AML artists, I have discussed this before. I’ll say it again. Ain’t no shame in living within your means. I addressed the flashy cars and homes many of our artists now purchase in a prior post. That is all good and dandy but in the final analysis, it isn’t about buying flashy toys that quickly become outdated and end up becoming a financial burden for you. It is about building a sustainable career long after the applause is gone so you can take care of yourself and your families. What is your plan B when radios and televisions stop playing your songs? What’s your plan B when you are no longer being booked for shows or simply cannot keep up with the rigors of touring anymore? Nigeria does not even have a structured system that can keep royalty payments coming in. So, what’s really good?
Necessarily then, you all have to spend your money wisely. A good case to hammer this point home continues to be American rapper Bow Wow. Recently, Bow Wow informed a Judge in his Family Law case that he only had $400+ in his account and was driving a leased car. Now, he is sued by Sun Trust Bank for the costs they had to incur in repossessing his Lamborghini Murcielago.
Now, it would all be good and dandy if this was his first time Bow Wow was buying a flashy car he could not afford. However, this is not his first time. Last time we saw a similar situation when Bow Wow purchased a Ferrari he simply could not afford.
Folks, again, ain’t no shame in living within your means. It is a clear indication you have quit with the childishness and transitioned into a man or woman who knows material things do not define you. You can still have a strong brand image in show biz without being buried with debt.
Check out an excerpt below:
“It costs roughly $25,000 to repossess and sell a rapper’s Lamborghini — at least according to a Georgia bank, which is now suing Bow Wow for money it spent flipping his ride.
SunTrust Bank filed the lawsuit against Bow Wow — real name Shad Moss — claiming he took out a $300,165 business loan, agreeing to 84 monthly payments of $4,730.
According to bank records filed with the lawsuit, Bow Wow fell behind last year. The docs show the bank repossessed the rapper’s Lamborghini Murcielago — and managed to get $161,000.
You’d think that would be the end of it — but the bank tacked on more than $25,000 for “repossession expenses. . .”
TMZ has the full story.
Photocredit: Bow Wow Lottery Ticket’ Premiere
Alberto E Rodriguez/Getty Images