News: "I Made My First Million When I Was 20 & Was Too Scared To Touch It" [Video]
Monday, Jan 10, 2011 11:20AM
G-Unit's Lloyd Banks recently discussed his financial precautions and how he strives to avoid incurring tax debts.
According to Banks, he learned from the example set by rap star 50 Cent on how to exercise spending discipline at the start of his career.
"I think every artist, you make mistakes when you come into the game," Banks said in an interview. "I made my first million dollars when I was 20-years-old and I was too scared to touch it. I eat humble pie every morning so I really didn't have the temptation to go out there and live beyond my means. And being around someone like 50 [Cent] made it easier because if you see him shine then I'm shining right next to him. I was smart enough to know that. We're from the hood. If that's 50 car and I'm in it, who are they to know. That's our car. Or if we pull up to the awards in the Phantom, that's our Phantom." (Hip Hop Wired)
Last August, the home of former G-Unit member Young Buck was raided by IRS agents.
David Darnell Brown, who performs under the stage name Young Buck, filed for protection under Chapter 13 of the bankruptcy code earlier this month. The filing came soon after IRS personnel carried out an early-morning raid on Brown's lakeside home in Hendersonville, seizing much of his personal property. The bankruptcy petition came to light Monday after Nashville's U.S. District Court lifted the seal it had placed on court filings related to the August 3 seizure. The Chapter 13 process, designed to allow individuals to restructure their debts, automatically halts efforts by any creditor -- even the IRS -- to collect on debts owed by the person who files. Creditors can ask the bankruptcy court to lift the stay against them on certain grounds, allowing them to move against the debtor. The tax authority claims Brown owes it about $305,000 for taxes due between 2006 and 2008, including penalties, interest and collection costs. (Nashville Scene)
Following the raid, current Unit member Tony Yayo offered his thoughts on Buck's money woes and other artists' inability to watch their finances.
"I feel sorry for the guy," Yayo said about Buck's financial woes. "It's tough times right now. They had plaques up there, they had plaques up there [at the auction.] I'm talking about the record label plaques. Yeah, they had everything up there. They said Omarion got a $100,000 [in tax debt]. I think it's about having the right people in your corner. One thing about G-Unit label, we always had accountants to take care of taxes. That's one thing I can say about 50 Cent, he taught us a lot. With the tax thing, I learned everything I know from having accountants on the G-Unit staff...50 does give you talks about your money and the right thing you should do with your money. And he keeps it real about it. Instead of buying a new car or chains, he might say to invest in something. That's the smartest thing to do for anybody to do in this industry...That's one thing Buck did have, 50 did guide us the right way. If you spend a $100,000 in a matter of weeks, of course a guy with intelligence that's your boss is gonna call you and say, 'Yo, you're spending a lot more money than I am and I have way more money than you.' I think that's what the issue comes down to..." (Shade 45)
Aside from finances, Banks' Hunger For More 2 album debuted on the sales chart late last year.
G-Unit member Lloyd Banks' Hunger For More 2 debuted on the chart this week finding a spot at No. 26. After seven days in stores, the "Punch Line King's" newest solo effort managed to sell 44,500 records. (SOHH Sales Wrap)
Check out Lloyd Banks' interview down below: