T Pain Blows Through 40 Million

[lib123]

You a goddamn moron, Takeshi 6 nine still ain't see his bread from music yet, you know how long it take you to get paid, every time a ring tone sold it didn't go straight into his bank account

I guess you believe Souljah Boy was a mogul too since he was the ring tone king

he didn't not have 40 million dollars in cash at any point in his career, you don't even understand how much money that is

Warren Buffet worth like 60 Billion and probably don't even have 40 million in the bank, his net worth is all in assets and stocks

nikka said he went broke because his manager brought some real estate in the HOOD, and you believe that
you believe real estate in the hood cost 40 million dollars

I swear, people are morons

A Bugatti only cost 1 million dollars, if you paying straight cash, you can get it even cheaper, nobody pays full price for cars when you coming in with pure cash, they want that cash on the spot so they will cut you a deal

His story don't make sense, he never had no damn 40 million, he obviously don't even know how much money had because somebody else controlled his money, the guy is retarded

he probably grossed 40 million over the course of his career before taxes, manager and lawyer fees, and also what he had to pay back to the label

He definitely probably grossed more than 40 million. And since most of his money came fast and quickly (05-09), it's reasonable to believe he had lump sum of $40M at one point. $20M per year before-taxes ($80-100M) during his run isn't unbelievable.

 

[BillBanneker]

40 m's


I hope his taxes are straight, if the IRS hears about this

 

[winb83]

I can't even imagine spending $40 million and going broke. I didn't know he did that. Just take a couple million and buy a total market index fund or an S&P 500 index fund and at a 3% dividend payment that's $60K a year generated in income.

 

[Conan]

I can't even imagine spending $40 million and going broke. I didn't know he did that. Just take a couple million and buy a total market index fund or an S&P 500 index fund and at a 3% dividend payment that's $60K a year generated in income.

A culture that celebrates conspicuous consumption... This is the end result

 

[winb83]

A culture that celebrates conspicuous consumption... This is the end result

I mean I'm not a millionaire and even I understand that you have to preserve some capital. Blowing through $40 million is a level of irresponsibility I can't even conceive. Breh had to be spending money like a child with zero regard. If you can successfully manage to blow through $40 million and go broke you deserve zero sympathy and you got what you deserved. Even a teenage paper boy knows he had to manage his funds. Anybody that's ever held down a job understands money isn't limitless.

 

[lib123]

I mean I'm not a millionaire and even I understand that you have to preserve some capital. Blowing through $40 million is a level of irresponsibility I can't even conceive. Breh had to be spending money like a child with zero regard. If you can successfully manage to blow through $40 million and go broke you deserve zero sympathy and you got what you deserved. Even a teenage paper boy knows he had to manage his funds. Anybody that's ever held down a job understands money isn't limitless.

If you never learned money management, have poor family members and have trouble telling them “No”, it’s really not hard to blow through that. Most people would blow $40M if they amassed it in their mid 20s.

 

[winb83]

If you never learned money management, have poor family members and have trouble telling them “No”, it’s really not hard to blow through that. Most people would blow $40M if they amassed it in their mid 20s.

I didn’t learn how to manage money until I got out on my own. My parents tried to teach me and it bounced right off me. I moved out up to my eyeballs in credit card and auto debt. I was so broke I couldn't even buy food at one point. Decided I need to figure this out and went on YouTube.

You not gonna live on your own for long and not figure out a way to learn how to manage money. That scales up with income.

Mind you I mooched off my parents until they kicked me out. I was 28 when I moved out it was pathetic looking back on it to be that old living at home. I'm still living in the same apartment now that I did back then. My income says I can afford a way better place but I know living off less than you make is very important.

I mean I don't strictly track my spending but I'm somewhat aware. I would have to make a major effort to spend $40 million. It wouldn't be easy.

 

[BushidoBrown]

I can't even imagine spending $40 million and going broke. I didn't know he did that. Just take a couple million and buy a total market index fund or an S&P 500 index fund and at a 3% dividend payment that's $60K a year generated in income.

60k before taxes is prob to a rapper/musician
yes its better than going broke but sustaining that lifestyle u gotta be savvy w/ ur bread

 

[winb83]

60k before taxes is prob to a rapper/musician
yes its better than going broke but sustaining that lifestyle u gotta be savvy w/ ur bread

You can live great off $60K in certain areas. It's all qualified dividend taxes and if you don't have any other income I believe the first $40K isn't even taxed so you paying like 15% on $20K.

 

[lib123]

I didn’t learn how to manage money until I got out on my own. My parents tried to teach me and it bounced right off me. I moved out up to my eyeballs in credit card and auto debt. I was so broke I couldn't even buy food at one point. Decided I need to figure this out and went on YouTube.

You not gonna live on your own for long and not figure out a way to learn how to manage money. That scales up with income.

Mind you I mooched off my parents until they kicked me out. I was 28 when I moved out it was pathetic looking back on it to be that old living at home. I'm still living in the same apartment now that I did back then. My income says I can afford a way better place but I know living off less than you make is very important.

I mean I don't strictly track my spending but I'm somewhat aware. I would have to make a major effort to spend $40 million. It wouldn't be easy.

That's the point. You gradually started making more income. T-Pain went from almost applying for a job at McDonald's and eating mayonnaise from a jar (literally) to making $10s of millions within 2 years. All while in his early 20s. Most people would blow that.

 

[winb83]

That's the point. You gradually started making more income. T-Pain went from almost applying for a job at McDonald's and eating mayonnaise from a jar (literally) to making $10s of millions within 2 years. All while in his early 20s. Most people would blow that.

There are just questions you ask. Do I own my home? What about taxes? How much money do I have? If you give the average 20 something $10-$40 million dollars they most certainly wouldn't blow it all. Even blowing a lot of it anyone would have a basic concept of survival and know something has to be put away. Even spending that money you would acquire assets you could sell when times got hard.

The level of irresponsibility it takes to blow $40 million is child like. You'd literally have to buy shyt on credit with no concept of cost and no idea what you're spending. Even then in the back of your mind as an adult you know there's a price and a finite amount of money.

 

[blues_funk_reggae]

I can't even imagine spending $40 million and going broke. I didn't know he did that. Just take a couple million and buy a total market index fund or an S&P 500 index fund and at a 3% dividend payment that's $60K a year generated in income.

To many of these entertainers and athletes that's called "boring investments" , most of them want "sexy investments" you know, shyt like giving Pookie $180k for a club you'll never see, or giving your boy from back in the day $300k for a real estate investment that won't go anywhere. Throwing money around into risky investments without sitting down with your financial team. That ESPN doc 'Broke' tells it all.

First thing on the list when it comes to financial discipline is learning and exercising how to tell people NO.

 

[lib123]

There are just questions you ask. Do I own my home? What about taxes? How much money do I have? If you give the average 20 something $10-$40 million dollars they most certainly wouldn't blow it all. Even blowing a lot of it anyone would have a basic concept of survival and know something has to be put away. Even spending that money you would acquire assets you could sell when times got hard.

The level of irresponsibility it takes to blow $40 million is child like. You'd literally have to buy shyt on credit with no concept of cost and no idea what you're spending. Even then in the back of your mind as an adult you know there's a price and a finite amount of money.

LOL yes they definitely would. Most 20 somethings are extremely irresponsible with money. Getting a massive windfall overnight doesn't build responsibility. Most people who get windfalls blow it. Maybe not as quickly or flashy, but eventually most windfalls are blown. If you're irresponsible with money, it's not that far fetched you could blow $40M. Most people who get windfalls think the money will keep coming.

Especially if you're an athlete or entertainer. Most believe that their prime will last longer than it does.

 

[IsThatBrothaMouzone?]

Athletes/entertainers need to take the Marshawn Lynch approach.

Spend the endorsement money and sit on the big contract money. Sit on it while you figure out how to manage it. Think Rob Gronkowski does similar stuff. Never let anyone handle your money. Listen to advice but do your own research first.

 

[winb83]

Athletes/entertainers need to take the Marshawn Lynch approach.

Spend the endorsement money and sit on the big contract money. Sit on it while you figure out how to manage it. Think Rob Gronkowski does similar stuff. Never let anyone handle your money. Listen to advice but do your own research first.

The average person makes under 3 million in their entire life.
An Interactive Exploration Of Dead End Careers
This guy spent 13x what the average person makes in total in a few years.

Literally the only way I can think somebody could do that is to get all Dead Presidents and just start handing money to others. When you can have whatever you want after more than likely a brief period you'll get bored with material shyt.

It's not a bad thing to have an accountant if you're wealthy buy you need to be active in managing the money. People gotta know how much money they have and where it's going.