Cash 1 Blog
Celebrity Bankruptcies: Harem Pants and Hammer
Being wealthy does not necessarily mean you are good with money. We at CASH 1 were just talking not long ago about how we could do a whole series of stories about people who had lost fortunes. The subjects were as diverse as this great country we live in, and most of the individual stories were very interesting. Turns out not everyone loses money for the same reasons. So we came up with what we think is a pretty good idea: a whole series of stories about people who have lost fortunes. Every now and then we’ll profile a different person who was once very wealthy, but then found themselves not very wealthy. We’re not doing this to make light of the misfortunes of others, but to show you that unexpected financial difficulties can happen to anyone. Literally anyone.
For our first profile, we’re going to tell you the story of a nice guy who rocketed to fame and fortune, but almost as quickly rocketed out of it again. His name is Stanly Kirk Burrell. You might know him better by his stage name: MC Hammer.
Between the years of 1990 and 1993, Hammer was the most popular recording artist in the United States, and arguably the most popular on the planet. His fame rivaled that of Michael Jackson or Elvis, and he was often compared to either of them in terms of popularity. He rose from a life of poverty in Oakland, California to an existence of non-stop parties, a huge entourage, first class travel, and building an extravagant mansion which he barely spent any time in. If you’re familiar with his story, then those are the details you’ve already heard.
What you might not have known is that he bought houses for his family, including extended family members, gave money to people he barely knew – sometimes up to several hundred thousand dollars – and paid for his entourage to go everywhere with him, staying in the finest hotels, and hosting some of the most lavish parties. His entourage included friends who had known him since childhood. He never went anywhere alone, and he never let anyone pay for anything.
As popular as he became for being a hip-hop artist, his generosity was equally legendary. He rarely made loans, preferring to give his money away, and never once kept track of his expenditures. Unfortunately, this also included a lot of high-limit credit cards that were simply handed to him because his net worth was well known.
Hammer spent, and spent, and spent. He also gave. Unlike many people who let fame and fortune turn them into reclusive or unpleasant people, Burrell liked being generous, liked making people smile, liked helping people out.
You know where this story ends, even if you’re not familiar with who MC Hammer is. Eventually his generosity caught up with him, the creditors came to collect, Hammer discovered his bank accounts were mostly empty and his records were not selling as well as they had been.
Today, Hammer lives in Oakland, is not bitter about his experiences, and continues to pursue a career in hip-hop.
CASH 1 would like to remind you that even the nicest and most generous people can find themselves in difficult financial circumstances. If this sounds like you, come take a look at the loan services we have to offer and see if a Nevada title loans or Nevada payday loans are right for you.
Joseph Priebe takes pride in assisting audiences with his articles to help them make sound financial decisions.
With over ten years of experience writing financial content his goal at CASH 1 has always been creating engaging and easy-to-digest information for anyone searching for immediate or long-term monetary solutions.
When Joseph is not writing about personal finance, you can find him photographing the Southwest United States with his 4x5 Graflex Crown Graphic camera. He is based in Phoenix, Arizona.