Chief Keef
A number of celebrities in the music, film and
sports industries suffer from poor financial planning. It has been
happening for decades. When they get their first checks, they
indulge buying everything they ever wanted and many end up broke.
Stars often don't pace themselves and as a result end up making poor
financial choices, pardon the pun. This is why proper financial
guidance and planning are important, a topic the Judiciary Report
has repeatedly covered over the years.
Chief Keef (right) in the rented mansion he
faced eviction over in 2013
Troubled teenage rapper Chief Keef, 18, has been
evicted from the luxury apartment he was renting in Chicago,
Illinois, for non-payment of rent. Keef owes four months in rent
totaling $11,000. This marks the second time he has faced eviction
in the past two years. Keef also rented a mansion on the outskirts
of Chicago and stopped submitting rent, forcing legal proceedings
(Chief
Keef Arrest Warrant Cancelled New Court Date Set).
Three of Chief Keef's cars
This should not have happened. Keef was given a
record deal worth $6,000,000 with a multi-million dollar advance, to
be recouped against future earnings. He also did many shows, pulling
in over $1,000,000. He had an estimated $3,000,000 in cash on hand,
but his money has been mismanaged. Excessive spending by the rapper,
who purchased $1,000,000 in cars, rather than a home, was an
imprudent financial decision. Cars depreciate, whereas homes usually
appreciate in value.
