A few money thoughts after watching CrazySexyCool: The TLC Story…
I had a ball the other night while watching CrazySexyCool: The TLC Story, a VH1 (VIAB) biopic about the personal and professional trials of the celebrated hip-pop trio from the ATL (short for Atlanta, in case you didn't know). The film took me down memory lane and really made me step back and realize the powerful impact that the group TLC, whose members consist of Tionne “T-Boz” Watkins, Rozonda “Chilli” Thomas, and Lisa “Left Eye” Lopes, had on the music world.
However, a reminder that I wish I did not have is the all too well story of the financial problems that plague artists with newfound success. Although you can chalk up the young ladies problems to the dysfunctional music biz, in particular the greed of their manager and label, it still highlights the need for artists to take control of their FINANCES!!
One of the craziest highlights of the movie was when the group went “gangsta gangsta” over their money from the sales of their highly successful album, CrazySexyCool. Fed up with the runaround they were receiving, the young ladies along with their all-girl entourage stormed into their label Arista Records and held the founder and then president Clive Davis hostage and demanded payment. Who could blame them? The Grammy award-winning album sold more than 23 million albums worldwide bringing in $75 million, but the ladies were only paid 50 stacks each!
As a result of the group's well-documented pimping, which was shockingly broken down by Left Eye during the movie, they were forced to file bankruptcy in 1995. Sadly, this wasn't T-Boz's only brush with the legal procedure. She filed for bankruptcy in November 2011 after reportedly being in debt for $800,000. It pains me to learn that T-Boz was a member of one of the greatest musical trios EVER that sold a total of 63 million albums worldwide, yet still manages to be so deep in debt.
The financial problems of hip-hop artists that the media salivates over just doesn't make sense. Yeah, a lot of them brag about what Kanye calls "the good life" but as the adage goes, all that glitters ain't gold. Having the ability to navigate the financial world and possess critical money management sk**s would be of much help to artists. Let's be real here. I understand that most artists don't have a steady cash flow and research has proven that their earnings come in chunks, sometimes with considerable time between checks. That said, it makes it ever so important to learn the survival sk**s of budgeting, saving, and investing so that they won't face the “struggles” that has caught up many of their peers, including the following: Lauryn Hill Lauryn Hill is the much-celebrated hip-hopper of the bunch. The ex-Fugees star was recently released from prison after serving time for being $900,000 in debt to Uncle Sam AKA The Government for refusing to pay taxes on almost $3 mill in earnings between 2005 and 2009. Lauryn has since settled her tax bill after signing a $1 mill deal with Sony Records to release new music.
Rihanna The international pop superstar and selfies-lover is suing her former accountants claiming that their mismanagement of her finances cost her millions of dollars on her 2010 Last Girl on Earth tour. The case is currently in mediation so stay tuned!
Nasir “Nas” Jones Boyee, the Illmatic star is facing a double whammy. Nasty Nas owes the State of Georgia over $1 million AND has a multi-million dollar federal government tax bill. Given this, the 40-year-old Queens rapper faced a serious consequence of having all of his tour earnings taking by concert promoter Live Nation (LN) to pay his debts. All of this is in addition to the thousands of dollars in child and spousal support that the he has to pay from his previous marriage to R&B singer Kelis.
Earl “DMX” Simmons DMX has been struggling for many years with money and addiction problems. In July 2013, the former Ruff Ryder filed for bankruptcy days after his latest DUI arrest. For a rapper that sold over 30 million albums, he states in court papers that he has less than $50,000 in a**ets and is in debt between $1 and $10 million. What's more, he is on the hook for more than $1 million in domestic-support obligations. When your monthly budget exceeds your spending to the tune of $5,000 to $5,221, you can't help but have a poverty lifestyle. Hopefully his planned European & African tour this fall will go a long way in getting his financial house in order.
Jermaine Dupri Another hip-hopper bites the IRS dust. According to TMZ, the 39-year-old music mogul is sporting a reported debt of close to $800k for the 2008, 2010, and 2011 tax years. Unfortunately, the Money Ain't A Thang rapper has a long history of tax problems. He recently paid off a $3 million tax bill from 2006, and in 2012 he settled a $500k tax bill with the State of Georgia. To add fuel to the fire, JD was close to losing the rights to his So So Def catalog for failing to pay back a bank loan of nearly $5 mill.
Circling back to CrazySexyCool: The TLC Story, it appears that I wasn't the only one that was tuned in on Monday night. The two-and-a-half hours flick was a ratings smash. It became the most-watched original movie in network history drawing 4.5 million viewers, and was also the highest rated original cable movie of the year among adults and women 18-49. If that wasn't enough, the film sparked a huge increase in sales in TLC downloads. Their new soundtrack for the film “20” jumped from No. 43 to No. 5 on iTunes, and is sitting at number one on the iTunes R&B albums chart in the U.S.
If you haven't seen the movie yet, I would highly recommend that you check it out. And oh yeah, the controversial Lil Mama stole the show with her portrayal of the volatile Lisa "Left Eye” Lopes. Peace.