Xzibit's financial woes

But on the opposite end of the spectrum you have a grimy teen from the New Orleans Projects who started out with $10,000 that he received in a malpractice lawsuit from his Grandmother’s death.

 

Started No Limit Records and somehow always kept making money even when the market is down.

Master P $10,000 1989 to $661 Million 2011

 

It sucks most of these people can’t handle their money properly, Nick Cage, Wesley Snipes, Xzibit the list can go on and on.

 

But on the opposite end of the spectrum you have a grimy teen from the New Orleans Projects who started out with $10,000 that he received in a malpractice lawsuit from his Grandmother’s death.

 

Started No Limit Records and somehow always kept making money even when the market is down.

Master P $10,000 1989 to $661 Million 2011

 

It sucks most of these people can’t handle their money properly, Nick Cage, Wesley Snipes, Xzibit the list can go on and on.

 

 

I will watch everything on this guy I can.. he is brilliant. I remember reading he put in the contract that masters of his records belonged to him only when doing deals - something even Beatles couldn't pull off (of course may be he is the one who changed it all and now it's a common practice?)

 

 

Easy to spend money in this world, doesn't matter who you are!

Same for Cash Money / Lil Wayne / Slim / Baby . They lool like fools, but the money is real.

I will watch everything on this guy I can.. he is brilliant. I remember reading he put in the contract that masters of his records belonged to him only when doing deals - something even Beatles couldn't pull off (of course may be he is the one who changed it all and now it's a common practice?)

 

 

Easy to spend money in this world, doesn't matter who you are!

 

Master P is the man!

 

I can't believe the number is as high as 80% (!?!) of football players end up broke after retirement. I also didn't know they weren't the highest-paid, I thought NFL football was the highest-paid profesisonal sport.

I also didn't know they weren't the highest-paid, I thought NFL football was the highest-paid profesisonal sport.

 

Far from it.

 

A shorter season compared to NBA & MLB, and more mouths to feed per team (~50 players) equate to lower average and peak salaries.

Douchebag...

 

Douchebag...

 

It isn't old?

LOL I love that twitter comment, I was actually with a friend 2 days ago and we were listening to Xzibit and I told him about this, love that stuff.

But on the opposite end of the spectrum you have a grimy teen from the New Orleans Projects who started out with $10,000 that he received in a malpractice lawsuit from his Grandmother’s death.

 

Started No Limit Records and somehow always kept making money even when the market is down.

Master P $10,000 1989 to $661 Million 2011

 

It sucks most of these people can’t handle their money properly, Nick Cage, Wesley Snipes, Xzibit the list can go on and on.

That's amazing! I wonder where his money is coming from nowadays since he's not releasing music anymore.

 

I just can't find any humor in the downfall of another human. A lot of us are lucky, not living hand to mouth. But how much of that was your brain and your gifts versus dumb luck or deception? Only you can answer that. I won't enjoy anybody's failure.

 

God knows I've been up and down, and I can only hope that people will reach down and help me up- or at least not step on my head when I'm down again.

 

I just can't find any humor in the downfall of another human. A lot of us are lucky, not living hand to mouth. But how much of that was your brain and your gifts versus dumb luck or deception? Only you can answer that. I won't enjoy anybody's failure.

 

God knows I've been up and down, and I can only hope that people will reach down and help me up- or at least not step on my head when I'm down again.

 

Well said.

 

 

I just can't find any humor in the downfall of another human. A lot of us are lucky, not living hand to mouth. But how much of that was your brain and your gifts versus dumb luck or deception? Only you can answer that. I won't enjoy anybody's failure.

 

God knows I've been up and down, and I can only hope that people will reach down and help me up- or at least not step on my head when I'm down again.

 

 

I would rather be the one hated, than the one doing the hating.

Well said.

 

I just can't find any humor in the downfall of another human. A lot of us are lucky, not living hand to mouth. But how much of that was your brain and your gifts versus dumb luck or deception? Only you can answer that. I won't enjoy anybody's failure.

 

God knows I've been up and down, and I can only hope that people will reach down and help me up- or at least not step on my head when I'm down again.

 

Lotta fuckin' luck in almost all cases imo.

I just can't find any humor in the downfall of another human. A lot of us are lucky, not living hand to mouth. But how much of that was your brain and your gifts versus dumb luck or deception? Only you can answer that. I won't enjoy anybody's failure.

 

God knows I've been up and down, and I can only hope that people will reach down and help me up- or at least not step on my head when I'm down again.

 

THANKS, for adding a little perspective, here ...........

I just can't find any humor in the downfall of another human. A lot of us are lucky, not living hand to mouth. But how much of that was your brain and your gifts versus dumb luck or deception? Only you can answer that. I won't enjoy anybody's failure.

 

God knows I've been up and down, and I can only hope that people will reach down and help me up- or at least not step on my head when I'm down again.

 

He's an adult - While I'm not sitting in my chair laughing at his misfortunes - I am shaking my head thinking that somewhere along the line, he HAD TO know what shape his finances were in, and should have made adjustments to prepare for what may be coming down the road.

 

Over extended, bad business deals, bad managers, whatever...He's not that big of an entity that he wouldn't know what his bottom line is at any given time of the day. He fucked up.

 

 

Also keep in mind that half the "NFL Players" are on the practice squad. That only pays $80,000 a year. I suspects that "80% of NFL players go broke" statistic includes the practice squad guys and why that statistic is so high.

 

Pardon?

 

I get the "jump on things to kill yourself bit", but other than that, i'm a little in the dark.

 

Surely he must have known he'd have to pay taxes at some point; don't these people employ financial advisers? Or am i missing something?

 

 

 

Surely he must have known he'd have to pay taxes at some point; don't these people employ financial advisers? Or am i missing something?

 

No, more often than not they do not employ financial advisors. Common scenario: Poor, uneducated family has a glimmer of light appear and that kid makes serious cash, VERY quickly. No one advises him what to do - because no one ever has told him what to do about anything - save throwing a ball or in the case of rapping, it was probably a self-taught thing. It's easy to blow through money - I don't wish that upon anyone. Being smart with money you came into contact with by luck (OR just very quickly all at once) is an extremely rare thing. Look at all the LOTTO winners, all the pro players who go broke right after they retire..

 

It's too bad. If there was one government service I wish was provided pro bono, in any sense even to the smallest size, it would be financial planning. No handouts or gravy train - but simply advisory services. Here is a budget, etc etc. But then again, that'd be a little hypocritical on the fed's part!

 

 

It's too bad. If there was one government service I wish was provided pro bono, in any sense even to the smallest size, it would be financial planning. No handouts or gravy train - but simply advisory services. Here is a budget, etc etc. But then again, that'd be a little hypocritical on the fed's part!

 

I was going to say, you want the Government to teach people how to spend money?

Also keep in mind that half the "NFL Players" are on the practice squad. That only pays $80,000 a year. I suspects that "80% of NFL players go broke" statistic includes the practice squad guys and why that statistic is so high.

 

That's not correct, and there's nothing inherently "bankruptcy bound" about making $80k a year.

 

Don't know what practice squad players make but maybe 5-10 guys total on top of a 53 man roster.

 

Minimum salary for a regular player is in the $300-350k range and goes up rather quickly:

 

http://www.49erswebzone.com/forum/niners/9...es-2011-season/

 

The reality is not so much how much these guys make but the fact that average career length is 3 years. 3 years at almost any salary is almost impossible to live on post career when you are living check to check. And the post NFL career is almost always nothing glamorous for most of these guys....very average earning potential with a lot of debts usually.

 

The guys who are more or less insulated are the superstars who make 8 figure salaries and have a career lasting 10+ years and seem to have some fiscal responsibility and diversity of investment. But no one ultimately is safe.

 

There was an NFL player who was broke who admitted to earning $20 million in his playing days.

 

MLB & NBA have the upper hand because they get paid even more, have longer careers and less risk for injury and long term health problems.

I was going to say, you want the Government to teach people how to spend money?

 

Hey, it's a nice thought - especially for all those opposed to unemployment/welfare. The idea of free financial advice would be a welcome change from the gravy train that some may call our welfare system. But the idea of "Government Financial Advice" is a bit of an oxymoron!

I just can't find any humor in the downfall of another human. A lot of us are lucky, not living hand to mouth. But how much of that was your brain and your gifts versus dumb luck or deception? Only you can answer that. I won't enjoy anybody's failure.

 

God knows I've been up and down, and I can only hope that people will reach down and help me up- or at least not step on my head when I'm down again.

 

Joe you are good people and give really strong advice.

 

 

Joe you are good people and give really strong advice.

 

I agree.

It's too bad. If there was one government service I wish was provided pro bono, in any sense even to the smallest size, it would be financial planning. No handouts or gravy train - but simply advisory services. Here is a budget, etc etc. But then again, that'd be a little hypocritical on the fed's part!

 

The government does provide this.

 

Economics class in high school.