Young Buck Bankrupt
Read this has made me realize more then ever that the game is definitively one of exploitation. I will never sit here and say that money doesn’t change thing in your life, however there need to be people around you that know what to do with the money that your making in order for you to have longevity in and out of the game. They prey on those with out the knowledge.
Young Smoove X’n Out the Competition.
Young Buck is sadly about to make the transition from living as a free man to an incarcerated inmate for the next 3 years. A firearm was found in his home during a raid by the IRS which lead to him having to serve his upcoming prison term. However, it was Buck’s financial issues that lead to the IRS raiding his home. During a recent interview with XXL, Buck detailed exactly what lead to him becoming bankrupt and falling on hard times.
“I mean, you know, once I started receiving finances the way that we were receiving money at the time of being amongst G-Unit, I came in the situation where I came from nothing. So I was coming in the situation where my mother was literally still living in the projects while I was on TV, BET, selling records and I just come from a real terrible situation. So once I received some type of money, I just did what anybody would probably do that got successful.
“I don’t fault myself for the spending done, because the spending I done, I done what every man that becomes successful I think should do; the first thing that I did was get my mother out of those projects. I went and got my mother a house, I bought my mother a car, and started to work on myself after I got my family situated, you know.
“I definitely wanted my family to experience nice things, so that’s exactly what I done man. I put my mother in a home; I bought her nice things. I put myself in a home—I have 4 children, so my thing is outside of myself, I have four children and three different baby mothers, so even in the midst of that, I just had a lot of things that was done with the money that I was receiving that was useful and the righteous things that you would do with making money. So I don’t fault myself and say, “I didn’t spend my money right or I did this and that”, I think that at times I did do some reckless spending, but that’s apart of being young, growing up and learning and everything else.
“For the most part the problem comes in as that I’ve never filed my own taxes in my career. I’ve never had no knowledge of even what paying taxes was. I come from the streets and I sold drugs throughout my life, so it was always a thing where our money was always accessible. When you start dealing with banks and things of that nature, that was something that was brand new for me, so when I got this money, I went out and done all these things not knowing that once you make a half a million dollars it’s really 250 ’cause Uncle Sam gets the other half. So when I went and spent all these different things, getting my life and my family’s life together, it did come—Uncle Sam swinging back around saying “where’s mine?” and I didn’t have no knowledge of it and that’s when I bumped my head and that’s when my first experience of the whole tax situation became an issue.”