Here are rappers who have gone broke! Wait until you hear what exactly Birdman decided
to steal back from his mansion! 10 – Bow Wow
Is it surprising to anyone that Bow Wow is on this list? Considering he started releasing music when
he was 13, you’d think he’d have a decent amount of cash saved up over the years. But, as we’ve said many times on this channel,
what’s important is to keep what you earn! During a child custody case where he was ordered
to pay $3,000 dollars a month in child support, Bow Wow informed the court he made just $4,000
a month and only had $1,500 in his bank account. He also merely leased a relatively modest
car. That might be because four years earlier,
he had leased a Ferrari F430 and within months was behind on payments. However, the day after the hearing where he
told the court that he’s broke, he did sign on to be one of the new co-hosts of the now
canceled BET show, 106 & Park. Later on, he even gave a statement saying
that he’s a smart guy and until you see him on a corner begging for money, he’s
not broke. Well, I guess that’s one way of admitting
lying to a judge in court! The funniest thing with Bow Wow probably still
has got to be back in 2017. He posted a picture of a private jet on his
Instagram with a caption that heavily implied it was his PJ that he chartered to New York. But the photo was actually a photo from a
website. AND someone saw him flying in economy that
same day and posted the picture to Twitter! In an interesting twist, he recently called
money “evil” and claimed he would give his money away to fans. It doesn’t take a genius to figure out why
Bow Wow’s career fizzled out! 9 – Scott Storch
Okay, we know that Scott Storch isn’t a rapper. But, he WAS a producer for many artists such
as Justin Timberlake, Beyoncé, and Dr. Dre. And the way he blew through his $70 million
dollar fortune is incredible. In 2006 he had his 70 million dollars. By 2009, he filed for bankruptcy claiming
just $3,600 in assets! Storch’s lavish lifestyle included a garage
with 13 cars, including a $600,000 Mercedes SLR McLaren, a $500,000 Mercedes Maybach,
and a $1.7 million black Bugatti Veyron. He also bought a $20 million dollar yacht,
a $10 million mansion and a $3 million 34-carat diamond pinky ring! Apparently in 2006, he started making friends
in Hollywood. And with those friends came the partying. He basically withdrew from making music and
focused on partying with his friends at his mansion! In his estimation, at one point, he blew through
30 million dollars in a 6 month span! However, the good news is, today Scott Storch
is back in the studio and he’s back on his feet making music. 8 – DMX
In 2016, DMX filed for bankruptcy for not the first, or for the second, but for the
third time since 2009! He owed creditors over $2 million dollars
and filed for Chapter 13 bankruptcy as an attempt to save his New York home. This is a guy who’s had FIVE number 1 albums! So how did he get so broke? Well, he has 15 kids with nine different women. That’s definitely a big part to why he’s
had financial issues despite being probably the hottest rapper in the late 90’s. And then there’s all the crazy legal issues
he’s had for all the crazy things he’s done. The craziest story has to be when he pretended
that he was a Federal agent and tried to carjack someone! DMX filed for bankruptcy first in 2009, and
again in 2013. In 2016, DMX filed for bankruptcy again. He claimed that he had no assets at all except
for his house. And he had absolutely no money in his bank
account. He also claimed that he doesn’t own stakes
in copyrights or trademarks for any of his music. Finally, in 2018, the IRS came for the $2.29
million he owed them. He ended up spending a year in jail for tax
evasion. 7 – Fat Joe
Did you guys know that Fat Joe has released 10 albums? What’s more surprising, he has 10 albums
or that he’s on this list? His first run-in with the taxman was back
in 2010. He only owed around $105,000 to the state
of New Jersey and he was able to pay it back. But by 2012, things had gotten a lot worse! Despite earning over $3 million in 2007 and
2008, Fat Joe decided not to pay the more than $700,000 dollars he owed in taxes! He had faced the possibility of two years
in prison. But before he was sentenced, he had paid off
some of the bill and he also did a lot of charity work. The judge took all this into account so he
only gave four months to Fat Joe. But he only served 3 months back in 2013. You would have thought he learned his lesson,
but in 2016 he found himself owing taxes again! This time he owed $1.1 million. In a 2019 interview, Joe said he finally learned
from his mistakes. He basically advised young rappers to not
waste millions on jewelry and private planes! 6 – Xzibit
Do you guys remember Xzibit from “Pimp My Ride”? People probably now remember him better for
being the host of pimp my ride more than his rap career! Xzibit actually had one platinum and two gold
albums! Back in 2009, he owed almost a million dollars
to the IRS. Somehow, he blamed his financial problems
on the fact that Pimp My Ride got canceled. Okay, let’s be real here, the real problem
for him was spending more money than he made! In 2007, he earned almost half a million from
the show. But after the show was canceled in 2007, his
income plummeted to only around 67 and a half thousand dollars in 2008! Of course, he couldn’t pull back on his
lifestyle. By 2009, his 7,650-square-foot mansion was
facing foreclosure. He also didn’t even own a car! He had a lease on a Range Rover that cost
around twenty two dollars a month! By 2010, he found himself $1.4 million in
debt. C’mon, everybody knew that Pimp My Ride
couldn’t last forever! All this sounds like the reason why athletes
go broke! Find out the REAL reasons athletes go broke
by clicking here! 5 – Nas
Nas has had a long and successful career, but as a good of a rapper as he is, it doesn’t
mean he’s great in finance. In 2009, his ex-wife Kelis filed for divorce. His terrible financial situation came to light
while settling on the child support amount. Nas claimed he owed his manager $700,000 and
the IRS millions. But he was still required to pay over $50
thousand dollars a month in child support! Kelis wasn’t the only ex not getting paid,
either. The mother of Nas’s first daughter took him
to court in 2014 for owing back child support! But the worst was probably when he owed the
IRS almost six and a half million dollars in 2011! The government started to garnish his wages
because of that massive debt. And that’s probably the reason why in 2012,
Nas lost his Georgia home. He failed to make the mortgage payments and
the bank sold his house at auction. 4 – Young Buck
Musicians, unlike most people, don’t get regular paychecks with taxes withheld. They get their money with no taxes taken out. That can be a gift or a curse, depending on
who it is. And this is why entertainers in general get
in trouble with the IRS. And rapper Young Buck owed the IRS hundreds
of thousands of dollars in back taxes. His problem was even worse, because when he
got into money trouble, his rap career was basically over. In 2012, IRS Agents raided his house and took
basically everything of value from his house. That included his leather dining chairs, his
watches, his tattoo kit, and even his refrigerator with the food in it! Truth be told, the tax issue was probably
not completely Young Buck’s fault. There supposedly was some miscommunication
between his lawyer and business manager about who was supposed to pay the taxes. The IRS did have a heart and loaned back Young
Buck his refrigerator, along with a few other things. But taxes weren’t his only financial problems. Twenty-two creditors submitted claims totaling
$11.5 million dollars! He ended up having to file for bankruptcy. 3 – Birdman
And now we get to Birdman, co-founder of cash money records. Birdman is one of those people who has a heavy
spending habit, but he has an ability to quickly make more money and bounce back. He’s had various money issues over the years,
and his latest legal issue involves his huge multi-million dollar Miami mansion. Basically, he took out a 12 million dollar
loan for it, and he’s having trouble making payments. He went into default back in 2017 and he was
ordered to immediately give up his place in January of 2018. But that wasn’t the only property he had
to give up! He also had to give up his North Miami office
space which is where his recording studio is located! As of November 2019, the foreclosure is still
ongoing. All of his stuff in the house were confiscated
and put into storage once the bank reclaimed the house. However, that didn’t mean anything to Birdman! Out of all the things he could have taken
back from the house, he was accused of stealing back 4 collector Gucci bikes manufactured
by Gucci. Bank officials asked a judge for help in getting
the bikes back! 2 – Lil Kim
Before Nicky Minaj and Cardi, there was Lil’ Kim. She was the first female rap superstar. She’s been on song with legendary rappers
such as Biggie and Jay Z. And when she rapped on Diddy’s song, “It’s
all about the Benjamins”, she wasn’t lying! She loved spending it! Unfortunately for her, her career has fallen
off and her bank account as well. In 2018, she filed for bankruptcy. Besides being over $650,000 thousand dollars
behind on her house, she owed the IRS more than a million in back taxes! She claimed that she owed 4 million dollars
overall in 2018. She claimed that she was making about $18,000
a month. But she said that she had to budget $2,000
dollars for her staff, another $2,000 dollars for her wardrobe, and $10,000 dollars for
travel. Are those actually necessary expenses? What do you think?! 1 – Hammer
Pretty much everyone knows that Hammer went broke. But he’s still one of the prime examples
of rappers going broke! Hammer’s album Please Hammer, Don’t Hurt
‘Em, which came out in 1990, is still THE best-selling hip-hop album of all time with
over 18 million copies sold. Forbes estimated Hammer’s net worth back then
to be around $33 million dollars. But just six years later, he filed for bankruptcy
in one of the most famous celebrity financial disasters of all time! First, there was the $30 million dollar mansion. Then there was possibly the most epic entourage
ever. Hammer employed 200 people on his payroll,
which cost him around $500,000 every month! However, he told Oprah that it even gotten
to quote “a million dollars a month at times.” When he filed for bankruptcy, he said he had
several hundred creditors! However, in 2011 he told Oprah that even if
he could, he wouldn’t go back and change anything. He believes in the butterfly effect, and that
if things had been different, he wouldn’t have his kids or the peace he has now. Watch this next video to find out about the
real reasons why athletes go broke!