So sad to see all these celebrities blessed with over a billion dollars combined couldn't hold on to it. Seriously this is one of those times I have to ask what is going in the black community because I don't see this kind of frivalous spending going on with anyone else. http://madamenoire.com/465379/broke-celebs/13/
The thing is this; when you come up in the world with literally nothing and an opportunity comes along in which that person shines and profits hugely for it, the immediate and natural impulse would be to buy the thing(s) that had caught their eyes for years before reaching the stars. This newfound lifestyle, of course does not come with instructions. When one has the wealth, they have the power and it will not be challenged or impugned in any way whatsoever. They can do whatever they want with their money. They can buy homes, cars, travel, jewelry and other trinkets. They can invest in projects that might help increase their net worth by becoming an entrepreneur and doing things like opening restaurants, selling wines and other things based on their interests. Some of these do work very well. But when it comes to managing the money, no one knows whom to trust. Banks often take out more for service fees than they can deposit. And yet, it is one of the safest places to put money in(or invest in stocks, bonds and precious metals like gold and silver). I think that if these people after buying the home, car and other things of their desire, they should stop and figure out if they want to continue to spend it all. If I had come into such a fortune, I'd take care of the immediate needs like a place to live and transportation(I'd buy only what is useful in an automobile). Then focus on where I can make my money serve me.
This one I'll give you. Complete lack of responsibility. How the fuck do you have tens of millions and just squander it away. White people keep that shit in their families for generations and try to build on it. These dummies can't wait to get rid of it buying the dumbest shit on earth. It's down right sickening.
Damn. Chris tucker had 2 mansions in Florida and one in LA and had too sell all of them due to lack of money mgmt skills. That's insane.
I know some fritter it away and have no management skills, but you just know that their finance ignorance has made them prey to all sorts of people wanting to separate them from their cash.
I feel ya. When you have a solid understanding of finance its like you took the red pill before you read about this shit. Most of us are aware that the mindset of consumerism is a major problem in black communities, but when you really understand the opportunity costs associated with the shit it really is sickening.
http://www.npr.org/blogs/monkeysee/...ks-at-the-many-ways-athletes-lose-their-money u need to see a documentary called broke....not just blacks....but mostly.
interesting read. It all comes down to horrific money management and having disgusting people around you. I get that they often only come away with a third of what they earn after taxes agents and lawyers but if you're making 20 mill a year and you're taking home 6.5 and can't make it work you're a fucking idiot with incredibly low self esteem. It's angering because while they waste tons of money people are starving. At least in the case of someone like Hammer he lost most of his money trying to support and employ people from his area, I can respect that.
ignorance is the perfect word. people think that word is bad...well it is if u want to stay ignorant. people need to gain knowledge...be taught. that kind of stuff starts at home. u dpnt have to be a guru to teach a kid save your money
a troll told me that he is offended by your statement....they stated that statement is a slur. comparing them to flame is very serious