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MarcusGarvey
New member
@N YO HOOD, Expenses > income
5th Letter
New member
the common theme is not paying taxes, do these labels set up seminars for these rappers to give them advice because this is ridiculous.
Cutler 26 INT's LOL!
New member
Naw man I dont believe common or Swizz Beats is broke.
DJ Pauls Arm
New member
nas lost
mosincredible
New member
Pay ya taxes, yall niggas hustling backwards
BackInWhite
New member
them niggas ain't broke they just don't pay taxes
Debt doesn't mean your "broke". Broke means you have no way to pay your expenses. An artist that still has sufficient income is fine. Most people are in some sort of debt, whether its the light bill or taxes...that doesn't mean you broke.
These cats not paying taxes isn't always because they don't have it or can't get it, sometime its just not paid. Wayne didn't pay taxes (Birdman paid them) and nobody says he's broke. Going broke is what happened to Young Buck (bankruptcy), being in debt is what Nas is going through.
Basic principles is always to keep revenue above expenditures but rappers are like athletes (and the general public to be honest), a lot of them have no financial literacy. This is what happens.
These cats not paying taxes isn't always because they don't have it or can't get it, sometime its just not paid. Wayne didn't pay taxes (Birdman paid them) and nobody says he's broke. Going broke is what happened to Young Buck (bankruptcy), being in debt is what Nas is going through.
Basic principles is always to keep revenue above expenditures but rappers are like athletes (and the general public to be honest), a lot of them have no financial literacy. This is what happens.
The Lonious Monk
New member
It's crazy that none of these artists pay taxes. You'd think that since most of their money comes through their labels at some point, that they'd have it set up to be taken out automatically like any other job in this country.
That said, a lot of those dudes weren't as broke as the article made it seem. I don't think Common, Meth, Swiss, or Nas are broke. They might be in debt, but most people in this country are in debt. As long as they can bring in a steady income they have a chance of turning things around. The article seems to place them base on whether or not they have dropped a successful album to generate new income. The problem is they don't really need that to make money. Meth tours and does shows all the time. Most artists make more money off of that than albums anyway, so he's making money that could be used to push him back into the black. It's all about whether he's smart enough to to do the right thing.
Two side notes:
1) Pro athletes are way worse. They make way more money, have more access to financial advising, and have more dependable income, yet a lot of them still wind up broke.
2) As slow as people try to act like Southerners are, it's funny that the majority of the lists are cats from up north.
That said, a lot of those dudes weren't as broke as the article made it seem. I don't think Common, Meth, Swiss, or Nas are broke. They might be in debt, but most people in this country are in debt. As long as they can bring in a steady income they have a chance of turning things around. The article seems to place them base on whether or not they have dropped a successful album to generate new income. The problem is they don't really need that to make money. Meth tours and does shows all the time. Most artists make more money off of that than albums anyway, so he's making money that could be used to push him back into the black. It's all about whether he's smart enough to to do the right thing.
Two side notes:
1) Pro athletes are way worse. They make way more money, have more access to financial advising, and have more dependable income, yet a lot of them still wind up broke.
2) As slow as people try to act like Southerners are, it's funny that the majority of the lists are cats from up north.
32DaysOfInfiniti
New member
You gotta pay your taxes on time so you can keep accurate tabs of what you actually have. Thats where they all fucked up, dodgy accountants, or no accountant at all.
5th Letter
New member
numbaz...80's baby;5571800 said:Jamaica;5571266 said:the common theme is not paying taxes, do these labels set up seminars for these rappers to give them advice because this is ridiculous.
They shouldnt have to. Those are grown ass men. Its very small amount of employers that do.
there is a difference between working a regular 9-5 and making the kinda money those rappers get. They have stuff set up for athletes when they first enter the league about money management etc. They need to do the same for these entertainers a lot of them simply don't know better.
bankrupt baller
New member
i bet jump off aint on that list....lol at broke rappers on major labels
5th Letter
New member
numbaz...80's baby;5572060 said:Jamaica;5571984 said:numbaz...80's baby;5571800 said:Jamaica;5571266 said:the common theme is not paying taxes, do these labels set up seminars for these rappers to give them advice because this is ridiculous.
They shouldnt have to. Those are grown ass men. Its very small amount of employers that do.
there is a difference between working a regular 9-5 and making the kinda money those rappers get. They have stuff set up for athletes when they first enter the league about money management etc. They need to do the same for these entertainers a lot of them simply don't know better.
Those athletes make more money than rappers. I mean besides a select few like 5 rappers, those niggaz aint seeing NBA money. A nfl rookie's salary is more than what these labels are paying these rappers. Thats nice of those owners to babysit ball players but they dont have to. Everybody over 15 yrs old knows thats its the law to pay taxes.
true but sometimes they don't know the steps to take when it comes to paying taxes. they don't know how to manage their money etc.
The Lonious Monk
New member
numbaz...80's baby;5572060 said:Jamaica;5571984 said:numbaz...80's baby;5571800 said:Jamaica;5571266 said:the common theme is not paying taxes, do these labels set up seminars for these rappers to give them advice because this is ridiculous.
They shouldnt have to. Those are grown ass men. Its very small amount of employers that do.
there is a difference between working a regular 9-5 and making the kinda money those rappers get. They have stuff set up for athletes when they first enter the league about money management etc. They need to do the same for these entertainers a lot of them simply don't know better.
Those athletes make more money than rappers. I mean besides a select few like 5 rappers, those niggaz aint seeing NBA money. A nfl rookie's salary is more than what these labels are paying these rappers. Thats nice of those owners to babysit ball players but they dont have to. Everybody over 15 yrs old knows thats its the law to pay taxes.
How much money they make is besides the point. NBA money is more regimented and reliable, so it's easier to account for and pay taxes on. It's not the same for rappers. They might pull some money from royalties here, some show money there, etc... It might only end up being 100K for the year, but the shit would be a lot harder to manage that pulling contracted money which is basically the same thing as the salary money most people get. Rappers really do need to be smart and get financial advisers.
