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Rapper 50 Cent has had to curb his spending habits since the onset of the global financial downturn - he no longer buys diamonds on a whim.

The "In Da Club" hitmaker is said to be worth an estimated $405 million, but he admits he has lost a fortune in the economic crisis, and has become much more careful about splashing out on extravagant items.

He says, "The credit crunch has hit rap. I buy diamonds on a very regular basis. But now I am selling my old stuff before I get something new. These are times when you learn about the value of money.

"If you don't lose money in this recession it means you didn't have enough to start off with. Sure, I lost a few million but that's because I have so much."

"This is a time that will sort the strong from the weak. Any businessman who wants a piece of the future should learn from me"

The hip-hop star also insists even the U.S. president could learn from him: "Obama is great - if he wants me as his financial adviser, that would be cool."