It’s the new gift that keeps on giving, and Lil Kim has received it twice: foreclosure. Her New Jersey home is currently in pre-foreclosure status. Rhymes with Snitch reports that the home is only valued at $250,000. Meanwhile her bank loan is for an estimated $1.5 million!!! Now we’re no math gurus, but it doesn’t take much to guess that something is terribly wrong. Here’s a look into Rhyme’s theory based on heresay:
“I did hear a while back that she put her house up for someone who went to jail, but with all the ballers & big wigs she knows & all that overseas concert money, she can’t pay the money to keep her house?”
Lil Kim’s situation is not surprising. First of all, Lil Kim is not banking the money that she used to almost a decade ago. Second, she spends as if she’s a billionaire in her mind (and she’s not alone in this thinking). Third, she should have had her wake-up call from her previous financial crisis with her Bentley. Therefore, this had to happen.
These artists refuse to cut back on their spending, despite a cut in their income. As a result, things get really complicated. If Lil Kim wants to have a lavish lifestyle on her reduced income, she must consider the following:
- Diversify her income: Either she needs to start a business and get more jobs.
- Live Outside of the States: There’s life outside of the US. There are cosmopolitan cities all around the world that require a much lower cost of living (i.e. Prague, Mumbai, Buenos Aires, Cape Town, etc.).
- Don’t Pay: It’s a little known fact, but this is the mantra of the rich. Even when they’re paying for fancy things, they usually make these things benefit towards their taxes. Other than that, they’re negotiating and leveraging their power to obtain the things that they want.
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