If money could talk, the bills that go through the hands of celebrities would have many stories to tell. In theory, once you reach a certain level of wealth, people assume that cash becomes a minimal tool and that gold and platinum credit cards take over. Unfortunately, this could not be farthest from the truth. Young black celebrities actually carry more cash for diverse reasons. Those reasons are exactly why finance professionals would prefer the aforementioned card usage was the norm. You have to understand that most people operate under the assumption that if they can see it, they have to spend it. I have heard countless people mention that carrying a large amount of cash leads them to spend it frivolously. This is exactly why celebrities have business managers or financial advisers, not only to manage the money, but also to channel it productively. Unfortunately, the dreaded calls for a “cash request” cannot be avoided.
The most obvious reason for a cash request is the need to flaunt it. We have all witnessed it: a few thousands worth in $1 bills thrown up in the air. It happens in the clubs from the balcony of the VIP area, in the strip clubs where every self-respecting rapper venture to “make it rain”, or even in videos. As is the case with the jewelry, this display of one’s liquidity is meant to express elevated status and a carefree attitude towards money. If you can afford to throw it away, you must have much more stored away, right? I always chuckle when I witness this and wonder what would happen if Bill Gates decided to challenge one of those rappers to a “raining” contest. Truth is, he wouldn’t and I do not blame him. I just think that if one wants to give away a lump sum of $25,000 to impress others and garner publicity, another tasteless but productive alternative would be to make a donation to a charity and tip off the press. At least it creates the same amount of publicity AND a tax deduction. But who am I fooling? Is it not all about street-credibility?
Cash requests are also made to support questionable purchases that even jaded business managers will disapprove. I can only speculate that providers of “party favors” do not take checks or credit cards. Even if they did, it would be hard to classify such an expense. Entertainment expense, maybe? Or research? The same goes for prostitutes and/or escorts. The list goes on and on. For those expenses relating to a person’s unmentionable activities, cash provides a welcomed anonymity during the transaction. In all fairness, these are things a client would rather not discuss with a business manager and vice-versa. After all, it is their money and we are all entitled to some privacy. It only really reveals itself as a problem when unreasonable sums are requested. Rumors were floating around concerning a certain celebrity’s $100,000-a-week need for cash. We all know that it was not for a church collection plate and the real issue eventually came out in the press. And who can forget about the infamous “client number 9”? Ask my fellow New Yorkers.
The most obvious reason for a cash request is the need to flaunt it. We have all witnessed it: a few thousands worth in $1 bills thrown up in the air. It happens in the clubs from the balcony of the VIP area, in the strip clubs where every self-respecting rapper venture to “make it rain”, or even in videos. As is the case with the jewelry, this display of one’s liquidity is meant to express elevated status and a carefree attitude towards money. If you can afford to throw it away, you must have much more stored away, right? I always chuckle when I witness this and wonder what would happen if Bill Gates decided to challenge one of those rappers to a “raining” contest. Truth is, he wouldn’t and I do not blame him. I just think that if one wants to give away a lump sum of $25,000 to impress others and garner publicity, another tasteless but productive alternative would be to make a donation to a charity and tip off the press. At least it creates the same amount of publicity AND a tax deduction. But who am I fooling? Is it not all about street-credibility?
Cash requests are also made to support questionable purchases that even jaded business managers will disapprove. I can only speculate that providers of “party favors” do not take checks or credit cards. Even if they did, it would be hard to classify such an expense. Entertainment expense, maybe? Or research? The same goes for prostitutes and/or escorts. The list goes on and on. For those expenses relating to a person’s unmentionable activities, cash provides a welcomed anonymity during the transaction. In all fairness, these are things a client would rather not discuss with a business manager and vice-versa. After all, it is their money and we are all entitled to some privacy. It only really reveals itself as a problem when unreasonable sums are requested. Rumors were floating around concerning a certain celebrity’s $100,000-a-week need for cash. We all know that it was not for a church collection plate and the real issue eventually came out in the press. And who can forget about the infamous “client number 9”? Ask my fellow New Yorkers.
To be continued...
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