Black Man Black Woman

Tag: celebrity news

  • Nicolas Cage Money Problems: Balling Without a Budget

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    I grow weary of the fact that whenever the media presents an entertainer going broke, we almost always see a black man. Well, the tables do turn, even on the best of them. Actor Nicolas Cage is allegedly having major financial problems, having his property foreclosed and admitting in court that his former business manager may have milked him of millions of dollars.

    In a major court battle, the actor lost two of his homes worth a combined total of $6.8 million dollars. Cage owes over $5 million in mortgage payments and more than $150,000 to the city of New Orleans in real estate taxes. Cage is also suing Samuel Levin, his former business manager, claiming that Levin was responsible for his financial demise.

    Here are some quick and dirty thoughts on the plight of Nicolas Cage:
    1) Is there a change in the language? I noticed that a CNN article about Cage mentions the recession as one of the reasons that Cage is struggling financially. However, most commentary about the financial problems of NBA star Antoine Walker attributed his woes to financial irresponsibility. Not to accuse anyone of racism, but I wouldn’t be surprised if it were difficult for the world to imagine the great Nicolas Cage as being financially irresponsible.

    2) Hollywood money is not what it seems to be: By having five major projects slated for 2010, it’s tempting to believe that Nicolas Cage is going to be financially free by the end of next year. Not so fast. After actors finish paying the agents, lawyers, managers, and the IRS, they may only get 30 – 40% of their total pay package. That means that if Cage gets $10 million for his film, he is only going to see three or four million dollars of that money.

    Whatever the case may be, it does appear that Nicolas Cage was certainly living it up. Few A-list actors are as blockbuster-worthy as Cage, so there is no excuse for him to ever go broke. But given that Cage has purchased personal islands, castles, and other extravagant items, he put himself in a situation where he needed a lot of money in order to simply stay afloat. Michael Jackson had the same problem during his life, as he was easily spending five to ten million dollars per month. No matter how much money you have, you can always go broke. We should all live beneath our means.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Tom Joyner Morning Show, Roland Martin, Money and Power

    This morning I had the great pleasure of having a conversation with my respected colleagues, Tom Joyner and Roland S. Martin. I have always loved the Tom Joyner Morning Show. My respect for Tom came when I found out that he once commuted daily between Chicago and Dallas in order to host shows in both cities. I appreciate anyone willing to sacrifice to reach their goals. Roland Martin has an equally compelling story about how he was forced into bankruptcy in order to become successful.

    The truth is that there are a whole bunch of people who want success, but they usually want it for free. These brothers understand that you usually have to pay a high price to get what you want.

    We were discussing the case of Heather Ellis. Heather Ellis is a 24-year old college student now facing 15-years in prison after being accused of cutting line at a Walmart. We are planning a rally for Heather in Kennett, MO on November 16, with thousands coming from around the nation in order to save her life. Tom Joyner, Roland Martin, and Michael Baisden are just a few of the names of brothers and sisters around the nation willing to step up to tell Heather’s story to the public.

    After the show was done, I called my assistant and confidant Shauntay, in order to talk about the events planned for the day. Shauntay is a stern reminder to me that you are only as good as the people who work for you, and she is the greatest assistant on Earth. During our conversation, Shauntay asked me, “Did you notice how they seemed to get nervous and rush you off at the end?”

    I said, “Yeah, I noticed that. But I don’t blame them, I might have done the same thing.”

    Why was I rushed off at the end of the segment? It all has to do with Walmart being one of the key corporate sponsors for the Tom Joyner Morning Show. During the interview, I first mentioned that it was reported as far away as Memphis that Walmart employees were being asked not to discuss the Heather Ellis incident. Tom started to deflect the conversation away from the merchant.

    “Well, that could have happened in any store, right?” said Tom.

    I then went on to explain that, while it could have happened in any store, there was no getting away from the fact that it happened in Walmart: A Walmart employee was the one who chose not to serve Heather after accusing her of cutting line, the family reports that nearly every Walmart employee involved in the incident has been transferred to another store, and there are Walmart employees on the affidavits filed after the incident took place. There is no way to disconnect Walmart from this incident.

    Unlike our supporters in Detroit, who are ready to boycott Walmart and stage a complete “black out” of the store, I have not asked for such a thing. Instead, I’ve only requested that Walmart use its influence to help Heather during her trial. I honestly believe that one sincere phone call from the right executive can make this situation go away. A daughter of a pastor, in college, with no criminal record is hardly the kind of thug that should be rotting away in the penitentiary. Anyone can understand that.

    This discussion of The Tom Joyner Morning Show is not a negative reflection on the righteousness of Tom Joyner or his choice of having Walmart as a corporate sponsor (if it were Wells Fargo, then we might have an issue). The incident is reflective of how the power of media is driven by corporate sponsorship. Given that corporate sponsors controlled by the descendants of the historical oppressors of black people are financing most African-American media, the ability to pursue true and meaningful activism is sometimes muted. In other words, nobody disrespects their daddy, especially if their daddy is the one putting food on the table. The life of one black woman is not, to some, worth the loss of millions of dollars in corporate money (I do not agree with this assessment). One of the limitations of capitalism is that it forces us to put a dollar value on human life. I personally think human life has infinite value, and that is why I am fighting for Heather.

  • NBA Star Antoine Walker is Broke: Five Lessons We can Learn

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    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Antoine Walker is Broke: Five Lessons We can Learn

    Filed under: ,

    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Jay Z vs. Beanie Sigel: It’s Nothing but Business as Usual

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    Consider it a strange dream, but I had some thoughts about the Jay-Z beef with the rapper Beanie Sigel. No, I’m not here to talk about keeping street cred. Yeah, yeah, yeah. Half of the artists in the hip hop industry are not nearly as hard or as real as they claim to be. They’re too smart for that. The guys who are really as hard as most rappers claim to be are either in a jail cell or a casket. That’s the truth.

    What got my attention was when Charlamagne Tha God was fired from 100.3, “The Beat” in Philadelphia. I’ve known Charlamagne for years from our work on The Wendy Williams Show, so this made me a little upset. What was even sadder is the allegation that Jay Z may have played a role in getting Charlamagne fired, in large part because Charlamagne conducted an interview with Jay-Z’s new rival, Beanie Sigel. This incident represents more than the standard thuggery that some might see on the surface. Instead, it brings forth a plethora of issues that relate to business, entertainment, money and corporate power. Here are some quick thoughts:

    1) Getting Charlamagne tha God Fired? An allegedly weak move, but a lesson on corporate influence. The smartest artist I’ve ever seen in hip hop is 50 Cent. He writes songs about going to the club, but he doesn’t go to clubs. He gets you to bob your head and pop bottles of Vodka and Petrone, but he doesn’t drink himself. Effectively, he knows the power of getting others addicted, while keeping himself from being vulnerable to the very addictions he is using to control you (remember Ice Cube’s famous line, “Don’t get high on your own supply”?). Jay-Z is similar, as he has rejected the ridiculous, “bling yourself to death and then get shot or go to jail” mindset that many rappers seem to possess. Instead, he preoccupies himself with being a businessman, which means he has ultimate control over his fate.

    So, in spite of the fact that I am irritated at the very weak and unethical move allegedly committed by Jay Z, the teachable moment here is that the corporate monsters are the ones who control hip hop or any other art form for that matter. Most rappers only work to get a place on the plantation, not to actually own one.

    2) The Jay Z beef with Beanie Sigel has been played out thousands of times throughout human history. Ever since the beginning of entertainment, there has always been a natural beef between the sources of capital and the entertainers themselves. Artists are natural risk takers and many of them don’t spend two seconds thinking about the business models that finance their activities. Many artists put their energy into their craft rather than engaging in the boring task of understanding accounting, finance, marketing and distribution. The corporate captains, on the other hand, are not natural risk takers and they are the ones who decide if the show is going to even take place. Given that the corporate chiefs are making the financial choices, and the artists themselves want to push their work out at any cost, there is typically going to be a conflict of interest. The truth, however, is that when these conflicts occur, the artist almost always loses the fight. Those who provide the capital control much of the process.

    3) You’ve got to take good care of the people who work for you. Some have criticized Jigga and Diddy for not taking good care of their artists. I am not sure if this is true or not, but I do know that if you are tempted by corporate greed, you can find yourself enslaving people rather than empowering them. The greatest temptation in hip hop is to take advantage of another person’s obsessive commitment to fulfilling their personal dream. Thousands of artists get signed to Draconian contracts that are skewed heavily in favor of the manager rather than the artist. The problem, however, is that when you design business models to exploit other people, you may find that it comes back to hurt you later on down the road.

    4) There is a financial value of manufactured beef. This might surprise you, but a lot of so-called “beefs” in hip hop are actually branding mechanisms designed to get media attention to sell records. Ever notice how there are a lot of artists who want to stab and shoot each other one minute and then end up making records together the next? Much of this is due to the fact that the lifeblood of any artist is media access. No media means you don’t eat. Given that artists are effectively hired slaves for the record labels who can be used up and dropped at any moment, they are willing to engage in any desperate ploy imaginable to get the cameras pointed in their direction.

    Want to sell some albums? Go out and get arrested. Want to build your brand for “keeping it real”? Get caught in the club with a gun on your hip. Want to keep your job at the record label? Start a beef with a popular artist and get him to respond to you. As hyper-masculine as most hip hop artists pretend to be, the reality is that they are scared little boys on the inside; absolutely petrified that their label is going to find another talented brother from the projects and give him the spotlight they’ve bet their life on. This is not always such a great place to be, which is why any athlete or entertainer needs to get educated.

    Hip hop is an enlightened and exciting industry. At the same time, it’s the same corporate machine controlling people of color and distracting us from true power by keeping us engaged solely in the act of entertainment. As much as I might criticize Jay Z for allegedly going after my friend Charlamagne tha God, the truth is that Jigga seems to be the only one who gets it. Hip hop is not about entertainment, it’s strictly business.

    If you want to hear an artist’s perspective on all of this, I spoke with the Kansas City rapper, Vigalantee about the beef between Jay Z and Beanie Sigel. Click below to hear the conversation:

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Jay Z vs. Beanie Sigal: It’s Nothing but Business as Usual

    Filed under: ,

    Consider it a strange dream, but I had some thoughts about the Jay-Z beef with the rapper Beanie Sigal. No, I’m not here to talk about keeping street cred. Yeah, yeah, yeah. Half of the artists in the hip hop industry are not nearly as hard or as real as they claim to be. They’re too smart for that. The guys who are really as hard as most rappers claim to be are either in a jail cell or a casket. That’s the truth.

    What got my attention was when Charlamagne Tha God was fired from 100.3, “The Beat” in Philadelphia. I’ve known Charlamagne for years from our work on The Wendy Williams Show, so this made me a little upset. What was even sadder is the allegation that Jay Z may have played a role in getting Charlamagne fired, in large part because Charlamagne conducted an interview with Jay-Z’s new rival, Beanie Sigal. This incident represents more than the standard thuggery that some might see on the surface. Instead, it brings forth a plethora of issues that relate to business, entertainment, money and corporate power. Here are some quick thoughts:

    1) Getting Charlamagne tha God Fired? An allegedly weak move, but a lesson on corporate influence. The smartest artist I’ve ever seen in hip hop is 50 Cent. He writes songs about going to the club, but he doesn’t go to clubs. He gets you to bob your head and pop bottles of Vodka and Petrone, but he doesn’t drink himself. Effectively, he knows the power of getting others addicted, while keeping himself from being vulnerable to the very addictions he is using to control you (remember Ice Cube’s famous line, “Don’t get high on your own supply”?). Jay-Z is similar, as he has rejected the ridiculous, “bling yourself to death and then get shot or go to jail” mindset that many rappers seem to possess. Instead, he preoccupies himself with being a businessman, which means he has ultimate control over his fate.

    So, in spite of the fact that I am irritated at the very weak and unethical move allegedly committed by Jay Z, the teachable moment here is that the corporate monsters are the ones who control hip hop or any other art form for that matter. Most rappers only work to get a place on the plantation, not to actually own one.

    2) The Jay Z beef with Beanie Sigal has been played out thousands of times throughout human history. Ever since the beginning of entertainment, there has always been a natural beef between the sources of capital and the entertainers themselves. Artists are natural risk takers and many of them don’t spend two seconds thinking about the business models that finance their activities. Many artists put their energy into their craft rather than engaging in the boring task of understanding accounting, finance, marketing and distribution. The corporate captains, on the other hand, are not natural risk takers and they are the ones who decide if the show is going to even take place. Given that the corporate chiefs are making the financial choices, and the artists themselves want to push their work out at any cost, there is typically going to be a conflict of interest. The truth, however, is that when these conflicts occur, the artist almost always loses the fight. Those who provide the capital control much of the process.

    3) You’ve got to take good care of the people who work for you. Some have criticized Jigga and Diddy for not taking good care of their artists. I am not sure if this is true or not, but I do know that if you are tempted by corporate greed, you can find yourself enslaving people rather than empowering them. The greatest temptation in hip hop is to take advantage of another person’s obsessive commitment to fulfilling their personal dream. Thousands of artists get signed to Draconian contracts that are skewed heavily in favor of the manager rather than the artist. The problem, however, is that when you design business models to exploit other people, you may find that it comes back to hurt you later on down the road.

    4) There is a financial value of manufactured beef. This might surprise you, but a lot of so-called “beefs” in hip hop are actually branding mechanisms designed to get media attention to sell records. Ever notice how there are a lot of artists who want to stab and shoot each other one minute and then end up making records together the next? Much of this is due to the fact that the lifeblood of any artist is media access. No media means you don’t eat. Given that artists are effectively hired slaves for the record labels who can be used up and dropped at any moment, they are willing to engage in any desperate ploy imaginable to get the cameras pointed in their direction.

    Want to sell some albums? Go out and get arrested. Want to build your brand for “keeping it real”? Get caught in the club with a gun on your hip. Want to keep your job at the record label? Start a beef with a popular artist and get him to respond to you. As hyper-masculine as most hip hop artists pretend to be, the reality is that they are scared little boys on the inside; absolutely petrified that their label is going to find another talented brother from the projects and give him the spotlight they’ve bet their life on. This is not always such a great place to be, which is why any athlete or entertainer needs to get educated.

    Hip hop is an enlightened and exciting industry. At the same time, it’s the same corporate machine controlling people of color and distracting us from true power by keeping us engaged solely in the act of entertainment. As much as I might criticize Jay Z for allegedly going after my friend Charlamagne tha God, the truth is that Jigga seems to be the only one who gets it. Hip hop is not about entertainment, it’s strictly business.

    If you want to hear an artist’s perspective on all of this, I spoke with the Kansas City rapper, Vigalantee about the beef between Jay Z and Beanie Sigal. Click below to hear the conversation:

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Fighter Pat Barry Wins Big Purse Right Before Being Homeless

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    UFC fighter Pat Barry was thanking his lucky stars for his big win against Antoni Hardonk. The fighter won a $120,000 purse for his accomplishment, which was right on time given that he was literally six days away from being evicted from his apartment. Barry’s win was emotional for obvious reasons and nearly everyone in his camp was in shock to hear about his financial situation. What is saddest is that his challenges are not uncommon among fighters in general.

    Although Pat Barry hasn’t had the chance to earn millions, many major fighters end up going broke even after their gravy trains have stopped flowing. The outcomes don’t make any sense, given that a bit of financial discipline could have made all the difference in the world. When you earn as much as $10 – $20 million dollars in a payday, you can live a pretty wild financial life and still have money to save. Instead, some athletes seem to want to push the limits and it’s actually uncommon to hear of any boxer who DOESN’T end up in the poor house.

    Here are a list of financial demons that plague fighters when they finally hit the big time:

    1) The bling: For some reason, athletes and entertainers are expected to live an incredibly extravagant lifestyle. Mike Tyson employed over 200 people and spent millions on items too ridiculous to mention. What’s worse is that Mike Tyson actually owed as much as $38 million dollars at one point. Evander Holyfield’s $10 million dollar, 54,000 square foot mansion was put on the auction block last year after foreclosure. Many athletes go into debt because they are banking on their next payday to get them out of the new financial holes they keep digging for themselves.

    2) Bad relationships: Divorce is a great way to go broke. Before Muhammad Ali married his third wife, Lonnie, his previous wife divorced him and took his last $2 million dollars right before Muhammad’s career ended with Parkinson’s disease. It was at that point when he found himself broke and unable to earn additional income. Fortunately, a good woman came into his life and used her MBA from UCLA to liquidate the massive financial value from his brand name. So, as much as black male athletes can be ruined by women, they can also be saved by them. However, a long string of baby’s mamas, bad marriages, draining relatives and expensive arm candy can cost an athlete dearly.

    3) The IRS: The IRS is sneaky and has led to the financial demise of many celebs. Even honest, hard working Americans can fall prey to the demon of back taxes. Joe Louis was one great example of a man who made a great deal of money, but found out years later that he owed tax money to the IRS. For the rest of his career, he would wander from one fight to another, with IRS agents waiting in the back room to take the entire purse after the fight. While his career was a great one, he was not a happy man in old age.

    4) A lack of education: A lack of money management ability and inadequate financial literacy plagues many wealthy entertainers and athletes. Growing up in poverty doesn’t exactly endow you with an extensive understanding of trust funds, estate planning, stocks and bonds. One of the great tragedies for NFL and NBA athletes is that many of them attend universities that simply hand the athlete a degree without forcing the athlete to get an education. But there is an old saying that “a fool and his money will soon part ways.” Even if you are incredibly wealthy, you have simply made yourself into a sucker for those who are smart enough to take that money from you.

    5) The leaches: The easiest way to get a pack of new friends is to have a lot of money. In addition to the friends who suddenly find you to be a fascinating human being, you’ve got managers, lawyers, agents, homeboys and baby’s mamas who want their cut. It is not uncommon for a celebrity to have to give away as much as $700,000 out of every million dollars he/she earns. Everybody wants a piece of your pie until you are down and out; at that point, you become yesterday’s news.

    I don’t think that any athlete should live like a miser, that’s no fun. Instead, why not simply save 20% of your income and party with the rest? That would give you a nest egg for retirement and allow you to pay the bills after you’ve fought your last fight. What’s saddest is that every boxer says they are going to retire young and none of them ever do. It’s time to stop living the same story over and over again.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Chris Rock Gets Real Sensitive About AOL and Good Hair

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    Maybe everybody hates Chris, but I don’t hate him at all. Most of us know Chris Rock for the genius that he is, and the way he intelligently and hilariously describes the world around us. So, you can imagine my dismay when I got a call from Charlamagne Tha God, morning host for 100.3 “The Beat” in Philadelphia, who told me that Chris Rock had some choice words for AOL Black Voices and the criticism he has received for his film, “Good Hair.”

    Chris seemed to feel that those claiming that the movie bombed at the box office were incorrect, since the film was only released in a few theaters. He even (accurately) explains that saying his film bombed is like “comparing the movie ‘He Got Game’ to ‘Star Wars’.” Good point. Here are some other issues that Chris brought up and how some of these issues relate to wealth, power and ownership.

    Chris discusses how difficult it is to do shows, commentary and films for a black audience. This is true, given that African American audiences are not as large as non-black and global audiences. In fact, when Ice Cube (my favorite rapper) released “Janky Promoters,” one of the statements made by an executive at the studio was that black movies have almost no global sales market. I am not sure if this was a racist fact or not, but it certainly is a fact.

    Chris’ interview (below) was quite intriguing for a number of reasons:

    1) He was criticized for saying that Oprah looks like a slave in one of her pictures. He says that he wasn’t saying that she looks like a slave (Oprah is one of his wealthy and powerful friends, he wouldn’t be that stupid – I learned firsthand about the backlash you can get from criticizing Oprah); he was saying that the picture was so old that it looked like a slave picture.

    2) Chris seemed incredibly emotional and highly flustered in the interview. I am not sure if this is an act, but I certainly hope it is. Chris Rock is a vet in the game, and I’d be shocked that he would be so sensitive about criticism for his film. Chris sounds like he needs a hug from his mama. If his mama is not available, he can borrow mine.

    3) Chris mentions in film that black men can be portrayed any old way, while people seem very sensitive to any portrayals of black women that are in the least bit critical. I actually agree with Chris when he says that anyone who criticizes his film needs to see it first. Also, being critical of black women is not exactly a popular thing to do – I find it interesting that all the problems of the black family and black relationships mentioned in Essence Magazine tend to be blamed almost entirely on men. The truth is that in a community, it takes two genders to Tango.

    4) Chris is a businessman: He mentioned that he would not release a film about black women if black women didn’t like it. During survey testing, he claims that 99 out of 100 black women like the film. The lesson here is that most products are not released to the public unless they are fully market tested. Also, the size and scope of the African American market makes room for a small number of films. At the same time, it is my hope that Chris Rock and others will take ownership of the film making process to ensure that more movies are made for black audiences, using appropriate images. Anyone who saw the “ghetto girl” in the cinematic flop “Couples Retreat” knows what I’m talking about.

    5) He seems to have a bit of a beef with AOL Black Voices. When asked about critical comments that Chris received in AOL BV, the entertainer went back into “Need-a-hug-from-mama” mode. I have two things to say to Chris: First, AOL Black Voices is PLURAL, implying that there is no one voice, but many who represent a variety of viewpoints. I, for one, think that Chris Rock’s work is outstanding, but I don’t represent all opinions on this site. Secondly, if Chris has a concern with comments that have been made, he should do what he did today – stand up for himself!

    In China, they have a saying, “The fattest pig will always get slaughtered.” Chris my man, you’re the fat pig – so don’t be surprised when the haters come out to turn you into pork chops. But make sure you also remember that everybody doesn’t hate Chris, a lot of people think you’re pretty cool.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Dr Boyce: Dr King’s Kids Fighting Over Money – What We Can Learn

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    Most of us know about Dr. Martin Luther King’s childrens’ fight over money. We are all saddened and disappointed that it has come to this, but this shows that the family is human like the rest of us. But there are things all of us can learn from this dispute when it comes to leaving money for your children.The dispute between the kids is now resolved, but that doesn’t mean that the teachable moment has ended. The video below breaks it all down in our Dr. Boyce Web Chat. Enjoy!

    Dr Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here. To follow Dr Boyce on Twitter, please click here.

     

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  • Eddie Griffin: Going for Broke – and Getting There

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    I had a lot of fun watching the new Vh-1 show, “Going for Broke,” starring comedian Eddie Griffin. Griffin is one of the funniest comics in America, the comedian that Chris Tucker could have been (if he would simply stop disappearing between Jackie Chan movies).

    On the show, Griffin gives insight into his personal life, which is both intriguing and disturbing. The show is called “Going for Broke” for a reason, because Eddie just might actually get there.
    Here are some reasons that Eddie Griffin might actually become the broke celebrity that he is trying to become:

    1) He spends like a damn fool. One of the easiest traps for an entertainer to fall into is the “infinite money trap.” That’s when the person thinks that they’ve got an endless supply of cash, giving them ability to spend whatever they want on whatever they want. Apparently Eddie may have fallen into this trap, since his Bentley was being repossessed in an early episode of the show. Eddie’s conversation with his accountant was also revealing, as the words “all the accounts are empty” seemed to strike him hard. With all the success that Eddie Griffin has had, it is difficult to imagine that he would be completely broke. But the truth is that this kind of thing happens all the time.

    2) Can you say “8 kids and 4 baby’s mamas”? Eddie’s mother was right when she mentioned that any new potential “baby mamas” were looking to “get on the “Eddie Griffin financial plan.” What Eddie also seems to forget is that even if you are well to do, child support is a horrible financial burden. There are ways to be involved in the lives of children without giving up all your money in order to do so.

    3) He seems to put himself into bad situations. The first episode I saw showed scenes of Eddie going to a plastic surgeon after having a champagne glass smashed against his face by a “fan.” I’ve honestly got a few fans, but I don’t think any of them would want to slam a glass against my face. Maybe he should change the word “fan” to “hater,” “enemy,” or “potential threat.” Either way, Eddie seemed to feel that his life was somehow cursed with bad energy. Instead, he might take a second to realize that his personal choices might be the reasons he is being put into such peculiar situations.

    When it comes to Eddie Griffin and his new show, the bottom line is this: If you think that Eddie is now doing fine because he has a new Vh-1 show, think again. The networks don’t pay the entertainers much to do these shows, and the shows don’t usually last for a very long time. Also, unless you’re Bill Gates, you can’t presume that you’ve got a seemingly endless supply of disposable income. The fact that Eddie didn’t know he was out of money implies that he probably doesn’t keep a budget, which is one of the first paths toward financial ruin. Given that one of Eddie’s predecessors, Red Foxx, died deeply in debt to the IRS, one would hope that Eddie doesn’t endure that same fate. Eddie’s my man, funny as hell, but he’s really got to get it together.

    Dr. Boyce Watkins is a Professor at Syracuse University, a leading black speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Dr. Boyce Money: What Chris Brown Can Learn From R Kelly

    I spoke about Chris Brown on CNN not too long ago, and I am sure I’ll be talking about him now. Given his shocking 5-year probationary smackdown by a judge, I am sure that Chris has been humbled beyond belief. Even I was surprised to see him get this kind of punishment. But the truth is that when we make personal decisions, there is a piper to be paid, and sometimes that piper wants more compensation than we wish to deliver.

    But Chris Brown is far from finished, and I expect him to be back on top in no time. The Chris Brown brand is still worth hundreds of millions of dollars, since corporate America is very good at working around the emotional to secure the logical value of their financial assets. Here are some things to keep in mind as Chris tries to rebuild his damaged career.

    If R. Kelly can make a comeback, anybody can. I confess that R. Kelly honestly sickens me. I hate to say it this way, but the idea of a man doing what he is alleged to have done to that little girl makes me as angry as you can ever possibly imagine (and yes, I do believe that was him in that video). What disturbs me even more is that the American public let the entire issue go as soon as Kelly released another hit song. This sends a horrible message to young black women, reflecting the fact that our culture does not value their well-being as much as we value a hit song about going to the club, getting drunk and having irresponsible sex at the end of the night. Sorry homeboy, but you can’t serenade your way into my good graces or that of any other conscientious African American. There are simply some lines entertainers cannot cross and being found “not guilty” is not the same as being found innocent.

    In spite of the obvious critique one can thrust on R. Kelly, the oddest thing is that R. Kelly’s model of career recovery can serve as an instruction manual for Chris Brown. The first segment of that lesson came during R. Kelly’s first BET interview after the child pornography allegations were made. During the interview, I noticed that the singer kept repeating the phrase, “Just focus on my music.” He repeated the phrase several times, as if his business manager had coached him to do so. Upon processing things later, the translation here was simple: If you are focused on his music, you will forgive him for the fact that he’d been accused of doing nasty things to someone’s 13-year old daughter. Yes it’s sick. Yes, it bothers me. But yes, it’s the truth and it has worked quite well for R. Kelly and his business model (notice that it took him a while to release his latest album after the trial – the public typically cools off and forgets almost anything you’ve done if enough time passes).

    Similar to the R. Kelly situation, I’ve noticed that many female music fans really don’t care that Chris Brown is a man who seems to believe that it’s O.K.to use a woman’s face as a punching bag. The report that he used the big ring on his finger to inflict even more damage to Rihanna reminds you of the late Ike Turner. I hope he takes his domestic violence counseling seriously, since he can’t go on living like this.

    In the music industry, fans are quick to accept eccentric behavior from celebrities. The public took no issue with Michael Jackson’s problematic relationships with children and there are many other scenarios in which a hit record is enough to take value judgments off the radar screen. Personally, I find myself in constant shock at the kind of language Lil Wayne’s female fans allow him to use to consistently disrespect them. It almost seems that a polite Lil Wayne would not sell nearly as many records as the drunken, outlandish rapper who appears to have a serious drug problem.

    Value systems aside and with the focus back on business, a black entertainer can rebuild his career after an arrest by doing the following things:

    1) Just say that Jesus healed you. People always buy that one. It worked for R. Kelly. References to God, even when insincere and blatantly hypocritical, invoke deeply entrenched sensibilities within African Americans. Personally, I need proof that you’ve really changed, not just your statement that Jesus came to you in a dream.

    2) Sincerely apologize. People always love a good apology.

    3) Make a really hot song. If people are dancing to your music, they usually forget that you might want to punch out their daughter or think that she’s a garden tool. Unfortunate, but true.

    4) Remember the truth: People really don’t care that much about the celeb’s personal life and are looking for an excuse to forgive him anyway. I recall speaking to someone who works for a major network, and I was in awe over how nonchalant she was about the R. Kelly situation. All she kept saying was, “Well, he ISSSS talented,” as if his talent forgives him for any sin committed in the present, past or future. I bumped into a radio exec at a major station in Chicago and listened to him essentially say the same thing when explaining why his station adjusted its policy against playing R. Kelly music shortly after the allegations. The fact is that people just don’t care.

    Chris Brown’s brand will remain strong in the music industry. From a business standpoint, it is also ironic that being arrested may actually be a “coming out” party for him, reinventing him for the world as the tough, borderline thug that many women seem to love (remember when Lauren London said she had a crush on Ol Dog from Menace to Society – a man known for being the craziest gang banger in entertainment history?). These coming out parties are common, as you typically see young actresses do sexy magazine covers on their 18th birthday (i.e. when “Simply Raven” became “Sexy Raven” and when Rudy Huxtable played a prostitute in her latest film), or male entertainers trying to look mean and “tatted up” to break away from their good boy image (i.e. Lil Bow Wow….I mean, Bow Wow). It’s all about branding. The craziest thing about the Chris Brown situation is that being arrested for beating a woman could actually work to his advantage. So, our adoration for Chris Brown (actually, other people’s adoration, since I don’t respect any man who would do that to a woman) is a reflection of our society and a nasty look in the mirror for all of us. I should say, however, that I consider Chris Brown to be far different from R. Kelly: He is still a very young man who makes mistakes and could possibly become a decent adult with guidance and significant intervention – which spoiled celebrities seldom receive.

    Don’t be surprised to see Chris hanging out with more rappers, where it’s actually a good thing to be arrested. He’s going to have a few more tattoos, a meaner “mug” on his next album and present a brand that embraces the hardcore image, yet not so hardcore that you won’t believe him when he sincerely apologizes and says that Jesus saved him. The new Chris Brown will be interesting.