I have to say, I have always tried to post with integrity and fairness. In commenting about P-Diddy's purchase of the expensive car I equated it with the possibility of not instilling values that are solid. That may be the case but it also may be to the contrary. I wanted to balance my previous blog with fairness because it does seem that black celebs are being slammed nowadays and I don't want to join in. Sean has accomplished a lot in his young life and I look forward to greater things from him. At this point, I want him to take a greater pivot. I would like to see what he is doing for his artists in a way that ensures their financial viability no matter how short their careers. I know that he may be doing the right things for his kids to make sure they are taken care but he has to run a ethical company or after he leaves it will be consumed by wolves. I know that we have a lot of successful black talent out there today but I am a historian and we always have blips of great success but we need organization that don't decline with the second generation. From Motown, to Essence, to Ebony we have seen declining empires with second generation families. The main dominate force in black entertain today is Oprah Winfrey who has no rightful heir. I don't know if she has looked at the Milton Hershey model, who created a foundation with his orphanage as beneficiary, but it may be a good start. I do wish you would adopt several female kids and set up a network to build strong viable and powerful women. She has the money to be like the Kennedy's and put this women in powerful political and social positions with Winfrey at the end of their names.
Peace Out
FFOTBS
Saturday, October 2, 2010
Wednesday, February 3, 2010
A $300,000 Car for a 16 Year Old Kid? WTF
Dear Frugal fans,
Again I have heard the unbelievable. I try not to judge too harshly and I think Puff Daddy, P-ditty,
Sean P is a talented person and shrewd entrepreneur but he just purchased a $300,000 car for his son's sixteenth birthday. Come on. Like Chris Rock said, "He is rich but he ain't wealthy." "Rick James was rich...." Aside from the comment of where is a 16 year old going to drive his ride outside of Beverly Hills without being Jacked discussion, what about the principles of money management a teenager is missing. Is he setting his son up for sustainability for the future. It would have been much better to put that in a trust or annuity available at age 55. Could you imagine how much he would have? This would ensure that if he blew his money and Puffy's that his son would be ensured a poverty free retirement.
I will give P-ditty a challenge if he thinks his business model is so strong. Walk away from it for a year without contact. Make no business decisions and connections to new talent. If the business sustains it self then great you have done your job as a father. Why this experiment? Because this is exactly what will happen if he expired today.
Now look at Warren Buffet who we know is wealthy. He has set up his children so that they will not be able to blow their inheritance. He has picked a successor to his position. More than that he has lead a frugal life and set a great role model so well that his grandson is modeling himself after his strategy. He lives in a modest home but enjoys life and his job. From my research, he has never purchased a $300,000 vehicle for anyone or does he own said vehicle.
Now for the everyday folk like me, who had hard working frugal parents who had Warren Buffet tendencies just not the money,I tip my hat. These parents delayed wants and satisfied our needs. I remember a time when everyone on my block wore pleather not leather jackets and the arguments were about whose pleather looked real or fake. I remember knowing exactly what we were getting for Christmas because my mom had layed it away months ago, but I still acted exited on Christmas morning. I also remember that most teenagers first cars needed paint jobs or interior work, but you drove it as is. There was no conversation with your parents about getting a job during the year to fix it up because school came first. I was never embarrassed and neither were my friends because if and only if you were lucky to have a car everyone had old cars or a new Yugo, Horizon,Chevette which might as well been close to junk cars.
I do wish the musical artists would at least take a few history courses on Black music. They would soon find that Louis Armstrong was a better business man than they. He was getting 3 cents per record sold in his day. If I am wrong from my information, I think the artists still get 3 cents. They could learn from Mahalia Jackson who demanded her payment for concerts before she went onstage and had several million left when she passed.
Sorry, I have to go. Starting to babble.
Peace Out,
Frugal Frank OTBS
Again I have heard the unbelievable. I try not to judge too harshly and I think Puff Daddy, P-ditty,
Sean P is a talented person and shrewd entrepreneur but he just purchased a $300,000 car for his son's sixteenth birthday. Come on. Like Chris Rock said, "He is rich but he ain't wealthy." "Rick James was rich...." Aside from the comment of where is a 16 year old going to drive his ride outside of Beverly Hills without being Jacked discussion, what about the principles of money management a teenager is missing. Is he setting his son up for sustainability for the future. It would have been much better to put that in a trust or annuity available at age 55. Could you imagine how much he would have? This would ensure that if he blew his money and Puffy's that his son would be ensured a poverty free retirement.
I will give P-ditty a challenge if he thinks his business model is so strong. Walk away from it for a year without contact. Make no business decisions and connections to new talent. If the business sustains it self then great you have done your job as a father. Why this experiment? Because this is exactly what will happen if he expired today.
Now look at Warren Buffet who we know is wealthy. He has set up his children so that they will not be able to blow their inheritance. He has picked a successor to his position. More than that he has lead a frugal life and set a great role model so well that his grandson is modeling himself after his strategy. He lives in a modest home but enjoys life and his job. From my research, he has never purchased a $300,000 vehicle for anyone or does he own said vehicle.
Now for the everyday folk like me, who had hard working frugal parents who had Warren Buffet tendencies just not the money,I tip my hat. These parents delayed wants and satisfied our needs. I remember a time when everyone on my block wore pleather not leather jackets and the arguments were about whose pleather looked real or fake. I remember knowing exactly what we were getting for Christmas because my mom had layed it away months ago, but I still acted exited on Christmas morning. I also remember that most teenagers first cars needed paint jobs or interior work, but you drove it as is. There was no conversation with your parents about getting a job during the year to fix it up because school came first. I was never embarrassed and neither were my friends because if and only if you were lucky to have a car everyone had old cars or a new Yugo, Horizon,Chevette which might as well been close to junk cars.
I do wish the musical artists would at least take a few history courses on Black music. They would soon find that Louis Armstrong was a better business man than they. He was getting 3 cents per record sold in his day. If I am wrong from my information, I think the artists still get 3 cents. They could learn from Mahalia Jackson who demanded her payment for concerts before she went onstage and had several million left when she passed.
Sorry, I have to go. Starting to babble.
Peace Out,
Frugal Frank OTBS
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