Sunday, December 02, 2007

My Fico Score and 50 Cent


So I am on, 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 rapper
The 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
to billionaires.


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, he
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.
I am not saying that he doesn't have any sound financial
advice. What I am saying
is that old boy is damn near on he
back of Soy Milk cartons giving advice because the
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?



James Manning said...

Interesting post. Financial knowledge is a matter of being exposed to the information. A rapper does not have to know everything but has to have an understanding of his TRUE value. There is a big difference in making a lot of money and creating wealth. That is what got MC Hammer in trouble. 50 Cent has some good money folks behind him and he is probably smart enough to stay on top of his finances. And lets be real, a lot of what makes a good business man is having good business instincts.

I just found your site today and I'm feeling it.

Model Minority said...


Glad you stopped by.

Even MORE excited that you commented.

It be UBER lurkers just LOOKING.

Got some more negro finance 'ish coming YOUR way.


BeautyinBaltimore said...

Love this post and I must link.

Model Minority said...



M.Z. said...

"Money Players: A Guide to Success in Sports, Business & Life for Current and Future Pro Athletes" by Mark Isenberg. Read about this on ESPN & thought it might be relevant if you know any athletes on the cusp. Probably not a bad read for rappers though.

M.Dot. said...

"Money Players: A Guide to Success in Sports, Business & Life for Current and Future Pro Athletes" by Mark Isenberg.


Sounds proactive.

Wonder how fiscally sound it is.

***puts it on list.

M.Z. said...

Yeah, I'm gonna read it myself and give it to a few people I know in that situation.

here's the address so you can see a little bit more on it.

Model Minority said...


Thank you did.

You just reminded me.

I have a new edit of the Book List:)

manaen said...

Robert Kiyosaki noted that our educational system teaches us how to make money but not how to manage/invest/grow our own money.

Doctors and lawyers are choice targets for investment sellers because they have a lot of cash flow, usually are unsophisticated in how to invest, and the nature of their jobs leads them to believe that they are all-knowing and all-powerful, which they tend to carry-over into their non-professional lives, like managing their money. Just stroke a professional's ego and he/she decides your investment makes sense. I suppose this pattern would fit entertainerment, sports, and other areas that tend to feed the stars' PRIDE.

jerseydeviljb said...

I have examined thousands upon thousands of credit reports, and all it comes down to is knowledge, you either know about it or you dont, problem is no one out there teaches this stuff, thats why I started my blog, Finance 101 at

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