Memphis Bleek – Bankruptcy Breakdown – Financial Advisor Reacts

Financial Advisor Jayson Thornton, CFP — REACTS — to the Bankruptcy of Roc-A-Fella Records Icon Memphis Bleek

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Episode Summary

In this episode of *Bankruptcy Breakdown*, certified financial planner Jason Thornton analyzes the 2016 Chapter 13 bankruptcy filing of Roc-A-Fella Records legend Memphis Bleek. Despite his close ties to billionaire Jay-Z and a career of hit records, Bleek’s financial records reveal the dangers of being “upside down” on assets and lacking a diversified investment portfolio. JT uses this case study to emphasize the importance of the 50/30/20 budget and his Seven Money Rules to help viewers avoid similar financial pitfalls.

Timestamps

00:00 Introduction: Memphis Bleek Bankruptcy Breakdown
00:34 The Roc-A-Fella Legacy and Memphis Bleek’s Hits
02:48 Jay-Z’s Famous Bar: “Bleek is one hit away”
03:41 The Debate: Dinner with Jay-Z or $500,000?
06:12 Why Memphis Bleek Filed for Bankruptcy in 2016
07:18 Chapter 7 vs. Chapter 13 Bankruptcy Explained
09:03 Analyzing Income: Touring vs. Music Royalties
11:27 The Illusion of Celebrity Wealth
11:57 Monthly Expenses and Living Paycheck to Paycheck
13:16 Assets: Appreciating vs. Depreciating
14:47 The Missing Investments: $0 in Stocks and Bonds
17:04 The Debt Breakdown: Being “Upside Down” on Homes and Cars
19:56 Tax Debt and Unsecured Liabilities
20:49 The 50/30/20 Budget Solution
22:37 Life After Bankruptcy: Memphis Bleek’s Rebound
23:21 The Seven Pocket Watcher Money Rules
24:32 How to Ask JT and Suggested Celebrities

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*DISCLAIMER*
Financial Coaching during show is NOT personal investment advice, No CFP-Client relationship is established by watching the show or submitting a question.

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