₦airaland Forum

''Do not be cent wise (don't pardon the pun) and dollar foolish.''
''Do not be a spend thrift, be an investor.''
''Don't go broke trying to look rich.''
''Build value on yourself, don't just make money
and finally, in a world of 50 cents, be a Warren Buffet!''
''To bring the message home, don't spend all your money on a fabulous residential home.''

FIFTY CENT
Have you seen the magnificent edifice in the picture above? The one on top? (Note: when a house is this big and looks this good, you dare not call it a house! Edifice is more fancy and befitting. So let's call an edifice and edifice.) ahem!... It belongs to the rapper Curtis Jackson, popularly known as fifty cent. No let me rephrase. It BELONGED to 50 cent for they are parting ways. You see fiddy, like every other multi millionaire who lived in this house ...er... edifice is filing for bankruptcy. Let me give you a brief history of this edifice, or let's just call it a Mansion for the sake of convenience.
Jackson’s megamansion in Farmington, Connecticut boasts nine kitchens, 21 bedrooms and a casino, and was formerly the home of Mike Tyson. The boxer also went bankrupt while living in the 52-room house. After Tyson squandered his millions, the mansion passed to his ex-wife as part of a divorce settlement in 2013 She sold the home to Jackson in 2003 for $4.1 million.
Fifty and Tyson weren't the only bankrupts to live in this masterpiece of architecture. The mansion was originally built for $2.3 million in 1985 for Benjamin Sisti, founder of Connecticut commercial real-estate development firm, Colonial Realty. He later went to prison for bankruptcy fraud.
The 17-acre home then went into foreclosure and was eventually sold to Lithuanian import-export businessman Romas Martsinkiavitchous for $2.7 million. He sold the mansion a year later because he was reportedly facing bankruptcy at the time, according to the Boston Globe. Martsinkiavitchous sold the house to Mike Tyson in 1996 for $2.8 million. Tyson bestowed the behemoth to fiddy and now fiddy is about to pass it on, not for free though.
According to Jackson's bankruptcy documents, he has a monthly income of $184,000 stemming mainly from royalties and interests on his investments. His monthly expenses run to $108,000. The house alone gulps $72,000 monthly in maintenance costs! (do the math)

WARREN BUFFET
Do you see the boring little house in the bottom of the picture? It belongs to, and still belongs to the worlds greatest investor and the second richest living person on the planet, Warren Buffet. Warren buffet is worth $65 billion dollars as at the time I'm writing this post. How much is his house worth?
Billionaire investor Warren Buffett bought the 5 bedroom house in 1958 for $31,500, in today’s dollars that would be around $260,000. Buffet pays a miserly $13,859 in annual property taxes. This is the same man who paid $34 billion dollars to buy a railroad in 2010 and $12 billion in 2013 to become partners with Heinz. He has money, but not for splurging and squandering. Everything around buffet acquires value! A 5 bedroom flat opposite Buffet's house has been listed at $2 million, just because buffet lives next to it! $2 million for a 5 bedroom apartment? Well, someone bid $3.4 million just to sit and have lunch with this man. And he's worth every cent. Warren Buffet isn't going bankrupt anytime soon, and that's a gross understatement.

So fifty's magnificent mansion, with it's helicopter pad, casino and night club has found a buyer for $8 million. The buyer reportedly plans on turning the mansion into an assisted living facility for the elderly. It's time for the building to retire and serve the retired!
Any lessons? Obviously!
Do not be cent wise (don't pardon the pun) and dollar foolish.
Do not be a spend thrift, be an investor.
Don't go broke trying to look rich.
Build value on yourself, don't just make money
and finally, in a world of 50 cents, be a Warren Buffet!
To bring the message home, don't spend all your money on a fabulous residential home.

Emmatdayo:
i also heard the man has only one car, which he has been using for over 20 yrs

DaudaAbu:
I would start with this words which are from the end of the narrative.