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Rapper Xzibit is Broke and Blaming Pimp My Ride

by Minority Fortune

West Coast Rapper and former “Pimp My Ride” host Xzibit has been facing financial difficulties for quite some time now. So, his bankruptcies and IRS problems aren’t what’s surprising. It’s what he blames it on that has left us utterly speechless.

Detroit News gives us the details:

Former “Pimp My Ride” host Xzibit, a double-threat Detroit-born rapper/actor, owes more than $959,523 in delinquent federal taxes, according to public records…

Xzibit traced the roots of his financial problems to the cancellation of his MTV show and the imminent foreclosure of his Woodland Hills, Calif., home in July 2009, according to U.S. Bankruptcy Court records.

He’s filed bankruptcy twice since 2009, but both filings were dismissed for various reasons. On July 29, 2009, he listed assets totaling $739,433 — mostly homes in California and New Mexico — and more than $1.4 million in liabilities, according to court records.

For a man who reached mainstream fame through an MTV show about pimping vehicles, Xzibit didn’t own one. He was leasing a 2006 Range Rover for $2,230 a month, according to bankruptcy court records.

The bankruptcy filing provides rare insight into the volatile fortunes of an entertainer. In 2007, he earned $497,175 starring in “Pimp My Ride.” But after the show was canceled, his income plummeted to $67,510 in 2008, according to court records.

In the 2009 bankruptcy filing, he acknowledged owing the IRS and said he had a verbal agreement to pay $250/month.

Dear Xzibit,

There isn’t a shred of sympathy for your financial woes. You earned close to half a million in income for one year alone. That income was derived from a show on MTV. It should have been common sense that shows on MTV only last for so long before they’re dropped. Hence, your big paychecks had an impending deadline. The following were your downfall:

Naïveté: Where is this naïve belief that jobs in the entertainment industry lead to big payouts for life? Older generations for the most part did hold steady jobs for long periods of time. However, the situation for the current working generation is very different. Nothing is guaranteed, so saving is vital. We’re tired of individuals wasting away their income with the belief that there will never be a change in their earnings. Wrong. Wrong. Wrong.

No Regard for Future: This is the main reason why we caution individuals to spend so carelessly without regard to their future. While individuals may argue that they are earning a significant amount of money to cover their spending, we know better. We may even come across as “hating”, but this is a prime example of why we do so. And all your “friends” who were encouraging this behavior suddenly can’t help you out once the going gets tough. All it takes is a sudden termination from a job and you’re a paycheck away from financial devastation.

Money Guzzling Purchases: We’re extremely confused on why you were paying mortgage amounts for a leased vehicle. Is your credit that bad? The annual payment on that 2006 Range Rover was enough to outright purchase a compact car, but we know the excuse: totally not cool to spend conservatively.

Well, Xzibit, it’s your bed, and you will lay in it. We highly doubt the courts will support your claim and prepare a case against MTV. Sorry to say it, but it’s time you pimp your finances.

Love,

Minority Fortune

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