19 Mar 2013
- Written by Myron Mays
According to the Chicago Sun Times, R. Kelly is the latest celebrity to experience foreclosure as his Olympia Fields Illinois home was sold Monday to J.P. Morgan Chase Bank. The property was once valued at more than $5 million but was sold at an auction for $950,000, its only offer. He still owed about $3 million on the property.
We tend to hold our entertainers to the highest standards in the land. We feel that they are above a lot of the issues and problems that most normal people like us go through. We find ourselves surprised when we read news of them having marital issues, family issues or problems with their children. We're really shocked when we read news of them experiencing foreclosure or other financial difficulties. Often times we can't believe that the person who has made us feel so good for so many years is having the same problems we have. How is that?
They've sold all of these records? They've sold out all of these concerts? I've spent tons of money supporting them...what have they been doing with my money? Rich people shouldn't have these kinds of problems? Or, should they?
Well, first of all, rich is relative. What could be considered rich to one person night not be considered rich to another.
Also, take this into account, When it comes to money management, most of us – even on the everyday-level must of us operate on – have a high debt to income ratio. Whether rich or poor, we have a high amount of debt based off what we make.
Then there's that one factor a lot of us tend to overlook. Celebrities are people too. They like "stuff" just like us regular folks do. They just happen to be able to afford more of it. And, in most cases, they are able to afford "bigger" and "better" stuff.
Then there are times when just like the rest of us, they buy too much stuff and discover that they can't really afford it. Yeah, it seems like they are selling all of these records and have a never-ending supply of cash. But just like the common person, they have bills too. Their bills are just a little bigger than ours.
Kelly's business manager did not return a call from the TSD, however, Kelly's one-time spokesman, Allan Mayer, said he can't comment on the auction, but says that Kelly isn't having financial problems. Well maybe...maybe not. However, just like us regular people, who publicly admits to having financial problems? It's always reported by someone else. right?
Mary J. Blige has been having a few financial issues lately. Last year, it was reported that she was sued for allegedly defaulting on a $2.2 million bank loan. Now she is also on the hook for about $901,769.65 in back taxes to the state of New Jersey, according to TMZ.
R. Kelly and Mary J. Blige aren't the only ones having financial issues. Snoop Dogg was even in a little financial issue with the Internal Revenue Service recently. He owed nearly $500,000 from back taxes from 2009 and 2011. He has since gotten his issues resolved.
On a more positive note, it's a great time for business owners or those who are just business minded. I'm always in business mode and I understand the power of networking. That's why I'll be checking out Networking Puzzle's Business Card Exchange with Dejuan Hendricks at the Marriot at 5795 Poplar this Friday night. If you haven't checked out this place, the lobby bar is outstanding! Nothing formal, it's just a great place to network. It starts at 5 and the admission is free.
Also, next Wednesday I'll be joining Kelly Price and Networking in Memphis for the monthly networking mixer at 300 Art Gallery located at 300 South Main. It starts at 6 p.m. Grab your business cards and meet me there.
Next week, I'm looking forward to Fit Nation Monthly Weigh-In, The Takeover as well as the next Book Club Meeting. Until then, that's what's happening!