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Cam'ron Claims He Went From Investing $120K In His Sports Show To Receiving A Multi-Million-Dollar Deal

Doing things on one’s own terms often pays off. In February 2023, Cam’ron launched the podcast “It Is What It Is.” While on a panel at Black Enterprise’s 2024 Disruptor Summit in May, the rapper recalled brainstorming the vision for his sports talk show and investing in himself. “All the sports shows to me were pretty much the same… So what I did was, I said I’m gonna invest $250,000 into this project,” Cam’ron told the outlet. “And I said, what I’m gonna do is I’mma build a professional setting and put on a suit, but talk how we talk to each other when it comes to basketball.” @blackenterprise From arguing with friends to a $20 million deal! Cam’ron breaks down the journey of his podcast and how it all started with a passion for sports and a $120k investment. #PodcastGoals #SuccessStory #Camron #ItIsWhatItIs ♬ original sound – BlackEnterprise Although Cam’ron chose $250,000 as the cap number for his investment, he shared that he only spent around $120,000. Plus, the show started to...

Jun 14, 2024

Yo Gotti Didn't Know He Had To Pay Property Taxes On Houses He Paid Cash For — 'They Didn't Teach Me That In School'

Yo Gotti did not pay his property taxes for years due to a lack of information. During an interview with podcast “Earn Your Leisure,” the rapper revealed he was unaware he had to pay back taxes to the government. He viewed taxes as a celebration as he recalled the gifts he would receive from his mother around tax season. He didn’t know these gifts were likely coming because she had received a tax refund. “I grew up thinking, when you heard of taxes, my mama and ’em got tax money. That’s when we got new Jordans. We got new outfits… It was a celebration when it was tax time,” he said. “We was waiting on tax time. It was better than Christmas. So, I didn’t know… even in my early stages of getting money, I didn’t know we had to pay. I didn’t know because of a lack of information; they didn’t teach me that in school.” Lack of financial literacy carried over into how Yo Gotti did business too. As an investor in real estate early on, he purchased 10 to 15 homes with cash. However, he...

Jun 12, 2024

Fact Check: Is The IRS Really Giving An $8700 Stimulus Check?

At the top of their X profile, the official @IRSnews account has pinned a tweet advising Americans to be cautious while filing their annual return . “There are many different kinds of social media content,” they wrote, “including tons of misleading tax advice that can put you at risk.” Now, more than ever, it’s crucial to be diligent amid the endless scams and near-constant flow of fake news online. Currently, the rumored IRS $8700 stimulus check has people asking questions. Here’s everything we know about the situation so far: What Are Stimulus Checks? After a bumpy few years navigating the “new normal” following the COVID-19 pandemic , Americans have become familiar with stimulus checks. The idea behind them is to generate economic activity during times of strife. Thanks to bonuses from the government, consumers have more to spend without the stress of going into debt or dipping into savings. In March 2020, then-POTUS Donald Trump signed the Coronavirus Aid, Relief, and Economic...

Jun 10, 2024

NBA Player Kyrie Irving Signs His Father As The First Signature Athlete To His ANTA Shoe Line

Kyrie Irving is creating wealth for his father, who has a basketball background through his time at Boston University and in a professional league in Australia. Industry sources confirmed to Shams Charania, senior NBA Insider for The Athletic, that Irving will be signing his father, Drederick, to an endorsement deal with ANTA, a China-based sportswear brand. This also means his father will receive his own signature shoe, marking a first for a professional athlete to provide. Drederick Irving’s shoes are projected to debut as early as September 2024 across Foot Locker stores, a source mentions. Kyrie Irving’s connection to ANTA is the result of the company signing him to a deal in 2023 after he was dropped from his 11-year endorsement dea l with Nike. Per the outlet, he is ANTA’s chief creative officer as well and has the ability to sign collaborators and endorsers. View this post on Instagram A post shared by Shams Charania (@shamsnba) This is not the first time that an NBA player...

Jun 5, 2024

At Age 16, Serena Williams Learned To Manage 'Huge Checks' From A Puma Deal On Her Own, ‘Empowered’ By Her Father

Serena Williams learned money management early on in her teens. Thanks to her father, Richard, Serena has received a wealth of knowledge to apply to the business landscape. In fact, during an interview on Bloomberg Originals’ “The Deal” podcast, hosted by Alex Rodriguez and Jason Kelly, she recalls receiving substantial checks from companies including Puma. Per Andscape, Serena had reportedly received $13 million over a five-year period with the apparel brand. What’s more, the task of managing those earnings fell entirely on her. “Literally, my first checks from whether it was Puma, like I got these huge checks. [My dad], he’s like, you figure it out. We had to figure it out,” Serena said on the podcast. “I’m literally living at his house in the bedroom next to Venus. I was 16 and he’s like, you know, most parents, you know, they take your money. They take something. But you know, he’s like, ‘You figure it out.’ And so I remember having to figure that out and having to learn how to...

Jun 4, 2024

When Stephen A. Smith Signed A $1.3M Contract To Receive His Own ESPN Show, He Retired His Late Mother

Stephen A. Smith’s proudest moment was retiring his late mother. For the host of ESPN’s “First Take,” he has kept his mother in high regards due to her sacrifices raising him with a father he describes as “negligent.” In 2005, Smith was able to reward his mother when he signed a $1.3 million annual contract with ESPN to receive his own show, called “Quite Frankly,” he revealed on the “Hotboxin’ With Mike Tyson” podcast. At the time, his mother had retired as a registered nurse working at Queens General Hospital in New York, NY, but she took on work at the Police Athletic League (PAL) to fund her yearly vacations because she did not have additional earnings outsides of her pension and savings. “My proudest moment to this day was that I drove straight home, and I put it in my book straight shooter, I drove straight from Manhattan to Queens, New York. I walked right in that PAL and I grabbed her by the arm and I said ‘Let’s go,'” Smith expressed on the podcast. “I looked at her boss,...

May 23, 2024

50 Cent Is Considering Taking Beam Suntory Legal Woes To Congress After Alleging The Company Cost Him $6M

Curtis “50 Cent” Jackson is prepared to take his woes with Suntory Global Spirits to Congress if both parties are not able to come to a mutual agreement soon. According to HipHop DX, the rapper-turned-businessman used his Instagram account to address the company’s decision to change its name from Beam Suntory to Suntory Global Spirits without taking accountability for its alleged wrongdoing toward him and Sire Spirits. “Changing the company name from Beam Suntory to @SuntoryGlobalSpirits without correcting what was done to my brands @bransoncognac and @lecheminduroi doesn’t fix the problem and lacks honor,” 50 Cent said. “ I attempted to resolve the matter, not once, but twice. Now the legal process will play out publicly for everyone to see what really happened and how @SuntoryGlobalSpirits would rather spend millions to protect and conceal criminal conduct instead of doing the right thing.”   View this post on Instagram   A post shared by 50 Cent (@50cent) As previously reported...

May 22, 2024

Dwyane Wade Shares How Long It Took Him To Learn How To Manage His NBA Earnings As Someone Who 'Never Really Handled More Than $500 At A Time'

Money management can be a learning curve for many athletes, and this was the case for Dwyane Wade. Wade was drafted to the league in 2003, which is viewed as “one of the greatest draft classes in NBA history,” the league mentions. LeBron James, Carmelo Anthony, and Chris Bosh were also drafted that year. Wade would make his debut with the Miami Heat as the No. 5 overall draft pick, Sports Illustrated reports. He then signed a three-year contract valued at $8.5 million, to The Palm Beach Post. For Wade, being drafted to the league allowed him to overcome the odds that were stacked against him living in the South Side of Chicago, where he would hear gun shots frequently. At one point, he was being raised by his mother who struggled with addiction and would leave him at home for periods of time, according to Business Insider. When he was 9 he eventually moved to a new neighborhood to be with his father, who had divorced his mother. “[My father] was militant,” Wade shared during an...

May 17, 2024

Chris Paul Was Offered $100K By His Agent When Going To The NBA, But Here's Why His Parents Insisted That He Should Accept $25K

When Chris Paul was drafted to the league he turned down a substantial amount of money. The NBA player had been drafted in 2005 as the No. 4 draft pick by the New Orleans Hornets, Fox News reports. He was just 19 years old at the time. During an interview with Forbes, Paul mentioned he had just $151 in his bank account as a college student at Wake Forest University in Winston-Salem, NC, when he entered the league. One of his earliest actions was to bring on board a financial advisor, which ultimately resulted in him receiving an upfront offer of $100,000. However, his parents interceded, leading Paul to accept nearly a quarter of the initial offer. “My financial advisor who we hired, they said they would send me $100,000 and my parents said, ‘No that’s too much,'” he told Forbes. During an appearance on “The Shop,” he elaborated further stating, “Y ou know what happened? I was at Wake in Winston. I went to the bank right up the street just so I could see what the statement looked...

May 17, 2024

College Basketball Athlete Great Osobor Transfers To Washington With A Reported $2M In NIL Agreements Already Set

Promising opportunities are on the way for college athlete Great Osobor. ESPN reports Osobor, the Mountain West Conference Player of the Year, has settled on the University of Washington after entering the NCAA transfer portal. The forward previously played for Utah State University and had already expressed interest in moving to Washington after Utah coach Danny Sprinkle was hired on as the school’s newest coach, according to Fox Sports. “I would like to thank God for putting me in this position,” Osobor said, according to ESPN. “Washington will allow me to maximize my potential as a player in my final year of college basketball. Coach [Danny] Sprinkle has been with me every step of the way since I came from England, and I cannot wait to help the Huskies get back to the NCAA tournament.” Osobor’s move also signals a great precedence in the age of name, image, and likeness (NIL) deals. The outlet notes he has agreements, such as marketing assurances, in place that will set his NIL...

May 14, 2024

Michael Rainey Jr. Shares A Piece Of Financial Advice That He Learned From His Mentor 50 Cent

For almost a decade, Michael Rainey Jr. has been a staple in 50 Cent’s TV reign on Showtime. Following the release of “Power,” the actor went on to star in its spinoff, “Power Book II: Ghost.” As the series is in its fourth and final season, Rainey has recounted his journey of being a part of the successful TV franchise. During an interview on Forbes’ “New Money” podcast, he spoke about how 50 Cent has not only been a mentor to him but also a father figure. Working closely alongside the business mogul and fellow co-stars of the “Power” franchise such as Omari Hardwick and Joseph Sikora, Rainey shared that it served as a time for learning critical skills including how to handle his money responsibly. “I’m still young, so I’m still learning how to manage my money, but I really just take advice from people that are around me,” Rainey said. “Being on ‘Power’ not only changed my life career-wise, but just being on that show, being on set with everybody every day, just being around those...

May 14, 2024

Black Homeowners In Detroit, MI, Have Gained Nearly $3B In Home Value, Report Says

A new report has shown celebratory news for Detroit, MI. “The Growth of Housing Wealth in Detroit and its Neighborhoods: 2014-2022,” a study by the University of Michigan Poverty Solutions, has been released showing that Black homeowners in Detroit have “gained $2.8 billion in home value,” per a news release.   View this post on Instagram   A post shared by City of Detroit (@cityofdetroit) Beginning in 2014, the study was conducted after Detroit’s municipal bankruptcy. In July 2013, Detroit became “the largest U.S. city to file for bankruptcy,” per AP News. The news release details that the study had a goal of finding out if the city’s housing values had seen growth across those nine years, and if these improvements had been fairly distributed across Detroit neighborhoods and racial/ethnic groups. With an 94% overall increase in home value, and 80% increase for Black homeowners specifically, since the study started, Detroit Mayor Mike Duggan credits residents stabilizing...

Apr 22, 2024

Birdman Says He Still Maintains Full Ownership Of His Masters — 'I Never Allowed None Of The Labels To Own Anything'

Cash Money Records Founder Birdman experienced several losses by the age of 16, and he was determined to steer clear of any losses in the music business. Birdman, born Bryan Christopher Williams, started the label in 1991 alongside his brother Ronald “Slim” Williams, according to BET. They were able to gain traction and had the support of independent distributors such as Gonzales Music and SouthWest Distribution, XXL Magazine reports. Building popularity in the South, the label caught the attention of Universal Records and signed a deal with the company on May 10, 1997, per a Max Volume Media interview Birdman gave. He later discussed the deal during an interview on the “Wilde Ride!” podcast, revealing that he was looking to retain ownership of his music due to his upbringing. “I felt like I lost everything already. I lost my family,” he explained on the podcast. “Nothing can repay me for what I already lost. I lost my mama, my daddy, my brother, my sister… I lived a hell of a life...

Apr 19, 2024

Richelieu Dennis’ Sundial Media Group, Which Is Home To Essence, Afropunk, And More, Acquires Refinery29

Sundial Media Group is adding another media conglomerate to its portfolio. According to a news release shared with AFROTECH™, Richelieu Dennis’ Sundial Media Group (SMG) has officially acquired Refinery29 (R29), a creative digital media and entertainment platform focusing on multigenerational women. The company previously belonged to the Vice Media umbrella. “We’re very excited about the expansive ecosystem we’re building at Sundial Media Group. R29 is an incredible brand with a phenomenal team that will play an important role in reimagining how media serves the need for connection, culture, and commerce in these distinct, but complementary communities of the New General Market,” said Dennis in a press statement. In addition to the acquisition, it has also been announced that Cory Haik will serve as R29 CEO and the company will operate as a standalone business within SMG. “We’ve been admiring the work of this R29 team for a while, and we’re excited to see what they will now do...

Apr 19, 2024

Here's Why Dame Dash's Ownership In Roc-A-Fella Could Be Up For Grabs Within 6 Months

Damon Dash’s shares in record label Roc-A-Fella Records may soon be no more. According to a report by Rolling Stone, despite his estranged relationship with fellow Roc-A-Fella owners — music mogul Shawn “Jay-Z” Carter and Kareem “Biggs” Burke — all have remained connected to the label on paper. However, this could all change soon. The latest development in ownership occurred in February 2024 when “a New York judge ordered Roc-A-Fella Inc. to deliver Dash’s company shares to the US Marshals to satisfy a $823,000 judgment from movie producer Josh Webber and Muddy Water Films.” The judgement was the result of a 2019 lawsuit against Dash led by Webber and the production company, accusing him of defamation and copyright infringement related to the movie, “Dear Frank,” according to Rolling Stone. Dash had been fired as its director and allegedly attempted to sell the movie on his own under a new title, “The List.” Manhattan lawyer Richard Roth of The Roth Law Firm stated that the most...

Apr 10, 2024