Thursday, May 3, 2012
Money makes the world go round! Money makes people greedy, steal, and kill! It's all apart of the game, the music game that is. People want the money and the fame so bad they will do anything for it. Once you get the money people come from everywhere trying to be in your circle but when I get my money I plan to take care ok of the ones who helped me out when I was down if you weren’t there helping me in my time of need, or when I was grinding to get on top then I’m not helping you. The rapper MC Hammer skyrocket to fame with his 1990 album “Please Mc Hammer Don’t Hurt Em. He did not pay 100,000 dollars to to the IRS and 500,000 dollars to his lawyer and 500,000 to Deion Sanders who was a friend and gave him a loan. A lot of entertainers sports moguls are faced with these conditions, that may have there consumers and fans puzzled from the actions that has taken place. Michael Jackson has been reported at various times to be in a financial crisis. If an artist is not aware were there money is being transferred then he/ or she should be apart of his or her own management team. In a recent New York Times article, former comedian and director of the film PhatBeach explained the typical Hollywood financial story. "When you make money in this town it's very fast, and it feels like it's never going to end," said Mr. Ellin. "I've done it myself. I've been the idiot who was spending money and then thought, 'Wow, I haven't had a job in two years.'"
Parents try to raise fiscally responsible kids by repeating clichés like "money doesn't grow on trees." Apparently, it doesn't even grow on the trees behind the houses on MTV's Cribs. Show business is a winner-takes-all career. When celebrity hits and the paychecks roll in, they don't come with sound financial advice attached. Many of those who do strike it rich are suddenly so deep in wealth they don't consider reaching the horizon.
Evan Bell is a business manager who represents a number of Hollywood newcomers. He recently told the New York Times, "When the agent says, 'No one read that bad review' and that 'it doesn't matter,'" his job is to be the voice of reason. "I say, 'You got a bad review — don't buy that new car.'"
Reference
http://www.legalzoom.com/money-matters/bankruptcy/how-celebrities-go-bankrupt
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