Beanie Sigel explains how easy it is to spend a 2 million check from the label.

B

benji2

New member
He dropped some jewels especially for someone who doesnt understand taxes.

https://www.youtube.com/watch?v=PRQFdQzzNBg


I love the part at the end about buying your boys a few keys but more importantly how he says at the end "You're Broke and still owe the label 2 million". I was so focused on the dwindling cash that I forgot that it was a loan.
 
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As soon as he said you buy a expensive car,jewelry, and other bullshit....that is why most of these rappers are broke.
After he paid the lawyer. You suppose to save 50% of what is left. (savings account with interest)

Take the other 50%, cut that in half again. Use it for small business investments.(25%)

Take the remaining 25 using it to live off of, until the next check rolls i again.

Repeat the same system.....This is what I did when I got my first big check. It wasn't 2 mill, it was 500,000k


My favorite quote:
"Rich people stay Rich by Looking Poor....Poop people stay poor by looking Rich"
 
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Mark Kenneth Jr. said:
As soon as he said you buy a expensive car,jewelry, and other bullshit....that is why most of these rappers are broke.
After he paid the lawyer. You suppose to save 50% of what is left. (savings account with interest)

Take the other 50%, cut that in half again. Use it for small business investments.(25%)

Take the remaining 25 using it to live off of, until the next check rolls i again.

Repeat the same system.....This is what I did when I got my first big check. It wasn't 2 mill, it was 500,000k


My favorite quote:
"Rich people stay Rich by Looking Poor....Poop people stay poor by looking Rich"
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I forget who it was, but I recall people clowning one of the NFL owners for rocking a flip phone. I'm thinking, yeah... dude still uses an old ass flip phone sitting on millions or billions while Joe Blow tryna stunt on hypebeast with a net worth less than what he paid for his new Jordan 11's.
 
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Mark Kenneth Jr. said:
As soon as he said you buy a expensive car,jewelry, and other bullshit....that is why most of these rappers are broke.
After he paid the lawyer. You suppose to save 50% of what is left. (savings account with interest)

Take the other 50%, cut that in half again. Use it for small business investments.(25%)

Take the remaining 25 using it to live off of, until the next check rolls i again.

Repeat the same system.....This is what I did when I got my first big check. It wasn't 2 mill, it was 500,000k


My favorite quote:
"Rich people stay Rich by Looking Poor....Poop people stay poor by looking Rich"
Click to expand...

No expensive whip and jewelry? I'd buy a rental property or two, spend about 20 racks on clothes(instead of an expensive car. I am fine with my 2011 SUV) and take 50 to blow on shit like a trip to Vegas and L.A. put 100K away for my sons education and get back to hustling on the grind. Like Beans said, that's really not alot of money.
 
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Pumpthrust said:
I forget who it was, but I recall people clowning one of the NFL owners for rocking a flip phone. I'm thinking, yeah... dude still uses an old ass flip phone sitting on millions or billions while Joe Blow tryna stunt on hypebeast with a net worth less than what he paid for his new Jordan 11's.
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Because most blacks never had anything and lack of financial education. They fall for the same trap that they are rapping about, It really is nobody fault but our own community. Black children are told to grow and get a job and that's it. Not be entrepreneurs, learn money and build generational wealth.
 
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benji2 said:
No expensive whip and jewelry? I'd buy a rental property or two, spend about 20 racks on clothes(instead of an expensive car. I am fine with my 2011 SUV) and take 50 to blow on shit like a trip to Vegas and L.A. put 100K away for my sons education and get back to hustling on the grind. Like Beans said, that's really not alot of money.
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Right. Buy rental property , houses , things that appreciate not depreciate. Cars are a deprecation,
As soon as you drive it off the lot, it loses value.
 
Mark Kenneth Jr. said:
Right. Buy rental property , houses , things that appreciate not depreciate. Cars are a deprecation,
As soon as you drive it off the lot, it loses value.
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I agee. My only concern about rental properties is that it takes at least 15 years to recoup your investment and the repair costs and time associated with being a landlord. My pops owns a few rental properties and he he's always working on repairs. I aint handy like that and in the next 15 years or so, the mexicans who are born in the states aint working for slave wages anymore like their relatives.
 
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Mark Kenneth Jr. said:
Because most blacks never had anything and lack of financial education. They fall for the same trap that they are rapping about, It really is nobody fault but our own community. Black children are told to grow and get a job and that's it. Not be entrepreneurs, learn money and build generational wealth.
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I think entertainment, whether you shot hoops or spit raps education, background, and affiliation is key.
If you never had money, you probably will not know what to do with it if you get a lump sum.

I think the only guys who overcome this are the ones who link up with the right people,
people who not only manage money but also show you how to manage it. I think Jay was fortunate in that regard, as well as Magic

This is a rarity to find good people who aren't trying to rob you blind.
 
Hood rich and house poor.

Invest in a quality financial planner and manager then listen to that mufugger.
I wanna help my friends up just like the next man but I aint gonna do it with hand outs, just makes them fools lazy and entitled, you want money then put in work and I will pay you for it, but if you think I am gonna pay you just for being my friend or in my entourage then you got a world of reality comin at you.
 
Nightshade said:
Hood rich and house poor.

Invest in a quality financial planner and manager then listen to that mufugger.
I wanna help my friends up just like the next man but I aint gonna do it with hand outs, just makes them fools lazy and entitled, you want money then put in work and I will pay you for it, but if you think I am gonna pay you just for being my friend or in my entourage then you got a world of reality comin at you.
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I agree but Beans was a street dude. You cant expect the money to have him adopt a mainstream mind set. He didnt get that money thinking mainstream, he earned it being a rapper. He aint gonna abandon his mindset entirely. After all this is what got him that paper in the first place. Some dudes in the street are more loyal than them dudes in suits and ties. I admire Beans for thinking about his peoples. That's why he said he'd invest 100k in a few bricks. It's stupid and illegal but i understand it stems from him trying to show love and loyalty to friends.
 
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benji2 said:
I agree but Beans was a street dude. You cant expect the money to have him adopt a mainstream mind set. He didnt get that money thinking mainstream, he earned it being a rapper. He aint gonna abandon his mindset entirely. After all this is what got him that paper in the first place. Some dudes in the street are more loyal than them dudes in suits and ties. I admire Beans for thinking about his peoples. That's why he said he'd invest 100k in a few bricks. It's stupid and illegal but i understand it stems from him trying to show love and loyalty to friends.
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I get that I really do I just can't see setting my homies up with something that is gonna either catch them time or a casket.

I have a good friend (more like a brother) I owe a lot to, if I came up big my plan would be to help him set up a legit business and get him to leave that hood crap in the past. Yeah it takes some adjustment to go straight, but I would do it because in 5 years from now I want to buy him a trip to the Bahamas so we can sit around on the beach smoking blunts and sipping margaritas, not looking over our shoulders or attending each others funerals.

I guess I just don't get it, if I work to get out the hood then why would I keep my close friends in the hood or in the cycle that got them there in the first place?
 
Even though most rappers don't get to make ball money, I think what Jalen talks about in terms of a person's entourage is kinda the same trap new rappers get caught up in with people being around
 
Mark Kenneth Jr. said:
Because most blacks never had anything and lack of financial education. They fall for the same trap that they are rapping about, It really is nobody fault but our own community. Black children are told to grow and get a job and that's it. Not be entrepreneurs, learn money and build generational wealth.
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That goes for most people of any race. Stop putting black people down.
 
2 mill isn't a lot unless you already owe 2 mill once you get it. Having 2 mill is a different story. Wealth is a state of mind, not a defying number. A lot of dudes are still broke with all of that money. Having the real stuff that broke people have the knock offs of. Now if it is worth it to have the real deal, cool. But why would I want jewelry that the next man has the fake of? Hell....better off saving that money and get the fake shit if you want it, right? I mean.....40k and it goes bling..........$40 and it goes bling.....nobody would know. Like someone is going to say "Oprah...you must be going broke because I know that necklace is fake." Wearing somebody's elses name, for $50k........when your name is much valuable to you than the free advertising you giving as rapper who spending petty advance money...."we love your money". $500 on clothes my name on it...same material....putting people to work that know how to do it......refer them to others. Done deal. Business without your name being screwed......get all the clothes you want for free, just because you were a customer to a nobody. Gave them hope and brought them the right business. No risks.

You are what these rappers rap about. Remember that 5.0 back in the days? 64 Impala? You could afford that without being a rapper. And they represent you more than what that other stuff was made to represent.

The 90's messed people's heads up. Time for change.
 
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yokuzin said:
2 mill isn't a lot unless you already owe 2 mill once you get it. Having 2 mill is a different story. Wealth is a state of mind, not a defying number. A lot of dudes are still broke with all of that money. Having the real stuff that broke people have the knock offs of. Now if it is worth it to have the real deal, cool. But why would I want jewelry that the next man has the fake of? Hell....better off saving that money and get the fake shit if you want it, right? I mean.....40k and it goes bling..........$40 and it goes bling.....nobody would know. Like someone is going to say "Oprah...you must be going broke because I know that necklace is fake." Wearing somebody's elses name, for $50k........when your name is much valuable to you than the free advertising you giving as rapper who spending petty advance money...."we love your money". $500 on clothes my name on it...same material....putting people to work that know how to do it......refer them to others. Done deal. Business without your name being screwed......get all the clothes you want for free, just because you were a customer to a nobody. Gave them hope and brought them the right business. No risks.

You are what these rappers rap about. Remember that 5.0 back in the days? 64 Impala? You could afford that without being a rapper. And they represent you more than what that other stuff was made to represent.

The 90's messed people's heads up. Time for change.
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The second it is given to them it is owed money.

I agree to some degree though, money got crazy at some point mostly because the popularity of the genre grew so fast. Now people from the hood were getting rock star money and made/make the same mistakes those rock stars of the 70's and 80's did. At some point all that tapers off a bit because there are plenty of ways to get educated on how to make money work for you instead of the other way around.

If you put all your worth into flash and showing off then you are gonna end up in the gutter wondering wtf happened as the world passes you by. The smart ones are the ones who have a diverse portfolio of investments and are ok with not having the Rolex and the Bentley until the money is more solid...by that time hopefully a person has grown up enough to realize that shit is not good investment material and pass on it.
 
A large amount of people live pay check to pay check. Spend it all, we will make more. Not a rap thing, it's the American way. YOLO!!!!
 
The most powerful line he said in that video was "before you get in this rap business, you better learn the business"

There's an old Missy, Dame and Jermaine Dupree interview where they break it down the same way.

Anyone who knows anything about finances knows this.

What kills me the most, honest to god, is that all this info is available in books, videos, everywhere and people will STILL fall victim to it because they refuse to educate themselves.

You want to feel sorry for people who fall trap to that lifestyle, but then there's that other side that doesn't because you damn well know it's because of their own ignorance they get ****ed over.
 
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