While successful rappers usually make a better living than most Americans not all of them are smart enough to use that to their advantage. Some rappers simply don’t have the business or financial sense needed to manage large amounts of money.
Here is a list of 10 rappers that went broke:
Sean Kingston had a big string of hit songs in the mid 2000’s, which netted him millions of dollars. Instead of saving that money or continuing to come up with hit after hit, Kingston decided to spend the cash. Most notably, Kingston bought a jet ski, which he crashed and almost died as a result of.
Other frivolous things that Kingston dropped big money on included two luxury cars that cost a combined $1 million and diamonds that he hardly ever wore. The jeweler that sold him the diamonds wasn’t too happy that the seven checks that Kingston wrote them all bounced. Kingston still owes $200,000 for the jewels, and he might not have that much left now that his cars have been repossessed.
Lil’ Kim has been having problems with Johnny Law for most of her life. After going to prison, her bank account took an even bigger hit. Kim ticked off the powers that be at her record label, and they sued her for over $2 million and forced her to stop making music. Not because it was all that terrible (assumedly) but because that was part of the deal she breached.
Just to make matters worse, Kim didn’t pay her taxes for seven years. At what point do you say to yourself, “Oh crap, I haven’t paid my taxes in years!” Kim didn’t get to that point until it was an over $1 million problem. She still owes a lot of money to a lot of people, and the hits aren’t coming anytime soon, so don’t expect Kim to bounce back.
CLICK ‘2’ BELOW TO CONTINUE READING ON NEXT PAGE