Terrell Owens is broke. Nothing new there. The newest angle to the ongoing story of T.O. is that he’s currently friendless. To us, that’s the most interesting thing to dive into here. Once your money dries up, the fake people stop associating with you. It’s a sad state of affairs to not have a couple of close friends in your corner in the midst of a dark time in your life. There’s the saying “choose your friends wisely”.  T.O. never got the message.

The former NFL star referred to his current life as “hell”, as reported by News One. He blames his situation on debt, baby mamas, and backstabbing friends. He alludes in the article that he has little responsibility for his current situation. It simply rests at the feet of bad investments in real estate and evil, gold-digging baby mamas, whom he had no long-term relationships with.

It just doesn’t work like that, Terrell. Sometimes, we have to look within.

Lesson 1: Like attracts like. The easiest shortcut to decipher a person is to look around at the company they keep. Terrell kept shallow, hardly wealthy people around him because he too carries a poverty mindset and is vain. There’s no one to blame for overlooking women who were successful and on his level financially. There’s no one to blame for his choice in women who mostly saw dollar signs and took advantage of the generous child support checks that they knew would be coming. There’s no one to blame for his not using protection. There’s no one to blame for choosing friends that bled you dry. You should have allocated your money for yourself, parents, children, and spouse. You should have remodeled your social circle once you escalated into a lucrative career. Your social circle should reflect your identity or that of which you aspire to be.

Lesson 2: Take Responsibility for Your Investments

Real estate hasn’t been the hot investment for a minute. We’ll assume that T.O. held these properties well before the subprime crisis hit. Either way, it is never wise to double down on multiple investments when the following is true: A) You don’t know anything about the sector B) You won’t be 100% involved in the investment. C) You don’t have a contingency plan in place on how and when you will make your money back and how you will respond if you do not. From the sounds of it, T.O. had invested in several properties. Bad, bad decision since he clearly knew too little about real estate to dive in like he did. Too many assume real estate is the de facto way to invest money. It’s actually the de facto way to lose money. It’s a serious investment with a steep learning curve. If one is going to invest in real estate, they absolutely must personally study the trade. It is NEVER acceptable to hand this responsibility off to anyone else. However, we’re willing to bet that this was just partially where his money went.

Lesson 3: Contentment

It sounds so simple, but it’s the one thing every human being wrestles with their entire lives. Contentment doesn’t have a price on it. It can’t be achieved through monetary means. Terrell Owens earned an estimated $80 million during his NFL career. If T.O. had simply spent $1 million annually or less in personal and investment expenses, he would have had enough and more to live on, should he live for another 50 years. We always show concern when we see celebs who spend more than $1 million a year, as they already have a fairly brief career. Not many will be fortunate enough to earn anywhere near $80 million in their lifetime. The 99% lives comfortably off of $250,000 a year or less. There are families in the world that live of $365 a year and manage to find happiness. The power of contentment is finding happiness in having less or nothing. If a man has to blow through $80 million in a decades time, he’s lacking something serious. Time to discover yourself, or you’ll blow through everything you ever encounter throughout your life. However, there’s hope as News One reveals the following:

T.O. has landed a gig as a player and part owner of the Allen Wranglers of the Indoor Football League, which is based in Allen, Texas.  While it isn’t the fame and fortune that he is used to, it’s still a paycheck, so things may in fact be looking up for Owens after all.

T.O. must learn these three lessons if he’s ever going to get out of the “Hell” he’s living in. It’s shortsighted to blame your problems on everything and everyone but yourself, as you create your financial outcome and choose your friends. We create our own destiny. Remember that, and you’ll never find yourself in the situation Terrell is facing.

Kobe will certainly earn himself a spot in the NBA Hall-of-Fame, but it looks like he will soon be a member of another prestigious group holding esteemed individuals like Michael Jordan, Tiger Woods, Bob Johnson, and countless others. The only problem is that it’s a club for men who have lost significant assets to their ex-wives due to their scandalous behaviors. The plans had been set in motion earlier this month, yet news broke late on December 15th that Vanessa Bryant had filed for divorce. The Ibtimes reports, “sources told TMZ that Vanessa Bryant has decided to end the marriage because she believes Kobe Bryant has been unfaithful again.” The fact that the couple had been together for about 10 1/2 years in a No-Fault state like California without a pre-nup has the internet buzzing that Kobe could stand to lose half of his assets with this divorce.

Kobe should have taken a few notes from Tiger Woods’ messy situation. For an individual that took so much pride in carrying the “All Around Family Man” title, you would think he would have gotten his act together after the rape charge incident. To atone for his bad behaviors, he even ponied up a whopping $4 million dollar apology ring in hopes of keeping Vanessa after that debacle. At that point, Kobe should have understood that the behavior of cheating was costly to his brand and costly to his fortune. Apparently, that just wasn’t the case.

The only purpose of bringing up his behavior on here is to make a certain lesson clear: with every action, there are consequences. When you’re in a good place in your life, you have to protect that position with responsible behaviors in every aspect from financially to emotionally. In a super competitive vertical like professional basketball, there are so many competitors that could take your place at any given moment. The guilt and shame alone will hinder your performance in work and damage your professional relationships. Whatever it may be in life that you are going through, you must face it. If you want an aura of honesty and positivity in your life, you too must uphold it.

Cheating absolutely never works out well in any way, especially amongst wealthy men married to women of modest families. If Kobe’s marriage wasn’t working and felt that he could no longer be committed to his wife, he should have taken an ethical action. In this case, he knew what was coming since he took the low road. While there will be many legal things to settle, one thing will be for sure: Kobe, get out your checkbook.

The Occupy Movement has garnered a reaction from almost everyone around the world. Hippies and the like grabbed a few necessities and headed on down to their local parks to have their voices heard. The one percent and Fox News simply roll their eyes and claim there’s no validity to the movement. There’s the in between that aren’t quite sure where they should stand. There’s the indifferent. Then there are the supporters of either the ninety-nine percent or the one percent. If you’re Jay Z, however, you grab a Rockawear t-shirt that reads “Occupy All Streets” and slap a $22 price tag on it, where the proceeds will in no way benefit the movement that it references. Brilliance? Maybe not so much!

Jay Z should have conducted a simple research study or sought out a focus group before executing on this idea. It was simply in poor taste. After the Tea Party opportunity passed him by, he must have decided that he wouldn’t let another chance to ride the fame off of a movement pass him by. He was obviously, “watching the throne”, his own throne that is. Who references a movement yet donates zero proceeds to the cause or an Occupy-Movement-approved cause?

Unexpectedly for Jay Z, the “Occupy All Streets” t-shirts didn’t go over so well. It generated tons of publicity, but it wasn’t flattering to say the least. So, the t-shirts quickly went off sale on the Rockawear website. Hopefully, a lesson was learned: useless products for profit spinning off of meaningful non-profit ideas yield ninety-nine problems.

Hopefully, people won’t get too caught up in attacking Jay Z too much. While he is a very wealthy man and an opportunist, he isn’t the biggest of our problems. We have bigger individuals to hold accountable over the following: wars for profit, corporations with record profits doing massive layoffs, corporations deep in our Congress, corporate lobbying, and banks being bailed out by us. One of the commenters, Stan Chaz (contact us if you would like us to remove your comment!), on the Wall Street Journal put it best:

“Some people worry about t-shirts. I am concerned about what has happened to this country that I love so much. America USED to work. The people had work. The system worked. Hey, EVEN the Congress used to work (sometimes). God knows, it was far, far, far from perfect -but at least we all had some share in the struggles AND the rewards. But somewhere along the way, we lost our way. Because now we have an economy and a political system that seems to work only for the rich. What they call “trickle down economics”….leaves most of us out in the cold cold rain. We need to get back to what America was, and what it should be, and what it can be. Occupy Wall Street is no longer just a place called Zuccotti Park – Zuccotti Park is everywhere. You can beat us and arrest us and tear-gas us, you can try to “permit” us to death….but you can’t kill an idea. You can’t keep down a people’s hopes and dreams for a better life…..a life with dignity and freedom….for us, and for our kids. More power to Occupy Wall Street, as it spreads to every town and city – because OWS is us, and for us, and by us. It comes up from the grassroots, and it lifts us up in turn. With OWS America has found it’s voice, and that voice demands fairness and justice -for ALL. This land IS our land! AND WE WANT IT BACK! We want our LIVES back! We want our FUTURE back! But it’s more than just words…. it’s more than just politics…. it’s your LIFE, and how you want to live it. So why not take some time, find a quiet place somewhere, and consider this: Each of us has only one brief life….one chance….one roll of the dice….and many choices. It’s time to choose….to risk…and to act. If not now…then when? If not you, then….who? You DO have the power my friend….and the choice is yours. Don’t let your dreams die.”

Perhaps what we take away from this is that we should just make our own t-shirts at home!

Children truly are a blessing, but they’re not free. While it may be a free process to make them (or so we hope), that’s where the line is drawn. Why so many individuals forget this thought for a few minutes or hours of glory just completely baffles us. Then there’s Terrell Owens and the women who procreated with him that leave us completely speechless at their careless behavior.

We hate that we even have to make a post with advice that should be so obvious, but single parent households and child support has completely taken over in this country. This mindset doesn’t discriminate as it permeates hardly wealthy homes and the wealthy elite alike. If you find a man or woman that you’re feeling and feel like “getting it in” but don’t want a permanent, life-altering consequence resulting from it, then WRAP IT UP! What happens after that will be a result of your actions.

Contraceptives aren’t just an investment against endless financial and time sacrifices, they can be an investment towards your health. STDs and HIV are rampant in the minority community. One person affected is one person too many. Medical care for these health conditions can be endless money guzzlers. You would think this reason alone would have people acting responsibly.

Terrell Owens is the perfect example of all things dumb at the moment, as his four nights of “mind-blowing fun” have left him with four mind-blowing monthly child support check obligations. TMZ breaks down his payments owed to each woman:

Baby Mama #1, Monique Reynolds
T.O. and Monique have an 11-year-old son together. According to the papers, he paid $20,000/month in support until last year, when it was reduced to $11,202. He also gave her $100,000 to buy a house.

Baby Mama #2, Kimberly Floyd
They share a 7-year-old daughter, for whom TO was ordered to pay $20,000/month for back in 2005. In 2008, they agreed to drop that to $15,000.

Baby Mama #3, Samelia Miller
Miller gave birth to a son back in 2006. He was ordered to pay $13,400/month in support.
Baby Mama #4, Melanie Paige Smith
T.O. was ordered to pay $5,000/month for their daughter back in 2007. This is the only case where T.O. has not yet requested a reduction … though his rep says he plans to ask for a modification.

There’s no wonder T.O. has filed court documents, desperately trying to lower his child support payments. Over 18 years, he will have to pony up $3.45 million for baby mama #1, $3.2 million for baby mama #2, $2.9 million for baby mama #3, and $1.1 million for baby mama #1.  With only his reality show income coming in and probably coming quickly out, knowing how bad he is with money, these women don’t stand a chance in Hell of collecting this money.

Shame, Shame, Shame

The only victim here would be the four children. Terrell nor these women get a drop of sympathy over here at Minority Fortune. Accidents happen, and we would be willing to overlook the first time. However, it’s time to take a hint after the first time. The saying goes fool me once, shame on you; fool me twice, shame on me. Why this went on to repeat itself three more times is ridiculous. On top of it, T.O. has yet to settle down and will probably end up having a few more children in his lifetime. These women should have been aggressively stacking away money for a rainy day because all we see in the future are monsoons coming their way. Courts should mandate that partial support payments that exceed a certain amount should go to a child’s trust fund. We would not be surprised if these children have zero savings.

This is truly hardly wealthy thinking at its finest. You will commonly see men and women in hoods and lower income areas with numerous unplanned children. This is why this behavior is rampant with many hardly wealthy celebrities because they carry this mindset that they’re untouchable into their new million dollar careers. Sure, billionaires will deal with their share of scandalous behavior as well. However, we have yet to meet a billionaire that has fathered numerous children out of wedlock. They know what’s at stake, and they’ll go to any length to make sure children aren’t born out of their affairs. When you come into money, you’re a walking ATM. People will come for your hard earned money, but you hold all responsibility should you allow yourself to part with your money.

If you’re not with the man or woman that you plan on spending your life and raising a family with, wrap it up or just say no. If not, prepare for a rocky future with court hearings and empty pockets. After all, you asked for it since prevention was only a few dollars away.

Talk about writing a check that your butt can’t cash! Hip hop producer/ singer Ryan Leslie lost his laptop in October of 2010. In a desperate attempt to retrieve his missing laptop, he offered a million dollar reward. At some point, the person who found the laptop returned it to Ryan but never received the reward money. Surprise, surprise.

Apparently, offering big bucks for something that 1) should have been backed up at all times (ever heard of Carbonite?) 2) been generously insured 3) nowhere near the million dollar reward cost 4) cannot realistically be paid out is all the rage (See: Rocko ‘s lost laptop post). So it’s no surprise that this large sum was never accounted for, but the German finder Armin Augstein has sued in hopes of getting what was rightfully promised…plus interest, according to SOHH.

Be careful what you verbally bind yourself in. By publicly noting that you’d dish out a million dollar reward to the person who returned your laptop, you make yourself liable to fulfilling that agreement. A million dollar reward was so ludicrous in the first place that it should have never been put out there. The initial $20,000 was much more appropriate.

These big rewards simply make you a target for possible thefts in the future. By paying out more than any insurance claim ever would, you’re giving thieves an incentive to take you to the cleaners. So, the lesson learned here? Let your publicist and financial advisor do the offering on your behalf next time. Also, please secure and insure all of your precious belongings.

*Image courtesy of Eurweb.

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In downtown Memphis, Juicy J puts on the finest show of buffoonery that could ever exist. About 2:20 in, the southern rap artist climbs on top of his Rolls Royce like a toddler jumping in a sandbox. Not only content with the jumps, he proceeds to dance on the top of his vehicle. If this isn’t one of the most grandiose ways of showing why Juicy J never deserved any money and privilege, then we aren’t sure what is. Drunk or not, it’s disgusting, hardly-wealthy behavior.

Desecrating your own personal, expensive property for attention is pathetic. It’s a slap in the face to yourself and your hard work. It doesn’t make you look cool or wealthy. While people are starving around the world, dying in wars, not making rent, etc. , Juicy J is dancing on his Rolls Royce for attention.

Ladies and Gentlemen: This is what the world sees when they witness minorities doing stunts like these. While we have plenty of examples that represent us well and do us proud, no one remembers those. This is the impression that people abroad have of minorities in the US. They believe that we all have so much money that we recklessly spend it, as this is all that they see in the videos and songs produced in the hip hop music market. We’ll say it over and over again: this is NOT who we are.

Juicy J, your money will be gone in 5,4,3,2…May it go to someone more deserving!

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.

Money these days equal cars, jewelry, flashy toys, strip club allowances, and maybe a rented roof over your head if enough money is remaining. Taxes are totally optional. Apparently, this is the order of priorities in the world of the hardly wealthy. Rarely will you hear the story of the artist with an unpaid tab at a strip club or a luxury vehicle being towed. Yet, real estate gets the end of the rope in this twisted sense of responsibility.

Jermaine Dupri recently has become a victim of his own hardly wealthy behavior. Somehow, we can’t see this situation as “living the life”. WSB TV reveals the details:

Channel 2 Action News has learned that Dupri’s mansion on Mount Paran Road in northwest Atlanta was in foreclosure and set to be auctioned on the courthouse steps last week, but the sale was canceled at the last minute.

The law firm handling the foreclosure would not say why the sale was stopped.

Suntrust Bank had started foreclosure on an original loan amount of more than $2.5 million.

According to records Channel 2 obtained from the Georgia Department of Revenue, Jermaine Dupri Mauldin owes the state $493,768.75 in back taxes for 2007.

Channel 2′s Tom Regan also spoke with a contractor who has a filed a lien against Dupri’s property.

Shane Cox of Design Logistics said Dupri still owes him $12,000 for managing the star’s mansion. His services included renovation and design.

“We would bring everything in, assemble, set up. Hang all the art. The art hanging in the house. Things along those lines. I feel he’s a pretty nice guy. I hope he will come forward and take care of the debt we have,” Cox told Regan.

Regan also spoke with Fayette County Tax Commissioner George Wingo. Wingo sent Regan documents showing Dupri owes $14,024.67 in unpaid property taxes, fees and penalties in connection with another home Dupri owns.

Regan went to Dupri’s home and rang the intercom at the security gate in hopes of getting a comment from the music producer, but got no answer.

Two phone numbers for So So Def Records, Durpri’s record label, were disconnected.

Jermaine Dupri in his prime was a leading record producer and executive in the urban music industry. However, it’s no secret that his previously thriving career is no longer relevant. J.D. has also neglected to branch into other industries for income diversity. However, there’s no excuse for racking up half a million in debt in 2007.  At the time, he had his hand in grooming successful artists like Bow Wow’s career. Now he’s really going to pay for his financial negligence.

This act goes to show for the 1,000^th time that “living the life” may come to an end if you’re simply caught up in the moment. No one had anything to say about JD’s lavish purchases when he was on top. Regardless of how much money he has in the bank, articles like these have you looking exceptionally bad and broke. Jermaine, let’s hope you get it together.