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David Banner is making serious business moves these days (Interview at end of post if interested). He first arrived on the hip-hop scene as a dirty south rap artist hailing from Mississippi. He came from poverty and knew little about the music industry upon arrival. Battling the common hardships for a music artist and experiencing financial lows during the Hurricane Katrina period, one would assume that David Banner was a typical fly-by-night, washed up rap artist that would get chewed up and spit out by the industry.

Luckily, Banner had an awakening as reported by Billboard:

“Nobody really gave me a hand, played my records or helped me after I had done all the stuff that I did and it was really hard for me,” Banner says.  “Katrina was my recession.”  It was because of that, that Banner began looking towards other means of success. “At one point, I was willing to give it all up,” he says. “God forced me to find other ways of being successful. I said I would never be in that situation again, where music was the only thing, [where] rapping was the only thing that I was doing.”

David’s low created a yearning for entrepreneurship and independence from the music industry. Thus, he began using his creative talents in a new way. He initially began working on a Gatorade music project for the advertising company TBWA\Chiat\Day.  Just like that, he realized that he could “do commercials and score movies for the rest of [his] life.” He found a partner and began his own music house/production company called ABV. In a short amount of time, he’s attracted clientele like Mercedes Benz, ConAgra, Motorola, and more.

The greatest advice shared from his Billboard interview was the following quote: “Stop chasing the light. You are the light. If you stand still and shine bright enough, everything will come to you.”

5 Lessons to Learn from David Banner’s Pivot

1. Be Realistic: If things aren’t working out in your current career or business, it’s time to make some adjustments and set a contingency plan. If David Banner had remained indebted to his label like Young Buck, things likely would have never turned around for him.
2. Educate Yourself: Educating yourself these days is a piece of cake. It goes beyond a degree. Learning is a life-long process that can be done through the internet (e.g.: Khan Academy, Mixergy, CoFounder.tv, TEDTalk, Stanford’s ECorner) ,  seminars, conferences, and reading. Banner himself is an avid reader with a great belief in education.
3. Realize the Power in Ownership: No one can control your destiny like yourself. Instead of capping your own income and creating more wealth for your bosses, consider starting a business of your own.
4. Embrace Hardships: Success certainly doesn’t come in black or white. For many, it’s a long road of various failures and roadblocks before reaching the desired goal. So the next lesson will come in handy.
5. Love What You’re Doing: It will make those hardships easier to overcome if you’re passionate about what you’re doing. There’s always creative ways to fuse together your passions in new creative ways. David Banner’s a musician, and instead of completely giving up on music, he merged it with the advertising world.

We look forward to witnessing and reporting on David Banner’s wealth journey!

If interested, we’ve included a recent 30 min interview David Banner gave on the state of the industry, his business, and other issues in the black community.

*Image courtesy of Black Enterprise.

Lamar Odom’s professional basketball career has come to a halt for now. Dallas Mavericks team has officially parted ways with the player. We didn’t think we’d be covering Lamar Odom on our financial site anytime soon since he’s had a steady career and income and doesn’t post tacky, hardly-wealthy videos on the internet (Can’t comment on his reality show as we do not want to watch it). However, news has recently broke over the past few days of Odom burning his bridges, and we thought that it serves as a great example of what not to do.

It’s been troubled times for Lamar Odom recently. The trade from the Los Angeles Lakers was taken very hard. In addition to the trade, he experienced a death in the family and an unexpected teenage death from a car accident. The baggage was brought into his new team the Dallas Mavericks where he half-heartedly performed, showed up late, and dished out attitude and entitlement. It was a psychological recipe for disaster.

It all came down to a crashing end just this week. ESPN revealed the details:

Cuban confirmed Tuesday evening the crux of the heated halftime confrontation was Cuban questioning Odom’s commitment. Odom, who had played only four minutes in the first half, reacted angrily to the question, shouting “stop playing games” several times. Odom did not take his seat on the bench until after the third quarter began.
“Well, yeah,” Cuban said when asked whether that exchange was the final straw. “Just his response to it. Everybody goes through ups and downs. Every player does. We tried to put him in a position to succeed. You guys saw it, saw what we did. It didn’t work.
“And I just asked him, does he want to go for it or not? Is he in or is he out? I think he thought we were playing poker. I just didn’t get a commitment. And that was the end.”

It’s OK to not be OK

Lamar Odom is entitled to any grieving processes that he may be going through. For one, he is outwardly grieving from his Lakers departure. Secondly, he’s grieving over recent deaths. Coupled with unaddressed childhood issues and insecurities, it’s no surprise that he’s hurting. However, the NBA is not a nursery. It’s a franchise designed to bring entertainment to the masses and garner massive profits for various industries. Mark Cuban had already overlooked Lamar’s tantrums the “the first 17 times” but had dealt with enough. No one can help Lamar if he can’t help himself.

Sometimes it’s best to acknowledge your pain and be proactive in dealing with it. A distressed mind and body cannot be productive. Before it costs you your relationships and/or career, it’s better to work on it directly. Emotional pain is as valid as any other injury. To keep your own personal brand and integrity in tact, it’s important to take away all stress-inducing activities and rebuild yourself.

Quite simply, if Lamar doesn’t voluntarily take a break to get himself together, he may self-destruct. Before he develops more damage to his reputation, he’d better get away from the NBA scene for awhile. We hope this serves as a wake-up call and not a volatile turning point in his career. Should he ignore all the signs and keep going anyway, his destruction will be his own.

Should any team want Odom. they will have to buy him by June 29th for $2.4 million or pay out the $8.2 million that the player is scheduled to earn in 2012-13.

You Answer: Could this be the beginning of the end for Lamar Odom?

Image courtesy of E Online.

Somewhere far away in a Las Vegas jail cell lies a pissed off OJ Simpson. OJ has plenty to be pissed about these days in addition to his 33 year sentence in a Nevada prison for kidnapping and robbery charges. The daughter, Arnelle Simpson, he left in charge of his estate and monthly $25,000 NFL pension has let his Miami home go into foreclosure.

No payments have been made on the house in the past two years. Oj’s $25,000 monthly pension is more than enough to pay for the modest four-bedroom home, which costs $3,133 a month. Apparently, Arnelle has grander plans for the money, according to the Daily Mail:

In an angry phone call from his Nevada prison, [OJ] accused her of blowing his money on alcohol, shopping and living a lavish lifestyle.

The source said: ‘O.J. fought with Arnelle all the time about her drinking, and he tried for years to get her married to get her out of his house.

‘Arnelle is a shopaholic. Shopping was often the only thing that got her out of the house. She loved her trips to Saks and Victoria’s Secret and paid for them with her father’s money.

‘She’d also bring all of her friends to the house or go to expensive restaurants and buy everyone dinner and drinks…

His daughter is allegedly planning on buying a condo in Los Angeles with his money.

The source told the Enquirer: ‘Her actions are really revenge against a father she felt abandoned his children long ago for a life of bad behavior and crazy antics with questionable friends and loose women.’

OJ won’t be up for parole until 2017. Unless he’s released, the reality remains that he’s powerless…and homeless. He left his estate in the hands of his daughter, as it was probably the most responsible option he had. Despite the issues that Arnelle may or may not have, he went forward with the decision anyway. Now he’ll forever have to live with the consequences.

These years in prison should serve as a reflective period for OJ. It’s not money alone that completes our lives. Instead of living the high life and neglecting close family and friends in his earlier days, he should have been a staple in the lives of those that mattered. The fact that OJ could only rely on his possibly alcoholic daughter for his estate speaks volumes. Furthermore, OJ can only look in the mirror for his current woes. After dealing with the judicial system in 1994, he should have been on the straight and narrow. If he had been, none of this would be an issue, and no one would have to look after his estate.

Whether Arnelle will receive OJ’s pension for another five or twenty-nine years, we certainly hope she has more to show for it than vodka, shopping bags, and happy friends. If not, she needs to get a plan together for herself, as the money isn’t guaranteed forever. Instead of doubling down on so many liabilities, she needs to seriously invest her money in assets. Ownership is power. If she is vindictively spending away her father’s money, she must realize that she is equally screwing herself over in this dubious plan. Instead of sticking it to her father, she should seriously focus on bettering herself and moving forward in life.

You Answer: Does OJ have a right to be angry at his daughter?

*Image courtesy of NY Daily News.

The saying, “there’s always a way”, rang true for Shawn Davis. The chef went on the ABC Shark Tank show seeking a $200,000 investment in his food business that had a seafood line of gourmet shrimp burgers and lobster sliders. At the time, his company was only bringing in $30,000 in sales, and the sharks (investors) on the show didn’t have faith that their investments would be worth it.  So Shawn walked away with nothing.

However, shortly after the episode aired, Shawn was immediately sought out. Reported on the NY Post Shawn notes “A day or two after the show aired, we were approached by 10 or 15 different investors… We found a gentleman who really understood the direction I wanted to take the company. So we went with that person, and we actually got more money than I was asking for on the show.” Shawn Davis’s company is now earning $6 million dollars!

After seeing the clip that aired, it’s obvious that Shawn had “it”. It meaning not sales or major financial success but passion. He loved his craft with such an intense fervor. Even as the company was in its infancy, his passion coupled with action and belief carried him through the rough moments.

On the surface, Shawn’s company wasn’t impressive financially speaking on the Shark Tank. Yet, for the most of us this is the reality. Success comes slowly. However, if you hang in there, act strategically, and infect others with your passion, in time it will surely come. We look forward to highlighting Shawn Davis often on his wealth journey. We hope to see his company gracing business magazines’ lists in the future.

In the meantime, keep the following in mind:

• Never lose sight of the big goal: It’s easy to get caught up in the moment. You get so inundated with daily tasks that you end up being led by your business or job instead of the other way around. Create actionable items towards your goal and hold yourself accountable with them on a weekly and then a monthly basis.
• Passion: It seems obvious, but it’s one of those things that people know yet turn around and pursue something else for financial or security purposes.  Passion is the fuel that will keep you going in the darker times. Even if your true passion can’t have your full attention just yet, integrate it bit by bit into your daily life.
• Conviction: Sometimes, intuition is all you need to know that you’re on the right path. What if Shawn had given up after being rejected on the Shark Show? What if Thomas Edison had given up after trying over 1000 times to invent the light bulb? What if Steve Jobs had given up after losing in the computer race to the PC or being ousted as CEO at Apple?

Let this be an inspiration on your wealth journey!

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It’s costly to act a fool. In Game’s case, it’s extremely costly to do so. Stemming from an incident that occurred in October 2005, a recent ruling by a North Carolina judge will be sure to bring the hip hop artist’s finances to his knees.

MTV reports the details:

On Tuesday, a North Carolina appeals court judge ruled that the Documentary MC pay $5 million in damages to five Greensboro police officers upholding a 2006 ruling, according to a report for local North Carolina affiliate My Fox 8.
The suit stems from an October 2005 incident, when Game was arrested at the Four Seasons Town Centre mall in North Carolina… When Game was asked to leave, he refused and was arrested soon after…

The rapper’s crew filmed the arrest and included an edited portion of it in a DVD titled “Stop Snitchin’, Stop Lyin’,” a documentary-style film Game co-produced. The five officers filed a defamation suit against the rapper in 2006. The suit accused Game and Bungalo Records Inc. (a second producer of the film) of libel and slander, claiming their identities were wrongfully used.

Now, the five arresting officers (Hien Nguyen, Matthew Brown, Ryan Childrey, Romaine Watkins and David Gregory) will receive $1 million each for compensatory damages. The officers are also seeking an additional $10 million in punitive damages, but the appeals court decided a new trial would be set for that particular ruling.

While the defamation suit’s award does seem excessive, anything goes in the court of law with great legal representation. Game has always gone out of his way to be rebellious. If he couldn’t resist the temptation to fill a prison jail or sit in court paying crazy legal fees, then he definitely went about it the right way. Otherwise, the Game could have easily avoided this mess if he had simply stayed out of trouble.

There’s nothing laudable about displaying fiendish behavior for the world to see either. He would have been better off moving on from the situation and learning to be less aggressive with the law. Instead, he had to undermine the officers involved and additionally profit from the clip featured in a documentary (centered around a horrible message to “stop snitchin”). Well, the police officers got the last laugh. That’s for sure.

There’s no way the Game has $5 million to pay for anything. With a stifled career and limited funds, we’re not sure what kind of arrangement will be made. This was the last thing he needed. As a celebrity, entrepreneur, or businessperson, it’s important to have legal counsel. Next time, have a lawyer on retainer for legal advice. They could have certainly steered him clear of the mess he put himself in. However, it’s not cool to be responsible. Hence, this big mess of a defamation suit.

Sometimes, it pays to be on your best behavior.

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*Image courtesy of Vibe.

Fabulous took a big “L” recently.

During the third weekend in February, Fabulous purchased a whopping 120 bottles of Rosé Moët for a friend’s birthday in a club in Atlanta. The estimated price tag was $45,000. Nevermind the fact that the money could be used to start a trust fund for his children, be put in an investment fund for himself, downright purchase a decent car, start a business, etc. And, what kind of friend warrants a $45,000 gift that’s not family?!

What the Hell does this mean exactly? Does this mean you’ll have to further outdo your future presents to this friend? Does this mean you’ll do the same for your other “boys” so that they don’t get jealous? What kind of birthday will you even have planned for yourself and family after this stunt?

These are the worst kinds of purchases that you could ever make. There’s nothing tangible gained from such a massive alcohol purchase. All you’re left with after buying all the champagne bottles is an empty wallet, a massive hangover, and great memories. The reality is that you can give yourself a hangover and great memories for less than $50.

It’s a possibility that the $45,000 price tag was embellished for PR’s sake. After all, he was a reported celebrity host at this particular club. So, we’d like to give him the benefit of the doubt that he didn’t pay full price for these bottles because if he paid $375 per bottle after being the host, then he’s the biggest fool on the planet. Even still, the grandiose bottle service is a colossal waste of money. He has no business to write these expenses off with, and he does not have the earning power to make purchases like this.

We expect to hear of Fabolous’ unpaid IRS taxes or foreclosed home within the upcoming year.

How Being Cool can Lead to Fool

What’s going on psychologically that we feel compelled to impress others to the point of financial destruction? The phenomenon to splurge on “our boys” or “friends” is getting out of hand. Affection and loyalty cannot be bought. If you’re the fool that goes all out for your friends, in their eyes, you will always be the guy or girl that “pays” for their good time. It must stop. There is nothing worse than spending your way to zero on your bank account balance for the sake of acknowledgement from friends.

Respect is free. Friendship is free. Sad to see that many people don’t have that memo. Don’t be one of them!

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Terrence Howard claims that his career has taken a nosedive. However, he wants to make it painstakingly clear that it has nothing to do with his situation. The blame lies with his ex-wife. She accuses him of allegedly being abusive towards her. Since that incident, TMZ reports that he hasn’t received any work.

It can be so easy to blame other people for the rough times in our lives. While there can be legitimate reasons, the excuses don’t work as much when you’re a grown adult. Just a year ago, Terrence had a thriving career. If the claims are true that work vanished after the abuse claims, then that’s nothing that can be solely blamed on another party.

We create our own circumstances. If Terrence is truly abusive, and this is not the first time he’s been accused of being an abuser either, then he has some serious issues within himself. There’s no way that those issues don’t project themselves around other people and in his professional career. We’ve heard heresay about him being a pain to work with. Perhaps he’s a miserable person to be around. Maybe people are tired of working with someone who is a pain in the you-know-what. As a black male with little ownership to anything, you have a much smaller margin to operate in and have way fewer bargaining chips.

Personal Flaws Can Leave You Broke

A rare but powerful lesson can be learned here, and that is personal setbacks can leak over into your professional life. For example, an abuser will have certain personality traits such as being impatient, temperamental, domineering, insecure, and blaming others constantly. Some of these traits will present themselves in business settings. So, what’s the issue here?  These demonstrated traits along with many other traits of weakness can cost you your salary, livelihood, and/or reputation.

Besides, the energy that you put out ultimately comes back around to you. It manifests itself in your social circle, your circumstances, and ultimately your bank account. In lamen terms, being an asshole could cost you everything. Furthermore, you’ll miss so many opportunities for personal and career growth as a result because of your negative energy.

No one is perfect, but there is such a thing as manageable flaws and destructive flaws. Destructive flaws must be addressed, or they’ll literally destruct your life. We all have weaknesses. They key is in acknowledging them and constantly working on them.

If Terrence had been smart, he would have walked away the moment things became unbearable in his personal relationships. The healing process would have been easier, and his reputation wouldn’t have suffered. Now, his career may be forever sidetracked. Our advice? Terrence should spend a few weeks or months in a remote resort and strengthen his spiritual and personal growth.

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*Image courtesy of Sister 2 Sister.