Friday, June 5, 2009

Hustlin' Backwards: 50 Cent's Mansion

Season 15 of MTV Cribs. Episode 7. It was dubbed the "50 Cent Special" because unlike prior episodes where several artists homes were shown, 50's CT mansion had the entire segment dedicated to it.

It was somewhat inspiring to watch, like most episodes, but even more so since it was 50, an artist & mogul who Ive always been fascinated by. I mean, back when 50 was at his peak he was making moves in, out, and around hip-hop. I expect that a lot of the posts on HustleBasics will be about 50 because hit or miss he stays on his grind.

Unfortunately, his CT mansion turns out to be a miss. Not so much the buying that was a miss because in buying it from Mike Tyson's ex-wife for 4.1 milli he could have made a decent return on the investment when he it came time to sell it. Especially since it seems for the most part 50 did actually live in the mansion (Not every rapper that does MTV Cribs actually owns it or lives there).

Things would have ended well had they ended there, but they didnt. Turns out there were renovations to be made. 50 hired a local engineering firm, that allegedly gave him a $500, 000 estimate on said renovations. The contract was signed and work started. By the time it was all said and done the 53 room mansion had 10 million dollars in renovations including the addition of a 40-person hot tub.

See things like that remind me of when heads from around my old hood would drop 5 stacks into a hooptie. $5000 in rims, sound system, etc...all that on a $1000 Honda Civic hatchback.

Hustlin' backwards.

There is cost; the amount of money or resources used, and then there is value; the monetary worth or desirability placed on something.

At one point in the MTV segment (@ 2:06 in the video above) 50 points out that the chandelier above the dinning table is 80k.

50's Baccarat crystal chandelier
cost: $80k
value: $80k

Is it me or did he pronounce it something like "Bacaram" crystal? Im assuming he meant Baccarat crystal. I'm also assuming he meant thats how much it cost him. In this case the cost is equal to the value because if 50 wanted to sell it he could probably get around what he paid for it. Baccarat crystal is a sound investment, unlike the BMW he jokes that he could have bought at the same price.

50's custom vase
cost: $0
value: Priceless

Its 50's "favorite thing in the house" so obviously its very valuable to him. More valuable than the chandelier even. Not nearly as valuable to you and I. Why? Like he said, he couldn't buy anything like it because it was custom made by an uncle of his who is in prison. Hence, its priceless specifically to him.

So thats cost vs value. Back to the mansion itself...

"He's put a lot into it, and it's all very tasteful, except the stripper poles," Curt Clemens Sr., owner of Century 21 Clemens & Sons in Hartford, tells the Courant. Clemens, who represented the property when it was owned by Tyson, said he toured the house a few months ago but is not handling the sale.

On the down side, "It's an impossible house to use because of its gargantuan size," Clemens says. "Only a very minute portion of the population could afford to buy it, maintain it and would want it."

So at the end of the day, the cost of the mansion far exceeded its value.

Hustle Basics Lesson:

Know and understand the cost vs the value of your investments. When the cost of your investment passes the value of it to begin're hustlin' backwards.

Monday, May 25, 2009

Cavs sign ownership deal with Chinese

The Cleveland Cavaliers have signed an agreement with an investment group from China to become minority owners of the NBA franchise and its arena.

I know the NBA is happy because this fits in with their plans of global expansion.

Lebron is happy because this blows him up in China and he's one step closer to his goal of becoming the first billionaire athlete. That is, if Tiger Woods doesnt beat him to it.

And the guy that does my taxes is happy. Well, Dan Gilbert is the principal owner of the Cavs. He also owns Intuit Inc, the makers of TurboTax. So basically The guy who did my taxes last year owns Lebron James. Did I mention he owns Fathead? You know, Fatheads. If he aint a hustler then whadayacallthat?

Everybody is happy.

I want a peice of that pie so I can be happy too.

Lets get this money.

Sunday, May 24, 2009

ABC's new show "Un-Broke"

ABC will be showing a 1 hour special called "Un-Broke".

It's an unconventional look at the fundamentals of everyday finance with all the facts about credit cards, mortgages, stocks and bonds, investing and 401(k)'s, in a fresh new format combining information and humor.
Unconventional meaning one segment is Seth Green doing MTV Cribs a la Redman. Im thinking Ali G meets Ramit Sethi.

While this is more so comedic sketch, it has its value. Rappers take note.

I don't expect to be home watching TV friday night so Ill defintely be looking for this on youtube or google video once it airs.

Friday, May 15, 2009

new video: D-Block ft. S.I - "Get That Paper"

I post videos like this because they touch on how Hip-Hop and getting money go hand in hand. I remember in when the buzz was surrounding the making of this video over in Brooklyn.

Good stuff.

Lets get that paper.

Thursday, May 14, 2009

Get Rich or Die Tryin'

Need I explain?

Monday, May 11, 2009

And On The Topic of Trust

This interview is from March 08. In it, John Chow, apparently on his hustle, claims to make 30k a month from blogging. I find it hard to believe and I wonder if the interviewer finds him suspect too. She seems to ask all the right questions too, props to her journalistic ability.


"You're making money from a blog, by writing a blog, about how to make money when your blogging"

Thursday, May 7, 2009

Can't Sell Dope Forever

Worldstar posted a video recently of an Ice-T interview. He proceeds to air-out the rappers who "are not real" in how they portray themselves as living a lifestyle of bling whereas the cars, homes, and etc in their videos are all rented.

Ok, nothing new there. So I wasn't really paying attention until @ about 5:50 where T drops a gem.

"...Anybody who gets in the game without an exit strategy is destined to perish...I dont give a f*ck what you're doing, you have to say Im gonna get to this point then Im out...[Madoff] made billions and had no exit strategy..."


An exit strategy is a means of escaping one's current strategy, typically an unfavorable one. But in business/investing/hustling an exit strategy can be positive. Its "cashing out" of whatever it is you are in.

Not having an exit strategy then is equal to losing out all together.

"Get in, get out, that's the O.G's classic"
- Memphis Bleek, 1-900-Hustler