Tuesday, August 26, 2008

Money management...Sucks.

Sprewell Rookie Year-

We see it everywhere, mostly in our daily lives...Debt, bankruptcy, money being lost out of nowhere. Money management sucks. People everyday are losing their most valuable assets, wether it be their homes, cars, boats and eventually their lives. Having millions may seem like you're in a position to better yourself and help out your cause...and it should be, but filthy millionaires are the ones that are having the most problems in recent time.

Latrell Sprewell, former NBA star has fallen off of the face of not just the NBA world, but everyday life also. After playing for teams such as Golden State, New York Knicks and Minnesota Timberwolves, Sprewell apparently had higher standards for himself after turning down a $21 million dollar contract extension from the T'wolves stating that he "had a family to feed" and that the offered salary wasn't enough. Mind you at the time the offer was made he was making $14.6 million. Ofcourse you read this and say to yourself "WTF?" You may think, spoiled athelete, selfish, even stupid. Truth is, there are always two sides to every story.

In the NBA and any other Professional Sports league...players come with more then just their talent. With every player comes baggage, family, their issues and the infamous "posse".

Sprewell as a Knick-

Every professional athlete has it..wether it consists of only family or friends. There are always those people that have been with you since day one and you bring 'em along for the ride. Apparently this is what Sprewell meant when he said that he had a family to feed. I don't understand what kind of situation he was in, but it must've been very difficult to solve seeing it as he turned down $21 Million. No one in their right mind would do such a thing...in our minds.

Currently, Sprewell has been seen selling most of his prized possesions...most notably his yacht with a price tag of $1.5 million. It was said that he owed taxes on the boat and it was going to be repossesed...SOLD to some Milwaukean...for a mere $856,000, LOL now that sucks. But just goes to show you how bad things can turn even when you seem to be making a fortune.

Sprewell with the T' Wolves-

Many athletes and even famous faces have suffered similar if not the same situation. From Michael Jackson to MC Hammer to Mike Tyson. Rapper 50 Cent bought Mike Tyson's mega Home in Connecticut for a mere $4.1 million after Tyson had filed for bankruptcy, and is now selling the home on the market for a whopping $18.5 Million. Talk about multiplying your fucking money huh?

This brings me to my next topic...Rihanna broke??

Apparently, the 'UNFAITHFUL' star fired her business manager after she broke the news to Rihanna saying that she was left with only $20,000 to her name!!

The girl is a superstar with number 1 songs and has only $20,000 in the bank?? That's absurd...she's a thousand-aire...LOL
It's not funny..but you can't help but laugh at the situation. It's been happening to everyone...Anyway here's the whole story...Enjoy and Save your money...IDIOTS!

-Is Rihanna broke?

Her fired business manager speaks out

Aug 20, 2008

Rihanna has reportedly fired her business manager after she discovered her money is all but gone, and has apparently been left with just $20,000.

The singer and her management company Rebel One reportedly met with business manager Patricia Williams recently, only to find that the superstar’s wealth had disappeared. The singer reportedly accused Williams of stealing her money.

But Williams has hit back at the claims, according to Blackarazzi.

“I’m a professional Business Manager, I have a staff of more than a dozen, I have worked for many high profile actors, musicians and multi-million dollar corporations. Why would I steal from Rihanna?” Williams said

“I showed her all the paperwork and tried to explain to her the circumstances but she wouldn’t listen. She called me all sorts of horrible names and stormed off. I now feel compelled to share with the world the background story as I will not allow my name to be slandered”

Williams said that the ‘Umbrella’ star was not properly funded by her record label Def Jam, and her sponsorships and endorsement deals go towards recording and videos.

Rihanna has endorsed many brands from Cover Girl to JC Penney, and Williams says her manager Marc Jordan, owner of Rebel One Management, is responsible for the financial situation:

“Def Jam doesn’t fund Rihanna properly, so Marc uses the money Rihanna makes from third-party endorsements and from tours to fund her album and music videos.”

“I don’t want to disrespect Marc’s name. He is a fantastic manager and genuinely believes in Rihanna. But he uses her money to fund her future projects because he believes he can break her in the world-market. Her album sales are not nearly as close to her single sales and he knows that if she is only known as a ’singles artist’ she will only be as good as her last hit. Unfortunately, he didn’t inform his client and I’m receiving the brunt of it.”

Talk about playing the BLAME GAME...Good luck with that mess.

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