24-year-old Jamaican-American rapper Sean Kingston is famous for the hit songs “Beautiful Girls” and “Eenie Meenie” with pop star Justin Bieber. Kingston, who was born in Miami, Florida, but spent a few of his formative years in Jamaica, the island of his mother’s birth, toured extensively with a number of pop and rap artists, earning several hundred thousand dollars in concert fees.
In 2011, Kingston’s career was derailed after a terrible jet ski accident on Miami Beach’s Palm Island left him hospitalized with broken bones, water in the lungs and a heart attack. This month, he is facing financial trouble, as his Bentley was repossessed in Los Angels, due to allegedly owing back payments. Kingston insists he made the payments.
In 2012, Kingston left the $25,000 per month mansion he rented on Miami Beach, Florida. He was sued by his landlord for $21,397 for damaging the property (sprinklers, lawn lights and railings ect) and for $2,400 in back rent. Kingston shared the home with his mother. Kingston also spent money on girlfriends, which is a bad idea. If you’re not married to the person or are supporting your children, why are you giving women money. So many male stars make this mistake, spending large sums of money on women who are only having sex with them due to their money and fame. The minute the money and or fame is gone, so are the women.
Kingston has made the mistake many entertainers and athletes do, which the Judiciary Report has warned about in articles for years, they believe the money will always be coming in and fail to save for a rainy day and spend within their means. Just because you make $500,000 one year, doesn’t mean you will make that amount or greater next year.
Sean Kingston and Justin Bieber
More often than not, entertainers and athletes usually make less money as time goes by. Not everyone is going to be making big money like Justin Bieber or Floyd Mayweather. Injury, illness, tragedy or legal troubles can strike anyone at anytime. Be financially wise and prudent with your money from day one.
For the $25,000 per month Kingston rented the mansion on Miami Beach for, he could have bought a condo somewhere else on Miami Beach and owned it outright. However, many entertainers and athletes get their first few checks and spend too much of the money without proper financial planning.
There’s nothing wrong with starting small. Get a small starter home or condo with payments you can comfortably afford. Do not rent, as that’s money you’ll never see again. Go to the bank and get a loan and make the payments on time every month. Then, if and when the money truly starts rolling in to the point you can afford a bigger property, sell or rent out the smaller home and buy a bigger one that you CAN AFFORD.
Start a small, smart business that’s your own and carefully watch your investment. You need something to fall back on. Don’t waste your money living the high life for a couple years, spending money on women and their whims, then have nothing to show for it.