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Liabilities

Why You Shouldn’t Make Love to Your Money Like a Sex Tape

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There’s a song by hip-hop artist Gucci that references “making love to money like a sex tape”.  Don’t worry, we’ll spare you the song. While the song by itself is nothing but a joke, the belief behind it is not. Lines like “I can’t keep my hands off it…I can’t live without it” suggest blind [...]

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Birdman Foolishly Buys $2.5 Million Car

Birdman probably couldn’t be more proud of himself for buying his new toy of the moment: a $2.5 million dollar car. He continuously boasts of the price tag in the video. He even coins the action “rich n***a shit”. No, Birdman, that would be hardly-wealthy behavior.
If you’re not familiar with Birdman, he’s a co-founder of [...]

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Damon Dash in Foreclosure

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While we all knew Damon Dash was having financial woes in 2009 with the bankruptcy and divorce filings, it appears 2010 is an extension of those woes. For one, Damon Dash is still clinging on to the imaginary $50 million in net worth that he no longer has. Secondly, he’s still placing all of the [...]

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Why Former GUnit Member Young Buck Had to Learn the Hard Way About the IRS

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Rapper Young Buck experienced his second wake-up call with the IRS on August 3. Instead of waking up to breakfast and orange juice, he was greeted with armed federal agents at his home in Nashville, Tennessee. He owed backtaxes to the tune of $300,000. While Young Buck had tried to protect his assets by filing [...]

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Where is the Money in the Music Industry? Part II

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(Continued from:
How Much Musicians Really Make in the Industry Part I)
No Foundation = Eventual Termination
The reason we’re so unimpressed with artists boasting about their imaginary funds and luxurious lifestyle is because unless we see a sustainable foundation behind the funds, we’re certain that these funds will dry up within a finite amount of time. The [...]

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How Much Musicians Really Make in the Industry Part I

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In the music industry, numbers are the name of the game. While your favorite artists may flaunt the fast life vigorously, there’s a 98% chance that they’re even making bank from their record sales. Despite the cars, jewelry, fashion, etc., the likelihood of these same artists being able to afford the lifestyle portrayed in their [...]

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Five Celebs That Owe the IRS

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If the Wesley Snipes jail package isn’t enough to scare celebrities into paying their taxes, we don’t know what will. There are a number of celebrities that reportedly owe a sizable amount to the IRS. We’d clear that debt up if we were in their shoes.
Here’s snippet of some of the offenders, some more recent [...]

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Avoiding the Wesley Snipes Package

Actor Wesley Snipes has gotten his reality check: do not avoid taxes to the IRS. He was sentenced in 2008 at a Florida court system to serve three years in jail on the account of three misdemeanor tax charges. Wesley didn’t like what he heard, so he wanted an appeal to the decision. According to [...]

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