says About 50”
“50 Cent could likely be smarter than Tiger Woods: It’s not uncommon to see an athlete making money by playing sports. It is also not particularly rare to see a rapper making money by creating albums. Where 50 Cent trumps Tiger (and nearly everyone else) is that he doesn’t make the bulk of his wealth from his albums (how many hits has 50 Cent had recently?). Most of his money comes from investments, which is the most effective way to build wealth. To give you an example of how money can work for you, did you know that Bill Gates likely earns roughly $50 – $80 million dollars per week by simply allowing his money to sit in his portfolio? Wealthy people don’t work for their money… their money works for them.
To be fair to Tiger, most of his income doesn’t come from playing golf. The bulk of his income is from celebrity endorsements. The problem for Tiger, however, is that he still works for someone else, and now he has been losing money by the boatload as his endorsers decide that he is no longer a good person. 50 Cent seems to control much more of his own destiny — it’s one thing to have a nice room on the plantation, but another thing to be off the plantation completely. While neither of these guys are struggling financially, some might say that 50 Cent is in a more secure financial position than Tiger Woods. At the very least, if 50 Cent were caught running around with random women, it wouldn’t cost him $100 million dollars in sponsorships.”
Another reason why we, my fellow artists, need a plan and teamwork.
I’ve got a 401(k) and a portfolio but you’d best believe that the next stop is passive income.
And BTW when you get down to it, what the heck does Accenture do? I hope they didn’t help “advise” us into this fiscal mess.