Financial Woes Hit Entertainers Hard
The economic turmoil is hitting many entertainer, the latest victim is rap icon Doug E. Fresh, who according to published reports is facing three foreclosure actions by banks for a total of $3.5 million in unpaid mortgages on three homes in Harlem.
According to the New York Post, the old school legend “is being chased by American Express for nearly $60,000 in credit-card debt, and the IRS just slapped him with a $367,000 tax lien on top of more than $40,000 owed to the state tax collector, records show.”
It should also be noted that Doug E. Fresh did not make it rich and abandon his community like most entertainers and sports figures. He owns a restaurant in Harlem called “Doug E’s Chicken and Waffles” and has given back to the community significantly. Hopefully, the same community will support him in his time of need.
More often than not, when the spotlight fades from the celebrity they can no longer rely on their talent to earn a living. This is why one must invest their money and put aside something for the day when the industry no longer deem them relevant.
Within the last few months, I read news reports of T-Boz, Fantasia, Evander Holyfield, Teddy Riley and Scott Storch losing their homes. Even without the current financial turmoil of the economy there are always reports of someone going broke. The rich and extravagant lifestyle is adoring to fans but being broke and destitute is the end results for some of the biggest money spenders, trying to keep up with the joneses.
Mike Harmon
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Tom Humes
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Tom Humes
Cool Water
Comment made on December 20, 2008 at 3:37 PMMany people do not have the financial literacy they need to understand the money that they are making versuses the money spent. A lifestyle of fame and fortune leads to misfortune when you dont understand how money works. Many of us learned how to spend the money, but not how to save invest and buy assets. Now the fantasy of the celebrity life is coming out in the front now we get to see who really got the game on lock, because this is just the start of the many that will be exposed who don’t have their shit together.
Fuck Fame Get smart and Stay Rich
cool water
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