Rappers who pretended to be rich but are actually flat broke

[The Bay Area]

Regarding the first paragraph, that isn't how the laws work. A couple of examples like Kevin Federline and Eric Benet getting extreme child support payments doesn't represent everybody lol most judges award what is needed, even with celebrities. I personally know people who have been hit hard, I personally know people who pay a fair amount that isn't being raped by their ex. Not everybody gets hit like that. Your generalizing everybody based on extreme examples.

Second paragraph has nothing to do with this thread, Luda was brought to court to pay more, not to start child support. You keep derailing the topic and going in a different direction with that dead beat never paying child support shit.

Maybe you can explain to me why these guys keeps stating someone is "avoiding" paying child support...when the statement was and is clearly that you are minimizing the damage that some courts may inflict upon you with an excessive ruling?

 

[The Bay Area]

This is the case of some of you not liking what is being said. Nobody in here is saying anything new. We are simply the messengers telling you how the laws work.

We can flip it, spin it, disagree, but if they have to drag you into court to pay child support, you're a dead beat off top in the system's eyes.

And with all due respect to you Gimini...but you ALWAYS seem to go astray from the heart of the debate and make statements that are quit perplexing...it's just baffling because I had a similar experience with you about another subject where you seemed to gloss over what was being said to you. The two paragraphs you posted have nothing to do with what was previously said.

 

[Gemini]

LMAO! @ "It has nothing to do with this thread."

 

[StillHustlin]

Regardless of the amount of money you make, if your laundering your money to avoid child support you're a piece of shit in my book.

they aren't laundering money to avoid child support lmao

 

[StillHustlin]

Also the unions that represent government employees.

sheeeit, the unions that represent govt employees? Maybe in your state. In AZ not all govt employees are union, but if they have any smarts they would be. In Phx right now they trying to take away the pension system and replace it with a 401k, of course bet that the mangement, pigs, and fire dept will still get to keep theirs tho. What is the problem with replacing the pension w/ 401k? It is going to cost more than 1/2 billion to make the switch alone. The average city worker is not the burden on the pension system, its the double dipping management of the city along with police and fire.

If it wasn't for unions a living wage would never have been obtained, limits on work day hours, overtime pay, child labor laws, etc., to name a few of many, would never have happened. Without unions all of the rights afforded to workers because of unions will gradually be taken away.

 

[short]

In Phx right now they trying to take away the pension system and replace it with a 401k, of course bet that the mangement, pigs, and fire dept will still get to keep theirs tho. What is the problem with replacing the pension w/ 401k? It is going to cost more than 1/2 billion to make the switch alone. The average city worker is not the burden on the pension system, its the double dipping management of the city along with police and fire.

its gonna create a yet another gigantic beaurocracy. politicians sure like to spend money and not save it. that 1/2 billion would send 5000 students to college for 4 years. politicians always put their self-interests before anything else. u also got the same government goons triple dipping. their double dipping pension scheme is already. then they make some more money consulting. once in a while one of those goons gets in trouble for triple dipping. 95% of the time its some payola that makes sure they dont get in trouble

 

[Filthy_Rich]

sheeeit, the unions that represent govt employees? Maybe in your state. In AZ not all govt employees are union, but if they have any smarts they would be. In Phx right now they trying to take away the pension system and replace it with a 401k, of course bet that the mangement, pigs, and fire dept will still get to keep theirs tho. What is the problem with replacing the pension w/ 401k? It is going to cost more than 1/2 billion to make the switch alone. The average city worker is not the burden on the pension system, its the double dipping management of the city along with police and fire.

If it wasn't for unions a living wage would never have been obtained, limits on work day hours, overtime pay, child labor laws, etc., to name a few of many, would never have happened. Without unions all of the rights afforded to workers because of unions will gradually be taken away.

OMG, how did anyone ever survive before unions?

Also, IRS collects federal taxes. So they benefit plenty of public sector employees and unions at the fed level. And if you wanna talk about states: yes, in CA public employees have all those benefits you mentioned. And our unfunded pension liability is in the hundreds of billions.

 

[:ab:]

Being "worth" X amount of dollars...example...I own business (A) that brings in $150,000 a year...I have an endorsement that pays...$50,000 per year...so my total worth is $200,000 annually...BUT...what are my expenses to operate the $150,000 operation...what commitments have I obligated myself to like houses, cars, child support that might eclipse my annual income that has now locked me in debt...of let's say over $100,000 past my annual. Not to mention what the IRS will take from that $200,000...so yeah you can be "worth" whatever and still be broke if your debt is higher. Now if your talking about "net" income after all debts and frivolous spending are factored and you are still seeing 30% of your yearly annual then you good. So whoever is worth $70 million I wonder if that is before/ after all deductions happen?

annual income is not net worth

assets minus liabilities = net worth

 

[Fucky McFuckerson]

Is there something I don't know about being ultra wealthy? Do they not allow you to buy stuff outright with cash once it costs a certain amount? Why are entertainers and athletes always getting their stuff repossessed.... buy the fucking shit don't get jewed for three times the cost by loans and credit wtf then still have to give it back

I've lived by one simple rule, if you can't buy it with cash right then you don't need it. Sure I'm broke and don't own anything cool, but its kept me debt free

Because they get pay checks in increments. You think Football players get one pay check a year for 5 million dollars? They get a weekly salary. Therefore, when you want to buy a 10 million dollar home, you need a loan to do so.

 

[The Bay Area]

annual income is not net worth

assets minus liabilities = net worth

I thought I said that...at the end. Quote the passage where I said differently...because I perfectly understand what you are saying. That's why I said if you see 30% of your income AFTER all the debits against your credit are factored that would determine what you will net. I'm no expert so let me know something.

 

[The Bay Area]

Because they get pay checks in increments. You think Football players get one pay check a year for 5 million dollars? They get a weekly salary. Therefore, when you want to buy a 10 million dollar home, you need a loan to do so.

They also get a large signing bonus that is upfront money.

 

[BUTCHER 206]

Because they get pay checks in increments. You think Football players get one pay check a year for 5 million dollars? They get a weekly salary. Therefore, when you want to buy a 10 million dollar home, you need a loan to do so.

And musicians/ rappers?

 

[GTS]

Any celebrity buying a 10 million dollar house is stupid. They will never be able to afford the taxes on that home once they stop getting the big pay days. taxes don't go away if you own the home flat out or have a loan

 

[:ab:]

I thought I said that...at the end. Quote the passage where I said differently...because I perfectly understand what you are saying. That's why I said if you see 30% of your income AFTER all the debits against your credit are factored that would determine what you will net. I'm no expert so let me know something.

net income is a different concept than net worth

So whoever is worth $70 million I wonder if that is before/ after all deductions happen?

confusing net income vs net worth here

IRS taxes your annual income.
what you own (assets) minus what you owe (liabilities) determines net worth.

 

[Fucky McFuckerson]

They also get a large signing bonus that is upfront money.

True, but you have to buy cars, homes for you parents, jewelry for your posse, etc.

And musicians/ rappers?

To be quite honest, i dont know. However, yo have to remember that musicians make very little of album sales. They get paid by touring.

 

[Arson]

even when acts did sell, they got raped by some record label, tupac died broke. Dying broke with a 4.5 year prison sentence hanging over your head(for a sex offense at that), when the last 3 albums you made while you where alive, all debuted at #1, and sold atleast 4.5 million should tell people even the most successful artist dont make it money wise, do it for art, and cultural impact, and learn good business.

 

[The Bay Area]

net income is a different concept than net worth



confusing net income vs net worth here

IRS taxes your annual income.
what you own (assets) minus what you owe (liabilities) determines net worth.

Okay...I see where your coming from.

 

[BAMMER]

They also get a large signing bonus that is upfront money.

NFL players get 17 checks during the season,and signing bonus payments are all structured differently..i doubt teams would cough up a 36 million dollar check.(see;aaron hernandez)

 

[The Bay Area]

NFL players get 17 checks during the season,and signing bonus payments are all structured differently..i doubt teams would cough up a 36 million dollar check.(see;aaron hernandez)

Yeah but the subject was they the athlete had to take out a loan on a $10 million home...someone stated they get incremented checks that's why they don't buy it up front...I just responded they get signing bonuses which may come up to $10 million...I didn't say $36 million up front...but enough to get that home...shit even half down with $5 million then pay the rest of in a couple of months shouldn't be that hard.

 

[Arson]

The teams only give large signing bonus to rare players, and if something goes wrong there coming for it(Vick, Hernandez)