So I am on myFico.com, mad as f*ck because I am learning
about how my credit score is different from my fico score.
And of course FICO scores NOT CREDIT SCORES,
are used by banks to evaluate our credit worthiness.
So I am reading the message board and the issue of rappers
and implicitly Black people mismanaging their money arises.
I was like Holy Sh*t. Im sittin' up here, doing me, and racism,
50 cent just bubbles on one of the message boards.
In fact, this blog post, just kinda hopped in to my lap. LOL.
So here is the first question that started it all,
bobkelly wrote: Can anyone explain why one's income has no bearing on a FICO score? Seems to me that this plays a big part in creditworthiness, yet FICO doesn't use income (or net worth) as part of their formula in creating a FICO score.Then a response.
Does having a Ferrari make one a better driver than owning a Hyundai? More income doesn't necessarily make you a better money manager. Ask Michael Jackson.Then this one. DING DING DING DING.
Or ask any rapperThe commenter gets called on it.
ask any rapper?And said commenter responds hella flip.
Professionals in the rap music industry. Millions in income, terrible credit, bankruptcies, but lots and lots of income. lol.Then the analysis of the statement.
That is stereotyping. It gets magnified to the media when it happens. But *most millionaire rappers are good money managers or have good accountants. But like many of us, some rappers dont have credit knowledge till someone explains it to them. So all at once you have all of this money. Your first instinct is to spend on ever dreamed of. Then your next album does terrible. You have spent all of youor savings and now you are up to your armpits in debt. You owe on your $200,000 on you AMX BLack and you income from your album is 15,000. BK is your best option. I know this from my brother who works in the music industry with several famous musicians(not just rappers).* Im not really feeling this most. I would not accept such
statement without sufficient evidence, however, the commenter's
defense of negro rappers is duly noted. :)
And then came this weird, well 50 is an exception to the rule,
so rappers don't really mismange there money argument.
Well, considering 50 cents the #1 rapper in 2006 in terms of sales, and also the #1 rapper in terms of revenue is almost worth 3/4 of a billion dollars because he sold his likeness to Glauceau as opposed to taking upfront fee........and just picked up more than $400 million when the company was sold to Coca Cola. Glaceau is the maker of Vitamin Water and was sold to Coca Cola for nearly $5 billion. So, I guess you can ask him about money management, or maybe you can ask, Jay-z or Puffy aka Sean Combs aka P. Diddy, ....... and how was that money earned, not rapping, but through shrewed business dealings. Just because a kid has a hard life and sees an avenue to take rapping as a ways out, doesn't mean, he's financial irresponsible or ignorant, alot of those same kids, just were born in different circumstances and given the opportunity will and do succeed, and alot of them are smarter than you or I. The point, being a rapper has nothing to do with financial irresponsibility, except if your name is MC Hammer. But take a page from Warren Buffet and I paraphase, "I am not special, I was just born with the right circumstances with the right family and guidance, sheer luck. And it so happens I have a skill that makes money in our society, now drop me in the middle of a jungle and I tell you this skill would be of no use."They would have been better served by mentioning that
Larry King, Walt Disney, Francis Ford Coppola, Burt Reynolds
and Milton Hershey, have all filed bankruptcy.
The bottom line is that SOME PEOPLE mismanage their money,
30 thousandares and billionaires.
AND, SOME people manage their money well, 10 thousandares
Read the Times, Post or WSJ business section.
But as my momma say,"thats too much like right". When my folks told
me that Donald Trump is in the f*cking learning annex
NOT because of what he is worth BUT because of the interest
on the loans that he took out in the shady '80's.
Happily, Dealmeister Donald says he's now fine, heI am not saying that he doesn't have any sound financial
has a $2.5 billion fortune - although his company still
has $1.8 billion in debts and his casinos lost tens of
millions in 2003. It's all a question of scale.
advice. What I am saying is that old boy is damn near on he
back of Soy Milk cartons giving advice because the interest
on his 1980's loans is f*cking egregious and n*ggas
ain't gonna re-fi that 'ish cuz loan interest is a cash cow.
What do you think of the commenter's statement about rappers?
What did you think when you learned Hammer burned through
all that cake?
Please remind me why people still sign record deals?