Suze Orman the famous financial advisor told everybody the truth about the housing market. She told her viewers “don’t buy a house unless you have an extra $1000.00 laying around every month in case something breaks in the house. It’s not a good idea if you don’t have extra money laying around for repairs.” Suze was right! The housing market is busted because millions of Americans were sold on the idea they could afford a house. Mortgage brokers and loan officers lied to them but Susan Orman didn’t.
Like Suze Orman, I’m not going to lie to you about the music industry. Don’t believe the hype, and don’t believe what you see on MTV or VH1. Just as Americans listened to the hype “own your home, don’t pay rent”, instead of Suze Orman, people looked at their rent and mortgage prices and said, the money I spend on rent I could use buy my own house. True, but what they did not factor in was an economic recession where milk is almost $5.00/gl, gas is $4.00/gl, college tuition is through the rough and power bills are hitting record breaking highs. All this spells people who cannot afford their homes and brings us to record foreclosures and today’s real estate market.
What does this have to do with music? Indie artists as well as music lovers and buyers are falling prey to the some of the same bad advice. Don’t believe the hype. When you see P. Diddy all over the place, please understand he is in a financial rut in terms of music. He makes all his money from his clothing line Sean Jean. Russell Simmons sold his share of Island Def Jam. He and his ex Kimora make all their money from their clothing lines. Jay Z and Damon Dash sold Roca Fella records, they even sold Roca Wear for around $204 million dollars cash. This is a bad economy and music is at the bottom. Why? People can find free music online with ease. They cannot find free gas.
I’m not trying to deter you from getting into music, but you need to know the truth (especially young teenagers). Make sure you have alternative income in addition to your music. JayZ, Diddy, Damon Dash, Nelly (Apple Bottom), and Russell Simmons did, they had clothing lines. What do you have? Be smart as well as creative.
Till next time,
By Jamille Luney
Music Analyst
Filed under: Just My Opinion | Tagged: Apple Bottom, don't believe the hype, don't believe the hype about the music industry, housing market and music industry busting, housing market busting, Indie artists be smart, Indie artists need jobs, Island Def Jam, Jamille Luney, Jamille Luney Music Analyst, music industry busting, music industry is busted just like housing industry, Nelly, record foreclosures, Roca Fella Records, Sean John, susan orman, Suze Orman
interesting view! thanks for the tips! i learn a lot! continue doing it! gosbless!!
-sidney-