complex history of rappers being broke

[antarticp]

most of these cats on this list tho aint broke they just having finanicial trouble

 

[Kwan Dai]

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 ......

DJ envy also is college educated and come from a different upbringing then most.

 

[antarticp]

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

that another major waste of money ... drugs, sex, chicks etc......

biggest waste of money cause once its spent there is no way to get it back .... unless you tearing cloths off people back to sale it for $$$$$$$ ..... but the sex and drug money is def no way of getting that $$$$ back

 

[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.

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.

def you got it right mane !! shit im 32 and still learning just not really getting a hang of it all

 

[antarticp]

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.

thier not liable but they should ... i work for a huge telecommunications company and they offer all kinds of financial help ... they even give us free offers from advice from 3rd party investment firms for even more help .... they match dollar for dollar on our 401k plans .... they even offer us company stock @ a 15% discount .....

imo the whole record industry is out to take advantage of those who are not in the KNOW

evidence shows this by the ages of the artist they usually sign ... usually someone who is under the age of 18 ... most artist come out the other end in deep debt or on drugs ... and broke as shit ... and this has been going on for years ..... from hammer to tlc to toni braxton all the way up to Young Joc ...... IJS ......

but the difference between my company and these record labels ... my company wants to keep its workers for the long term ... labels want to milk the shit out of the artist for all they can then throw them to the side and start milking the next big thing to come down the pipe line ........................

 

[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 ........

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.

hey i aggree ... and they prob could ... but the fact that MOST folks @ the label are working under the table ... i think thats the mane reason why they just cut checks ... and dont do payroll and all that other bs that most coporations do ............

and once again imo its another way to force thier prey to either become a slave to the label or to bow out when they aint worth ish to the label anymore ..... but thats from my conspiracy theory side of my brain LOL

 

[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 ......

DJ envy also is college educated and come from a different upbringing then most.

tru but i was mainly pointing out that he got 100k advance from Clue ... that aint had ish to do with his upbringing .......

 

[plocc]

This is a tired ass subject. These cats shouldve learned from those who fucked up before them. Entertainers been going through this shit for decades. James Brown, Joe Louis, Sammy Davis, Chuck Berry, Ronald Isley, Willie Nelson. No excuse for cats in the industry in this day and age to not understand tax laws. I can understand young cats getting their first deal and getting that first check for 6 figures and spazzin da fuck out. But niggas 30 yrs old who been in the game 10 plus years, REALLY? This is the type of shit that enhances stereotypes. Swizz really should know better, his brother ran the ruff ryder label. You cant take under the table money and get credits listed on the album. Quik was all over shit for death row but his name isnt listed anywhere even on the MWTC Soundtrack. He isnt even listed on his own song.

 

[N YO HOOD]

n***** need to stop f****** with the strippers and video hoes and wife up a rnb chick and double that cash up

 

[DJ Pauls Arm]

lmao @ reminding grown ass men to pay their taxes.

 

[real_hh_rep]

I can understand rappers losing their money, beceause of shitty record deals. Companies have been fucking artists since beginning, but how can you forget about taxes? Those who fuck with Uncle Sam - I don't pity them at all.

 

[wittin]

Its similar to the issue that NBA/NFL players and it is predominately an education issue, I think labels should maybe do more to inform younger artists as they begin on how best to be fiscally secure, I believe sports teams have started making it compulsory for their new players to take classes or something?

 

[The Lonious Monk]

This is a tired ass subject. These cats shouldve learned from those who fucked up before them. Entertainers been going through this shit for decades. James Brown, Joe Louis, Sammy Davis, Chuck Berry, Ronald Isley, Willie Nelson. No excuse for cats in the industry in this day and age to not understand tax laws. I can understand young cats getting their first deal and getting that first check for 6 figures and spazzin da fuck out. But niggas 30 yrs old who been in the game 10 plus years, REALLY? This is the type of shit that enhances stereotypes. Swizz really should know better, his brother ran the ruff ryder label. You cant take under the table money and get credits listed on the album. Quik was all over shit for death row but his name isnt listed anywhere even on the MWTC Soundtrack. He isnt even listed on his own song.

Well to be fair, those people back in the day were just straight up fucked by the industry in most cases. These cats nowadays aren't having that problem as much as they are just ignorant of what they should do and irresponsible even when they learn what to do.

 

[vince_vince]

bow wow is most likely just duckin child support...

 

[usmarin3]

People have to remember rappers don't get paid on a regular schedule and have money deducted like us regular folks, i can see why so many of them have tax problems.

With all that said, i'm not too surprised by any of these dudes plight, too many of these rappers and athletes don't have long term vision. They think they're gonna be hot forever and will be able to maintain their lifestyle, most rappers who blow up would have longevity beyond 5 years.

Also too many hang on niggas (Junior Mafia, St. Lunatics,etc). If a nigga doesn't have something viable to contribute to your business, why waste your money. Doing dumb shit like that is why Hammer went broke.