Militant said:

sro100 said:

London (ANI): Singer Prince, real name Prince Rogers Nelson, is said to owe almost 333,000 pounds in taxes after he failed to make payments. Prince, 51, and his PRN Music Corp. are said by officials in his hometown of Minneapolis, Minnesota to owe the amount in taxes, fines and interest relating to more than a dozen of his properties in the area, reports the Daily Express.

If "debt" is the wrong term forgive me..I didnt know what else to call it.

having bills is not the same as being insolent.

Gangstaglam said:

Debt means a person owes more than he's worth. Prine owing property taxes in NO way, shape or form means he's in debt. So your question is asking about 2 things that have NOTHING to do with one another. Prince is NOT in debt.

Your question should've been simply "Do you think Prince could have made money from YouTube?" to make sense.
[Edited 4/23/10 19:25pm]

OnlyNDaUsa said:

We all have bills...its the "delinquent" part that makes one come to the debt conclusion.

sro100 said:

debt (det)

noun

1. something owed by one person to another or others
2. an obligation or liability to pay or return something
3. the condition of owing to be in debt

No I think this was the appropriate word for this particular situation.

Gangstaglam said:

[Edited 4/23/10 19:41pm]
[Edited 4/23/10 19:41pm]

Okay so you believe that Prince didn't pay his taxes because he has no money. Or you believe that somehow profiting from YouTube would've stopped anyone asking for money. You're 100 percent right. You're just far too intelligent for everyone on here. You win. You're a genius.

sro100 said:

I believe neither. I made neither of those statements..you did.

I already stated earlier that Prince's publishing royalties will keep him wealthy...then I said he could have been profiting from youtube instead of fighting them...even if he sold 1,000 cd's from youtube exposure, that a extra thousand he didnt have before.

I love when people make up their own crazy statements, then put those crazy statements on others when they never said any of it.

Militant said:

I hope you're right. But as I'm sure you'll agree, the penalties and interest on unpaid taxes are high enough that mathematically, there's no financial justification for dragging them out.

And you have yet to explain why Prince would settle on an amount to pay for Croke Park, then reneg and get absolutely lambasted in court. Again, there's no financial justification for it, given the attorney's fees and post-judgement interest Prince is racking up.

Don't take anything for granted, money-wise. As former highly-paid NBA basketball player Patrick Ewing once said, "We make a lot of money, but we spend a lot of money, too".

Gangstaglam said:

No he couldn't. You don't understand how it works. Nobody profits from YouTube except Google (and its debatable whether they profit from it either). Twitter??!! You're kidding, right?

There is nothing to prove that getting millions of hits on youtube translates in to sales. Out of the millions of videos posted on youtube, there have been only a couple of people who have benefitted from it (Chris Brown being one example). Hence, your chances of being successful from relying on youtibe hits are lterally one in a few million.

Your comment that "it cost him millions" is ludicrous - actually, his work being on there for free is what is costing him. Also, you mention "we used to drive to Hollywood and pay for bootlegs 30 to 50 dollars a pop" as though that is relevant! The fact you were paying for BOOTLEGS means Prince wasn't earning out of it.

You need to think about this subject a bit more You are speculating on his debt, you are speculating on why he is paying his bills late and speculating on what youtube could do for him. In short, its a load of hot air.

RodeoSchro said:

The additional fee for the judgement was about $8000, if I remember correctly. What do you think the interest is on keeping 3 million dollars in the bank for a few months (remembering that Prince is unlikely to have his money in a "regular folk" account. It could be off-shore and very high interest). Its also why lots of companies and entities that owe large sums of money OFTEN hold back on payment for as long as they can.

Genesia said:

from no less than the incomparable Messrs. Merriam and Webster themselves:

1 : sin, trespass
2 : something owed : obligation
3 : a state of owing
4 : the common-law action for the recovery of money held to be due



yeah. Prince has debt. and a lot of it.
[Edited 4/24/10 7:47am]

errant said:

Doesn't mean anything when you have a huge income. Net worth is the important aspect. And Prince is highly unlikely to have a negative net worth.

Mindflux said:

oh, ok. totally with you. he's just a plain old deadbeat.

errant said:

Ok....what does that make you?!

LMAO, the moral of this thread is that you guys are the LAST people that I'd ever let manage my money.

"Don't pay your bills! Put your money in off-shore accounts! It doesn't matter how much you owe if you have income!"

LMFAO.

Mindflux said:

compared to you? sane.

bullshit

what debt ?

that is speculation on your part , no proof whatsoever


[Edited 4/24/10 9:48am]

RodeoSchro said:

Look, we don't really know what Prince does with all his money.

What if he puts 90% of it into high-interest saving accounts that he agrees not to touch for a certain period of time?

What if he'll lose a lot more than what he owes, if he pulls out money from that account before a certain time in the next few months? Then it makes sense to avoid paying until that time.

We don't know how Prince manages his money. But 1 thing is for sure - he has a lot of it, and anyone who thinks he can't afford to pay these taxes and judgements, is wrong.

You guys are tripping, it's like you want him to be broke. Prince will be just fine, it's y(our) own lives we have to worry about, times are hard. All the man has to do is tour, perform or appear to generate instant income if he didn't have any now. It's strictly an embarrassment and nothing more than that.

He has plenty of earning potential. A few million in bills is not too much of a problem. He could do a few shows here and there and make it and some left over.

Speaking from my own experience, the only time I ever did not pay a bill was because I did not have the money at the time to do it. And they were on my ass till I did pay.


In Princeland it works the opposite, I guess?



.
[Edited 4/24/10 11:12am]

RodeoSchro said:

-----
Could it be that he is disputing the property taxes? He mentioned disputing them before in a interview. I also don't see how YOUTUBE could save P since artist are not getting any money from YOUTUBE.

Gangstaglam said:

-----
What makes you think merely putting videos on YOUTUBE means people are going to run out and buy music? Music sales are at a all time low and millions of videos are on YOUTUBE. Receving royalties or some sort of fee from YOUTUBE would generate income and at this time that is not happening.

RodeoSchro said:

-----
Boy you really don't have a clue. Do you even realize how many of the super wealthy put their money in off-shore accounts? It is about wealth you are only insolvent if your debts are more than your income. Do you really thing P has no income coming in from royalties and investments?

speculation thread

laurarichardson said:

Wrong. Artists can partner with YouTube in a revenue sharing program.

I should know, because I got a royalty statement just last week, and part of it came from YouTube. Only a small part, mind you.

But someone like Prince could gain some good money from it, for sure.

RodeoSchro said:

Laugh away, cos nobody said any of that

"Don't pay your bills".....nope, it was a suggestion that people will hold on to money for a variety of reasons - to earn interest, to maintain cash-flow etc If you've ever worked in commercial finance or even an accounts department for a company, you would know this to be true.

"Put you money in off-shore accounts"....again, nobody said that should be done, but I think you'll find that many people with a lot of money do this, again because it earns them money due to tax-breaks.

"It doesn't matter how much you owe if you have income!"....another glaring error. It certainly matters if your debt outweighs your income! But, yet again, what you have paraphrased is misinterpreting what was actually said. This is such a basic principle that one has to wonder how you manage your own finances, never mind worrying about someone else's!
[Edited 4/24/10 12:25pm]

All I know is that he'd be MUCH more popular, and not a virtual unknown for the younger audiences...

PERIOD
[Edited 4/24/10 12:11pm]