But $25,000 a Month Isn’t Enough to Raise a Kid

23 06 2007

Yes, 50. She wants the shirt off your back.

AP:

CENTRAL ISLIP, N.Y. – The $25,000 a month in child support and household expenses that rapper 50 Cent pays to the mother of his 10-year-old son is not enough, says the boy’s mother, Shaniqua Tompkins.

The rapper is “worth tens and tens of millions of dollars,” said her attorney, Raoul Felder.

The parents of young Marquise Jackson are wrangling over the issue in family court in this Long Island community, where 50 Cent arrived Friday in an armored SUV equipped with a satellite dish.

50 Cent no longer needs to worry about the choice he famously expressed on a 2004 album — “Get Rich or Die Tryin’.”

With his G-Unit record label, clothing line, ring tones and other enterprises, 50 Cent — whose real name is Curtis Jackson — reeled in an estimated $33 million in the past year, according to Forbes. He has sold more than 11 million albums and has a new album, “Curtis,” due out in September.

His lawyer, Brett Kimmel, called Tompkins “insatiable.”

“Her demands keep escalating,” he told the Daily News.

He’s giving her $300,000 a year for the kid, and just for the kid and not for her, because they were never married, so he’s not on the hook for alimony. That $300G is more in a year than the economists tell us that it takes to raise a typical suburban child from birth to age 18. Provided Miss Tompkins is managing that money well, that kid isn’t hurting for anything, and needs nothing more. I think his laywer is right, she’s trying to bilk him out of more money.

Even though 50 made $33 million last year, the shelf life for rappers isn’t very long (have you heard of middle-aged rap stars?). Not only that, the rap genre is falling on hard times. So he won’t be making that kind of money every year for the rest of his life. Therefore, I would be leary to negotiate her any more money per year for the kid if I were him.

I can think of a solution. If she wants more money, then he can settle with her through their lawyers, and he could make a one-time cash out to her for, say, $10 million, and that would be the end of his legal financial responsibility to the kid. $10 million invested returning 3% a year, which can be done easily these days with intermediate time period CDs, can get her the same $300,000 a year she’s getting now, and if she dumps it into an annuity, she can get more than that every year, and it’ll be enough to get young Mr. Jackson through high school and college, and when he’s done with school, he can get the remaining principal, which might be in the several millions of dollars, as a nest egg, and start a nice life with it.

Quite honestly, though, I think Miss Tompkins is thinking of herself more than her son with these proceedings against Mr. Jackson the elder. Any extra money she gets would probably be blown frivolously.

And for his part, if he’s going to take the stage name that is indicative of some amount of money, he shouldn’t be surprised if someone thinks of him as a human ATM machine.

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