6 Eye Opening Reasons Why Rappers Go Broke
Minding Their Business
Most rap artists do not have even a remedial understanding of sound business. They are artists and do not take the time to learn about the side of the industry that will keep them eating. Instead, they eagerly sign away their talents for what amounts to tens of thousands of dollars — money that seems like a lot to a starving artist, but quickly runs out. Worse, they tie themselves to a record label for years for little to no money. The disconnection between getting a check and establishing a solid career is significant.
Poor Spending Habits
When they come into money, too many rap artists focus so much on impressing others that they spend, spend, spend almost exclusively on needless material possessions like outrageously priced jewelry and clothes, multiple luxury cars and homes. They roll hard and high … for a short time. The need for “things” ultimately leaves them with nothing.