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