Rappers appear on TV shining like crazy and bragging about how much money they have. But most of this is a really ugly lie and one that makes black people look as ignorant as any minstrel show in the history of our country.
However, here’s some truth about how your favorite rapper is probably going broke right now:
1) Ludacris was in a custody battle with the mother of his child and revealed in court filings that he earned only $55,000 over the previous year. That’s hardly the paycheck of a baller. Yes, that was $55,000 and yes, that was 2013.
2) Lil Bow Wow was in court after his Bentley was repossessed. He revealed that he had only $1,500 in his bank account. He now has a job on BET’s 106 & Park, but this is probably not enough money to get him out of debt. According to Celebrity Net Worth, Bow Wow owes $90,000 to the IRS and another $280,000 to a luxury car leasing company. So, while his debt of financial distress remains unclear, it’s very clear that he’s living on the edge financially.
3) Xzibit – former host of the MTV show, “Pimp My Ride,” filed bankruptcy after owing over $1 million dollars to the IRS. He hasn’t had a hit record since Bobby and Whitney were in love with each other. He has filed bankruptcy twice since 2009.
4) Method Man was arrested for failing to pay taxes back in 2011. He resolved the matter, but remains in debt. He also keeps trying to make a comeback, but it’s just not working out.
5) Fat Joe – went to prison after pleading guilty to tax evasion after owing over a million dollars to the IRS.
6) Lil Flip went to court and told the judge that he can’t pay more than $500 per month in child support. According to most estimates, this means that he isn’t earning more than about $3,000 per month. He’d be better off collecting trash for a living
7) Ja Rule went to prison for two years for tax evasion after owing millions to the IRS. He gets out soon, and will spend the rest of his life paying off the debt.
8) Beanie Sigel – He used to rap next to Jay-Z, but he too went to prison for tax evasion.
9) Young Buck from G-Unit went bankrupt and lost his home, forcing him to sell his jewelry and everything else. If you listen to any of Buck’s songs, you’ll hear that he usually rapped about how much money he had and even made fun of other rappers who’ve gone broke.
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