The recession continues to affect millions of Americans in every income bracket. In 2010, several notable hip-hop artists were hit hard by the recession. Platinum-selling rap artist Trick Daddy is the latest hip-hop star to experience financial difficulties.
According to reports, Trick Daddy owes the IRS over $157,000 in back taxes. In May, Trick Daddy’s $320,000 home, which was featured on an episode of MTV’s Cribs, was foreclosed on and sold in October.
Along with Trick Daddy, Lil Scrappy and Diamond also faced financial woes this year. A home that Lil Scrappy bought in 2004 for $182,000 was foreclosed on in August and now has a value of $123,000.
Diamond, who currently dates Lil Scrappy, lost her home to foreclosure in September. The former member of Crime Mob bought her home for $219,000 in 2007; the house is currently on the market for $124,000.
“It was a business decision,” Lil Scrappy said about his home foreclosure. “It was a house I did live in at the time for about a year. But then I got into other rental properties and flipping my money and moved out of that house. Then the rental market slowed down, too. If I can’t sell it, recoup my money or have anyone rent out the property, then why would I keep it? So I decided to let it go to foreclosure. “
Hip-hop artists who achieve success must do a better job of handling their finances. Most artists get a window of three or four years to earn a substantial amount of money, so it’s critical for up-and-coming artists to save and invest the money they earn wisely. –a.r.
