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6 Eye Opening Reasons Why Rappers Go Broke

Posted byBy Curtis Bunn | Published on: CommentsComments (4)

Lil KimThe Posse Factor

For some reason, many rappers need to have a lot of people around them, usually a group of guys they know from the old neighborhood who possess no discernible talent — unless you count being a “yes man” as an occupation. It is admirable that the rapper wants to share in his success with his homies. The problem comes when the hangers-on start dipping into the resources, which is almost immediately. They will hang around for some time … or until the money runs out.
Ja RulePoor Representation

Hiring a responsible, knowledgeable attorney and manager is critical. They are charged to handle the business side, to assure any contracts signed are fair and protect the artist’s interest. Giving that job to a relative with no experience or knowledge is a setup for disaster. And not vetting those who have an impact on the deal is critical. There are elements to the music business that require specialized knowledge or an artist can and will get taken. Without competent representation that understands the intricacies of entertainment law, royalties and know-how to negotiate a fair deal, among other aspects of the business, rappers set themselves up for financial ruin.

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