Spending Money Like You're Rich

Not sure how anyone can spend $5,000 a month for gardening

Recently, the rapper 50 Cent filed for bankruptcy. I don't think he's really broke. I think he was just trying to avoid paying a judgment for a $7 million lawsuit that was filed against him.

Anyway, he disclosed that he makes $185,000 a month and has monthly expenses of $108,000. His house, alone, requires him to pay $72,000 a month to maintain. This includes $5,000 a month for gardening.

Frankly, these numbers are insane. At first glance, it seems 50 Cent is living within his means. Which is great. Bankruptcy filing aside, he's bringing in more money than he's spending. Not that hard considering, he's bringing in $185,000 a month.

Unfortunately for most of us, we don't make $185,000 a month. So why do some of us spend money like we're rich?

Not only are we spending money like we're rich, but we're also borrowing money to do it.

Line of credit, credit card, cash loans, you name it!

Most of this stuff is for things you can do on your own for free or for very little money.

Do you really need to hire someone to clean your house once a week?

Or to keep your grass neat and tidy looking... do you need to pay someone to maintain your lawn?

If you have too much lawn, maybe you have too much house?

Either way, this is money you probably don't have. 50 Cent is able to spend the money because his income is based on royalties and interest from his investments. In other words, it's all passive income. It's money that's coming in because his money is working hard for him.

Do you have $185,000 a month in passive income? No? Then stop spending money like you're rich.

If you're already having trouble keeping up with credit card payments each month, maybe you don't need the maid on weekends or the monthly weed removal services. Maybe instead of a fancy private school, you should just send your kids to public school. Maybe instead of financing a new car every two years, you could just pay cash for a used one and ride it out for 5-7 years. Maybe instead of grain fed, organic, free ranged, hand massaged chicken, you can just get regular chicken.

If you have the income for all these expenses, then great! Do whatever you want. If you don't, then maybe you need to re-evaluate your spending priorities.

I'm not telling you to live like a miser either. Treating yourself once in a while is fine. This past weekend, wifey purchased a new jacket. It's been a while since she bought herself something nice. She had the money in her budget, waited for a sale, and pulled the trigger.

Just don't over do it. You're not rich. You cannot sustain that level of spending on a day to day basis.

But seriously, how does one spending $5,000 a month on gardening?