Braggadocio has been a part of rap since the inception of hip-hop. Artists have flaunted their lyrical skills, sexual prowess and other attributes. Rappers in the ’80s wore large gold chains, and dressed in expensive sports gear and sneakers to declare their success. Diamond-encrusted watches and necklaces became the accessories of choice for rappers in the late ’90s and early 2000s
Several months ago, Waka Flocka Flame showed off his $100,000 necklace featuring a Fozzie Bear (Muppet character) pendant to rolling out magazine.
But while there are a few rappers who are in a financial position to purchase such gaudy items, there are a lot of rappers who find themselves on precarious ground due to poor financial planning.
The Game was recently sued by Lemmerman’s Inc. after he failed to make payments on $100,000 worth of jewelry.
Other rappers have found themselves in a bind with Uncle Sam. According to reports during tax season in 2011, Soulja Boy owed $26,000, Lil Wayne owed $5.6 million, and in March, Ja Rule pleaded guilty to tax evasion to the tune of $3 million.
In a move that would be considered “gangsta” in rap terms, the FBI raided Young Buck’s home in 2010 and confiscated computers and studio equipment to help offset his $300,000 tax bill.
Rappers also find themselves in financial trouble because some support large entourages, have untrustworthy handlers and have to deal with divorce and child support payments.
As a result, it doesn’t take long for your favorite million-dollar rapper to empty his bank account.
It’s a luxury to be able to sell music, receive publishing residuals, make thousands of dollars for performing an hour-long concert, and to rake in a large sum of money to make an appearance at a nightclub.
Rappers must begin to take advantage of their opportunities by saving, paying close attention to their taxes, and investing in assets that appreciate. –amir shaw
