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#MotivationalMonday

 

Whoever said it is better to have had and lost than to have not had

at all couldn't have been talking about shit loads of money.

This week we put a little spin on Motivational Monday, instead of

showing you something or someone to aspire to, we wanted to show

you someone to NEVER be. This weeks motivational monday is

Mr. Too Legit To Quit himself, MC Hammer. The first rapper to sell

over ten million albums and the record holder for the most successful

album of all time (22 million sold) blew it all on bullshit including a huge 

mansion in the Oakland Hills, his homies, and parachute pants (which

oddly resemble drop crotch joggers, which could mean that he was

actually a visionary but thats another discussion). At the height of his

success, MC Hammer was worth upwards of $33 million. As a result

Hammer built a mansion from the ground up which costs about $30

million not to mention staffing the 40,000 square foot home, he also

turned his entourage of 100 plus into employees (costing hammer

about a half a mil a month), most of whom were most likely overpaid

and under qualified.

A lot of things could be to blame for Hammers

rapid fortune turned misfortune maybe it was the insane purchases

like a mansion nearly equalling his net worth, the 17 luxury cars, the

private jet or the 21 racehorses. It could have been him hiring his older

brother with no financial management experience to manage more

money than he has probably ever seen in his life. Or maybe it was supporting

an entourage that fled soon as signs showed of the money well drying up, there 

are so many possible factors one can't be sure. But the most important lesson to

take from this monday is this: DO NOT BE MC HAMMER! As in do not make the same mistakes

he has. If you are ever fortunate enough to come into wealth, use Hammer

as an example on exactly what not to do. So what's the lesson here?

Incase I lost you, lets recap some don't do's when coming into new money:

 

-Do not make history just to go broke

 

-Don't be broke all your life to get rich, then go broke, and be reasonably broke for the rest of your life

 

-Learn from the greats of the past, especially the great mistakes. 

 

- Btw Did we mention this all happened between 1991-1996, So pace your spending!

 

-Oh yea and the most important of all DON'T spend equal to your net worth on a home,

by far one of the dumbest things to do financially

 

I hope this article helps you as the research helped me. Go out, work hard, and remember to Never

be MC hammer. You're welcome

 


Aaron Miles
Aaron Miles

Author