According to the newspaper, the architect of New Jack Swing owes $1 million to several creditors and is hoping money from the sale of his Future Records Recording Studio will satisfy the bill. But that's not likely to happen.
The one-story building was considered state-of-the-art when Riley purchased it for $3 million in 1991, but the equipment is now thought to be out of date. The house was reportedly assessed at only $460,000. Click here to read full article.
Ensure you don't fall on hard financial times by doing the following:
- Spend less than you earn.
- Live below your means.
- Don't get caught in the hype; Fame don't equal Fortune.
- Save at least 10% of your income in an interest bearing account.
- Create multiple streams of revenue.
- Create passive/residual income.
- Hire a competent accountant or C.P.A.
- Make money online.
- Pick up the pennies
- Read "Creating Wealth Section" in the Music Industry Connection Books
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