I was thinking about this thread as someone I know works for a lending company which isn't that big. A rapper, who I will not name (but just think back to the 2000 election drama and the name of that state) got denied for a 60k loan for 4 bikes.
Now, this guy is as hot as ANY rapper out right now. He put on his application he was making 400K per month. Yet, after having TWO number one hits in the the past year (or very close to that time range)...he must be broke??? wtf...
If he is really making that kind of money (probably is) then he should be able to throw down 60k on some bikes!
Btw, he had a terrible credit score. So this goes to show you, some money management skills and having good credit is very important even when you are having a ton of success!
That's the way these guys are man. They're highly motivated by consumption. Unorganized consumption that is unmaintainable. And the idea of having something nobody else has.
I don't want to sound like I am making an assumption of the Hip Hop community here but, I know a lot of people that are in the rap music game here in Palm Beach. I can tell you that it's really ridiculous the way they spend money. These guys already know what items the money is going to be spent on before they even receive a check. They shop excessively and are highly influenced by the life style. That is why there is so many successful rappers as there is. The idea of that easy money. When they see how much money they can make by rapping on a microphone, it's highly motivating.
And then there are other cases like one of the Palm Beach rappers that got a deal. He got $400,000 from a smaller label to put together a video, make an album, and then distribute it. The guy got the check and ran off with the cash. People think he is hiding in Bell Glade which is a smaller town in Florida under the Okee lake.
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