Rapper Rick Ross celebrated his thirty-fifth birthday a couple weeks back at nightclub “King of Diamonds” located in his hometown of Miami. He made it “rain” money while performing on stage with close friends and manager Sean “Diddy” Combs. The reported amount of 1 million dollars was thrown to the crowd. It was also reported that a brinks truck pulled up halfway through the party to bring more money. In my opinion that is way beyond making it “rain” that’s more like a “tsunami!” In the hip-hop world this scene of throwing money would put him at the top of the Baller category. My question is, when is this form of show boating too much?
I believe this blatant waste of money is simply insane, especially since 9.4% of the United States is out of work. Just to give you a real picture of how many people 9.4% is, that is approximately 14.5 million out of work while he is wasting money (Statistics, 2011). I feel instead of him throwing that much he could of given a portion of that to some families in need while in these tough economical times. Miami is not all gilts and glamour and he knows that better than most.
I also feel there is nothing wrong with having fun but at what “cost?” In the past we have seen what blatant misuse of funds can do to rappers and entertainers period. Prime example would be MC Hammer, a rapper from the early 90’s, who spent money like he had an endless amount. MC Hammer filed for bankruptcy in 1996 when his debt became more than his cash flow in other words his assets. He was 13.7 million in debt but only had 9.6 million in assets (Johnson, 1996). When an artist spends money insanely, like Rick Ross throwing out ridiculous amounts, my mind is brought back to the downfall of MC Hammers and his wealth.
I just hope while Rick Ross is making it rain at clubs he is also having meetings with his business manager, accountant, financial planner, etc. His misuse shows he needs a whole team to keep him from plummeting to the same fate of MC Hammer.
0 comments:
Post a Comment