I have some Debt Advice for Kanye West
However, anyone can follow these tips to help save themselves a few pound…
So Kanye has been quite vocal lately on Twitter regarding his finances. He has admitted to being $53 million in debt, I applaud him for admitting his debt worries as this is the first step to getting help.
First off, I would like to advise Kanye to not invest anymore money in ‘chasing his dreams’ until he pays off what he already owes.
Mark Zuckerberg and Larry Page should be cautious investing in any ideas Kanye has right now, especially to the tune of $1 billion dollars.
I understand there has been a Go Fund Me page set up to help Kanye clear his debt. While this is a lovely idea, it won’t help him in the long run take control of his finances and learn from his mistakes. However, if you do wish to donate, click here.
If Kanye follows these steps, he could find himself out of debt and back to chasing his dreams in no time.
- Concentrate on priority debts first. Priority debts are a bill that NEEDS to be paid such as rent/mortgage, water bill, gas, electricity etc. Kanye has posted ”I am personally rich and can buy furs and houses for my family”. I suggest he sell off as many of these houses as possible to raise funds and just stick with his main residence until he is back on his feet.
- Don’t buy ‘furs’ for the family, instead take advice from Macklemore and head to the thrift shop – He got a lovely coat for only 99¢ from his local thrift shop. I asked Macklemore for a comment on what it was about thrift shops that appealed to him and he said ”I look incredible, I’m in this big ass coat from that thrift shop down the road. One man’s trash, that’s another man’s come-up” He then started talking about a party he had recently been to and seen someone in a designer t-shirt ”I’m like, ‘Yo – that’s fifty dollars for a T-shirt.’ I call that getting tricked by a business”
Macklemore got himself a bargain coat.
- Make an income and expenditure. This will help him understand how much money he has coming in and going out. As he lives with his wife, Kim, her earnings would also be taking into account. So they need to list all income from album sales, personal appearances, magazine deals, sex tapes etc.
- Once you have made your income and expenditure, go through it and see if you can make any cut backs, such as furs and houses – maybe designer clothes while you work through your finances?
- When you are out and about, do you spend a lot of money on eating on the go? Such as fancy restaurants or nipping into Greggs for a sausage roll? It all adds up and it is much cheaper to make yourself a packed lunch.
- Cancel any subscriptions that you can do without until you are back on your feet, such as Tidal.
Just an idea Kanye, making your album available at many outlets you may earn a few more $$’s which may help your debt issue…
- Kanye is rumoured to own more than 8 cars but is he getting the best deal on his insurance? He could use my car insurance comparison tool to see if he could save any money. Kanye, click here…
- Is Kanye getting the best deal on his mobile phone contract? He appeared to run out of texts and had to tweet Mark Zuckerberg for a lend – I suggest he calls his mobile phone provider and see if they can offer him more texts and less internet.
- Haggle your TV subscription. Simply give your provider a call and tell them you can’t afford to keep the package you’re on or tell them you have found another provider willing to give you a better deal – they will reduce your bill for you, however it usually starts a new 12 month contract.
- Are you spending too much on your gas and electricity across all of your houses? Why not check out my comparison tool and find the best deal and it could reduce your bills by $600 a year! Find out more here…
- There a number of agencies here in the UK that can help anyone who is in debt, I’m sure they would make an exception for Kanye and give him some advice too. I have a list of debt agencies who could help him here…
- Remember Kanye, it’s helpful to have friends when you’re in this situation. Don’t alienate yourself…
Oh, too late…
- Perhaps a debt consolidation loan could help? If he uses a loan with a low APR, he may end up paying less in the long run. I’m not sure he would get a loan for $53 million but if he could, he could clear his debts and only be left with one easy to manage monthly payment. Find out more here…
- Or how about a 0% balance transfer on his credit card so he isn’t paying any interest? Or even a credit card which helps rebuild poor credit? Find out more here…
- Also, maybe change your beliefs because this is wrong…
I hope this reaches Kanye and helps him get back on his feet – World, please tweet, FaceTime, Facebook, instagram, whatever you gotta do to get this to Kanye…
Any tips you would give Kanye? Let me know over on my Facebook page, Ashleigh Money Saver
Hahaa, love this post so much! Some great advice that Kanye should take notice of!