Entertainment

Broke Rappers F*ck Up Contracts & The IRS Part 2

In my last post @ishiphopdead.com,  I talked about how many of today’s artist Like Young Buck, a Tribe Called Quest, Mystikal, Lil Kim, Jermaine Dupree, Bun B, Swizz Beats,Wyclef, Snoop Dogg, Irv and Chris Gotti, and a host of others have been slaves to the  system by getting into slave contracts that didn’t bring any financial blessing to their pockets

along with getting beat by the IRS. Many artist in their earlier careers couldn’t afford to buy gas, or even a house for that matter. Rapper Bun B stated “that he still had his day job while he was rapping.” Many of the rappers you see today on MTV or BET are extremely poor as a result of a lack of business skills and financial education. Broke rappers having problems wit the IRS is nothing new.  The contracts that these artist sign only leads to them being in the poor house.

How is it that most artist are given huge advances, but little royalties or few points on the album that yield big financial results. Who is guiding these young men and women in their recording careers? Why are record companies so eager to steal your intellectual property from you by having you sign over all your rights inside the contract?  Why is it only 10% of the artist you see on TV actually  are the ones who are making any real money?  i.e. Jay Z, Rick Ross, 50cent, T.I. , Ludacris, Solider Boy etc.

In today’s music business, a new artist can be rest assured that when he signs his deal he won’t get enough money to buy a house or that fancy car he saw on TV. After one or two records are made, and tax time rolls in he or she will probably have made what the average manager at McDonald’s  is making which is around 30 to 50,000 dollars. Young Buck really got screwed by 50 on his contract, but really Young Buck for got this was a business and not just entertainment. I encourage all artist to read read and read some more about the music business. Every body is after your money the IRS, the record companies, yo momma, bill collectors, yo girl friend, and even God won’t little bit every now and again so you better learn how to manage it or it will be gone.

 

peace  I look forward to your comments on this post …..

to read part one of this post visit ishiphopdead.com  

cool water

©2012

 

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