From my previous post, I decided to look into what else could be causing Kanye to go into debt. Here are the top 5 investments that could have been done at a lower cost:
- Kim’s Engagement Ring – Kanye popped the question back in Oct. 2013. According to E! News, celebrity jewelry designer, Michael O’Connor and Lorraine Schwartz estimate the ring cost around $2 to $3 million.
2. Kim’s Surprise Birthday Party – Kanye threw Kim a surprise party renting out a movie theater, Cinépolis Luxury Cinemas to see Steve Jobs. It was a pregnant birthday party where many people pretended to also be pregnant. The theater is known as the best luxury cinemas in California. This party was estimated to be than $5,000.
Being a celebrity you can spend whatever you want, but you can always bring it down a notch and save money. Ever think of that Kanye?
This next investment shocked me.
3. Kanye’s Hair Cuts – Kanye is very particular about his hair, maybe a little too particular. Kanye gets it cut every day but it doesn’t come at a low cost like what most people would pay for. Rhianna’s father, Ronald Fenty, was on tour with Kanye back in 2010 says in an interview that Kanye spends $500 every day to get his haircut. If he does that every day he is spending around $182,500 a year on just hair cuts! What is there to cut after a day?
4. Yeezy Clothing Line – From my last post you can see that Yeezy clothing line is not going too well. As it is seen and known to look like a homeless person’s clothing line and yet Kanye still keeps investing. The clothing line has put him $16 million in debt since last year.
5. Fashion Show – Just a few weeks ago Kanye held a fashion show in Madison Square Garden for his clothing line. It is reported that Kanye spent close to $2 million.
How about changing your habits Kanye? Clearly, you need to stop spending money like it’s nothing.
Kanye’s debt began to escalate when he started his clothing line, Yeezy. It hasn’t done well in the apparel market and many consumers believe it’s the worst clothing line ever. Not to mention the fact that it is extremely overpriced. Some of his clothing prices reach upwards of $1,500. That’s outrageous! Whatever cost that much, better put me on the Red Carpet or make me famous just wearing the clothing itself.
His clothing line has been in the developmental process for over 15 years and now has put him into a multi-million dollar debt situation. That’s a lot more debt than most, but since his clothing line isn’t attracting those high-end shoppers it was targeting, it isn’t pulling in the profit he was hoping.
In a recent social media rant by Kanye West, he went on about being some $53 million in debt. Recently, a fan set up a “Go Fund Me” page for Kanye to get out of debt. Go Fund Me is a website where people can contribute to others in large or small increments of payments, this source is known as crowdfunding. If there is anyone in the world that needs a Go Fund Me Page, it isn’t Kanye. Given the fact that he is married to a Kardashian, no one should have pity on him or Kim. Let the Kardashian’s bail him out.
The clothing isn’t flashy either, many are claiming it looks like an outfit homeless people are able to put together.
Ellen Degeneres makes the point that other people would greatly appreciate someone setting up a Go Fund Me page. I know I would. It just seems ridiculous to do that for a celebrity and really wonder why people would spend their own money and give it to celebrities like they aren’t making enough already.
Thankfully, Kanye will not be accepting the money from the Go Fund Me page. It will go to a non-profit organization called Notes for Notes. This organization provides musical equipment to young children and allows them to book studio time to encourage their love of music and to become the next great musicians of the future. The charity will receive around $7,000, and those who contributed money thinking it would be going to Kanye will get a full refund if they aren’t interested in contributing to today’s young musicians.
I’ll support children working towards and achieve their goals and dreams, but not Kanye’s. Who will you fund?