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Spending Your Artist Advance
As an entertainment attorney for over 20 years, I’ve had the chance to work with and represent major recording artists especially with respect to the negotiation of their recording agreements. In any recording agreement, the record company will usually pay the recording artist an “advance”, that is, a sum of money that is ostensibly supposed to be utilized by the Artist to “live on” while recording their album. Unfortunately, some artists spend their advance unwisely. The following are 10 things you should not spend your artist advance on (in no particular order).
- THE MERCEDES BENZ / BMW / CADILLAC CAR DEALERSHIP:
You’ve worked hard to get that record deal and you deserve to treat yourself but you don’t need to get that brand new Benz, Caddy or BMW first time out. Get a pre-owned Benz, Caddy or BMW that has reasonable monthly payments. Why get the brand new 2009 whip? A lease may be the way to go since you can probably write the expense off and trade the car in when your album goes double-platinum. However, if you’re still living with your mom, I suggest you get an apartment first (see #5) and cab it for a while - GETTING “ICY”:
As Kanye says, “avoid the “conflict” diamonds” and stay away from the jewelry store until you’ve sold at least one million records (at which point, everyone will be giving you free jewelry!) Also, avoid diamond encrusted “grillz” and make an appointment with your dentist first! BAD BREATH CAN BE A CAREER KILLER! - “POPPIN’ BOTTLES” WITH YOUR WHOLE CREW EVERY DAMN WEEKEND:
Spending TWO HUNDRED AND FIFTY ($250.00) DOLLARS on a bottle of anything at a club is just plain retarded. Better to buy your crew a round at the bar. Your wallet won’t leave the club with a “hangover.” - GOING TO THE STRIP CLUB EVERY DAMN WEEKEND:
Not only are you spending money buying drinks but you’re also paying for lapdances and still going home alone!! Can you spell “T-R-I-C-K”?? - BUYING A HOUSE:
Usually a good idea but not with your first advance unless record labels were in a bidding war to sign you and you got a million dollar advance!! In that case, move to Atlanta and buy a crib. Matter of fact, buy two!! Otherwise, get a nice apartment in a neighborhood that’s on the come up! - BUYING CLOTHES & JEWELRY FOR WOMEN OTHER THAN YOUR GIRL:
You got a record deal and an advance – you haven’t sold a record yet! Look out for mama and your kids (if you got’em) but avoid the groupies and golddiggers ‘cause it can’t possibly be that good!! - BUYING CLOTHES AND JEWELRY FOR YOUR “MAN” EVEN THOUGH HE HAS 5 BABY MOMMAS:
Bet Britney wishes she read this before dealing with K. Fed: Can you spell “P-I-M-P”?? Girl, it can’t possibly be that good!! - GOING ON A SHOPPING SPREE EVERY DAMN WEEK:
It’s a fantasy of most to be able to walk into the priciest store in the city and drop money like it means nothing. An occasional shoe, bag, jacket purchase is cool but blowing $20k in one store in one day when you don’t even have an album out yet is retarded!!
- PAYING EVERYTHING FOR YOUR WHOLE CREW:
Being down with the crew is a good thing but don’t take it to extremes. It’s not your job to hire everybody in your crew or to pay their rent, buy diapers for their kids, etc. Tell them to either keep their day job or to get one!! This is not “Entourage” and you are definitely NOT Vince!! - BUYING WEED OR ANY ILLEGAL MIND-ALTERING DRUGS:
Unless you have glaucoma or you’re a Rasta, it’s not a good look.
that shopping spree thing really got me. i think i needed that mbz one really bad. about to get it again! thanks you always keep it real and speak the truth!!!!!