complex history of rappers being broke

[lamontbdc]

the common theme is not paying taxes, do these labels set up seminars for these rappers to give them advice because this is ridiculous.

did your job set up a seminar telling you you need to pay taxes, and how to handle your money?

 

[mc317]

Cause these fuckbois be trickin on hoes like nature takes its course.

 

[loch121]

Niggas thought :Luke was the ill business man.This nut sold all his songs flat out?

 

[The Lonious Monk]

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.

They do and my point is that nobody should have to tell them to. Nobody should have to be babysitting a grown man.

Come on dog, you talking about dudes that come from nothing in a lot of cases. They are just happy to have (legal) money. They don't even take the time to think through all the important points. Plus, you keep on point out that they are grown men, but it's a little unfair. It's not like financial responsibility is something that you gain simply by reaching physical maturity. Hell, it's something a lot of grown people struggle with. The fact is, you do have to tell people to get a financial adviser because taking that route isn't something the average person even considers.

 

[The Lonious Monk]

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.

They do and my point is that nobody should have to tell them to. Nobody should have to be babysitting a grown man.

Come on dog, you talking about dudes that come from nothing in a lot of cases. They are just happy to have (legal) money. They don't even take the time to think through all the important points. Plus, you keep on point out that they are grown men, but it's a little unfair. It's not like financial responsibility is something that you gain simply by reaching physical maturity. Hell, it's something a lot of grown people struggle with. The fact is, you do have to tell people to get a financial adviser because taking that route isn't something the average person even considers.

Im sorry I have no remorse for an adult with no financial responsibilites. That comes with the territory with growing from a boy to a man.

I'm not saying I have remorse either. I'm just pointing out that financial wisdom is a learned trait not an intrinsic one. You're acting like after a dude hits 21, he should just know how to handle money. I'm pointing out that dudes that come from backgrounds where they didn't have money and didn't know anyone else who could teach them to be responsible will likely not handle money well if and when they do get it.

It's sort of like how a teen might have a little high school job where they clear about 300 a month after all their expenses and responsibilities. That same teen might be amped up to get a car, find one that will cost 290 a month and think they can swing it because the have 300 to work with every month. Because of their lack of experience with matters like that, they don't think about stuff like gas money, insurance, taxes, maintenance, etc... So they don't see that really even though the math seems to work out, it's not a smart choice. It's pretty much the same thing with rappers and athletes when they come into money.

 

[5th Letter]

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.

Thats seriously nobody but their own fault man. You're a grown man dawg. You have responsiblities to uphold. Paying taxes is somewhere at the top of that list. Learning how to do it should be a priority.

Right but when you're doing all these shows and the promoters are filing taxes then they begin to look at the artist. They need to teach them the process on how to manage their money better.

 

[5th Letter]

the common theme is not paying taxes, do these labels set up seminars for these rappers to give them advice because this is ridiculous.

did your job set up a seminar telling you you need to pay taxes, and how to handle your money?

no but i don't make 30k a day like some of these rappers do by touring and doing shows. these cats need a good financial adviser to help them manage their money. Just because you're grown it doesn't mean you don't need guidance or help with something.

 

[supergangster]

Why Nas on the list? He have more money than Kanye West, Rick Ross, etc. Complex rides The Kanye\Jay dick camp so hard.

 

[The Lonious Monk]

I guess we'll just have to agree to disagree. My opinion will always stand though. If they dont know how to manage their money they need to learn and have someone teach them on their own. Labels shouldnt be obligated to babysit them. Thats not their child. They're just another worker. Being happy to get money and not paying taxes because you grew up poor is an excuse. Thats giving broke niggas an excuse to be a dumbass. Take care of business because you're an adult and thats what adults do.

Dog, you acting like the IRS gives these dudes warnings every year and they just ignore them. That's not how it goes. These dudes usually make the mistake of not setting up their taxes to be taken out, no one pulls them aside to tell them how stupid that is, and then five years roll by and the IRS comes knocking at their door with a big ass bill. Yes, you're right, as adults they should learn better, but it's not as crazy a mistake on the part of these guys as you're making it seem.

Not to mention that there are no shortage of companies that help their employees with their finances. Most companies have deals with retirement organizations that sponsor financial seminars and meetings. Hell, at my job they have 1on1s with everyone who wants it quarterly. So again, you seem to be holding these guys to a higher standard than the average person which doesn't make sense given that most of them probably have less financial knowledge going into their career than the average person.

 

[MrSoutCity]

This is a bs article. This feels like it was written by Wendy Williams.

 

[The Lonious Monk]

You keep on saying that they should do it. No one is arguing that. Of course they could. I'm just saying that getting into these types of situations aren't as hard and doesn't require as much stupidity as you think. And companies or businesses helping their employees manage their money is not unusual either and often relied on heavily by average everyday people.

 

[RickyRich]

damn ja on there .

 

[antarticp]

the common theme is not paying taxes, do these labels set up seminars for these rappers to give them advice because this is ridiculous.

lol why woulld they do that lol ??

however these labels could start withholding the taxes like most corporations do for employees .........

 

[antarticp]

So

All niggas gotta do is pay taxes. Smh.

But meth is right though. Folks minds ain't built like that.

Give somebody from the hood a check and not thinkin

"Wow I better take 47% of this and give it to the IRS "

lol most do know but how many people who just got a $60,000 check will be willing to just hand over $30k+ over to some invisible person name uncle sam ???? LOL!!!!!! im a financial guru and i dont even think i could do it .... not everytime that is LOL !!!!!!!! but for real yall gotta look @ it realistically .... especially in the beginining when dudes aint really got much ... but yeah when you start making that 50 cent, diddy & jayz money you gotta start paying uncle sam .... but if you making that Beanie Sigel Gucci man bread .... shit the gov will have to come and find me to get this $$$$$$$$$$$$$$$$$ lol ....

 

[Meta_Conscious]

Terrible so called article...

 

[antarticp]

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.

most of us dont ... @least nothing much outside of opening a checking and saving account ...... i remember back in my early 20s i was trying to get some financial help and they would lol @ my debt .... and tell me to call back when i get some real debt ....... basically saying there is really no help out there ... until you really done dug youself into a deep hole .... or until you figure ish out on your own ..... luckilly for me im against debt always have been ... and over the years i found that one of the best keep secret to having money is staying out of debt .......... now there is good debt like owning a home ...... imo thats the only good debt out there ......... if you get in @ the right price that is ............. and there debt you cant avoid like phone, utilility bills etc............. but shit like financing new cars, credit cards etc.... can all be avoided by sacrificing by instead of getting it now .... to geting it when you have the cash to buy it !! even cars !!

 

[antarticp]

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.

thats the thing ... thats not something you can just setup ... the label/company that is cutting the check would have to set that up ... thats why alot of these dudes also have to hire accounts and lawyers .....

but if they did def would make things alot easier for these artist when it comes to reporting thier income and taxes .......... for those who arent savvy enuff to keep up with it on thier own ....

and also on the flip side ... it aint like i can go to work one day ... and tell my boss i dont want them to withhold my taxes any more ... i'll do it myself .. just not possible ........

 

[antarticp]

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.

but i cant knock them ... if you never experienced a money train its also hard for you to say what you would do .... cause when that train comes it feels like that ride will never end .......... #rs .........

 

[The Lonious Monk]

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.

thats the thing ... thats not something you can just setup ... the label/company that is cutting the check would have to set that up ... thats why alot of these dudes also have to hire accounts and lawyers .....

but if they did def would make things alot easier for these artist when it comes to reporting thier income and taxes .......... for those who arent savvy enuff to keep up with it on thier own ....

and also on the flip side ... it aint like i can go to work one day ... and tell my boss i dont want them to withhold my taxes any more ... i'll do it myself .. just not possible ........

Sorry, it was confusing. I was talking about the labels. I was saying that since most of the money comes through the labels, you'd think the labels would set it up so that the pay was taxed automatically.

 

[antarticp]

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.

they aint seeing NBA money ... but due to the way its distributed to them ... its pretty much in the same fashion .... so those artist def need the same classes to make them aware of the things they need to do with that $$$$$ to be sure they stay out of trouble ...... extra especially if that artist happens to be a minor ....

side note Shyheim from the wu tang days .. said he got an 100k advance dude wasnt even over 18 yet .... IJS they aint seeing millions ... but these dudes see way more than the average person starting thier first day @ thier 9 to 5 ...... same with DJ Envy he said when he signed with clue they gave him an 100k advance .... and dude flipped it into 300k fucking around with some realestate ......