txlaw said:

Would you like me to post my registration numbers for my Series 7 and 66 licenses, or my ID number for my Texas Life and Health insurance license? LOL.

I said I doubt that u were the VP of a wealth management firm. You have not shown me any indication of this.

I highly doubt you have anything to do with law - at least, real estate and/or collection statutes - or you'd never say there's a lot of reasons for people to not pay taxes, especially on valuable property. If you had any experience with the law at all, you'd know that non-payment of property taxes can and will lead to a tax sale of the property. Or, if you're lucky, your tax debt will get sold to a private entity that will be more interested in charging you 18% interest than foreclosing on your property.

There's only one reason to not pay your property taxes timely, and that's because you dispute the assessed value. But every taxing authority has a period in which you can protest the assessed value. If you protest it within that period, there is no collection action taken while the protest works its way through the system.

But if you missed the deadline for contesting the assessed value, you are out of luck. No property owner has the right to unilaterally contest a property's value AFTER THE DEADLINE. And since the county has posted Prince's taxes as delinquent, that can only mean that Prince did NOT file a timely protest.

Again, if you had any experience with real estate law at all, you'd know this. Therefore, I'm calling you on YOUR ID.

LOL.



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[Edited 4/25/10 9:23am]

He owes some money but there is no proof that he is in dept. If he released a vault box set right now he would be fine.

If he released a vault box set right now he would be fine.

2freaky4church1 said:

It just dawned on me that if he decided to do a vault release, it probably would be another box set.

No - most of Prince's videos suck



Juuuuust kiddin'. Settle down there, jeez.

This is a good time to reiterate my position. And thanks to Nikademus and babynoz for the kind words!

I'm not saying Prince is broke. I don't know if he's broke. It's unlikely he is, as I've stated before, because Prince has said and done things that are indicative of financial sophistication. And yes txlaw, I know what that is.

But, it is a possibility. Prince has gone through a boatload of cash before - twice, apparently. And who knows how bad the downturn of 2007 - present has hurt his investments?

In the tax case, I've given a couple other reasons why he hasn't paid. The most likely of those is that whomever handles/handled his affairs screwed up.


But for the Croke Park case, it's indisputable that Prince was paid a lot of money, and that Prince and only Prince cancelled the gig. And Prince kept the money. And then promised to pay it back. And then broke that promise. And then got hammered in court.

That still doesn't mean he's broke. It could mean he's a thief (which I highly, highly HIGHLY doubt is the case). It could mean there's some extenuating circumstance that he decided not to assert as a defense at the trial. It could mean that whomever was managing Prince's money robbed him blind and blew Prince's whole stash. I wouldn't blame Prince for being loathe to admit that.

But what I am saying with all due forcefulness is that there is NO logical financial reason for ANYONE to purposefully incur penalties, interest, attorney's fees and other costs when a debt is indisputably owed.

Some of you think there's a magical island where Prince can make more than enough money to offset any of those costs but let me assure you - there isn't.

You guys can take shots at me all you want, but I know for a stone cold fact that no one with a lick of financial sense purposefully incurs these kinds of costs.

And certainly no one that depends in large part on their public perception for their livelihood.

" was the Vice President for the second-largest wealth management firm in the US for several years and dealt with ultra-high net-worth families including billionaires, I'd say that yeah - I do have a clue. Better than you do, no doubt about it. "

Then what is with your comments about "off-shore accounts" How come you don't seem aware of them or the time that the super wealthy spend trying to get out of paying their taxes by disputing them which P has done before concerning his property taxes.

I think because the key word in your respone is (was the VP) of a wealth management firm.

In addtion, I think P likes money and I doubt he backed out of this show for kicks and grins he does not have a history of canceling concerts so I am under the impression that he had a reason for not doing the show perhaps it could be heatlh related or just personal at any rate it is not any business of ours and I don't think the money he has to pay back he is going to send him to the poor house and your wealth managment skills should give you a clue about that.
[Edited 4/24/10 19:01pm]

I think P likes money and I doubt he backed out of this show for kicks and grins he does not have a history of canceling concerts

RodeoSchro said:

I'm glad you clarified your position. Please do'nt think that I am making a personal attack on you. You made a statement regarding your credentials, and I chose to disagree. That's all. On the org, we shouldn't take what people say personally. After all, I don't know you and you don't know me.

I think of Youtube as the 'new MTV'.It can be a valuable marketing tool for artists.

SoulAlive said:

and really, that's what's important. it isn't that you're going to get paid much (or anything) by having videos on youtube. if anyone was looking to make money on the royalty paid by MTV or VH1 or BET - because they don't/didn't - then they were a fool. it's a promotional tool to get the *audience* to buy your stuff.

Instead of fighting against youtube, he could have used it to his advantage. Prince's youtube video hits would have been in the tens of millions by now, imagine if he had put an itunes link underneath all those videos featured. Imagine if he had his vault available on itunes and had made performance videos for them and put those on youtube. He would be making a killing and probably wouldn't be in the debt he is in now....and if he was it would be as bad as it is now. At least he would be profiting from his work...instead of getting all his bootlegs ripped and downloaded from people like me. I think his. "mine mine mine....you cant have it" attitude has bitten him in the ass and he's too stubborn to admit it. He fought like hell for years to keep people from getting to his precious unreleased songs, and for what? Sorry P..we got em anyway... and what does he have to show for it...he's still in debt and his bottlegs are still being ripped for free, and I still have access to all his videos. I dont think he really thought his moves out thoroughly as far as potential internet sales go.

This is a good time to reiterate my position. And thanks to Nikademus and babynoz for the kind words!

I'm not saying Prince is broke. I don't know if he's broke. It's unlikely he is, as I've stated before, because Prince has said and done things that are indicative of financial sophistication. And yes txlaw, I know what that is.

But, it is a possibility. Prince has gone through a boatload of cash before - twice, apparently. And who knows how bad the downturn of 2007 - present has hurt his investments?

In the tax case, I've given a couple other reasons why he hasn't paid. The most likely of those is that whomever handles/handled his affairs screwed up.

But for the Croke Park case, it's indisputable that Prince was paid a lot of money, and that Prince and only Prince cancelled the gig. And Prince kept the money. And then promised to pay it back. And then broke that promise. And then got hammered in court.

That still doesn't mean he's broke. It could mean he's a thief (which I highly, highly HIGHLY doubt is the case). It could mean there's some extenuating circumstance that he decided not to assert as a defense at the trial. It could mean that whomever was managing Prince's money robbed him blind and blew Prince's whole stash. I wouldn't blame Prince for being loathe to admit that.

But what I am saying with all due forcefulness is that there is NO logical financial reason for ANYONE to purposefully incur penalties, interest, attorney's fees and other costs when a debt is indisputably owed.

Some of you think there's a magical island where Prince can make more than enough money to offset any of those costs but let me assure you - there isn't.

You guys can take shots at me all you want, but I know for a stone cold fact that no one with a lick of financial sense purposefully incurs these kinds of costs.

And certainly no one that depends in large part on their public perception for their livelihood.

Gangstaglam said:

.....

laurarichardson said:

Sorry, I missed your response. Considering it's depth though, I can't be blamed for spending my time in the deep end of the pool.

You've been watching too many movies. The super-wealthy don't spend any time trying to evade taxes. That's illegal. They also - believe it or not - don't spend much time trying to avoid them, either (which IS legal). Why, you ask? Well, I am very glad to give you a wealth-building primer. I'll keep it as short as possible.

Albert Einstein said, "The most powerful thing ever created by man is compounding interest". He was right, and the wealthy know this.

The wealthy spend their time trying to maximize return rather than minimize taxes because of that compounding effect. Open Microsoft Excel and make a few runs with a net worth of $10,000,000 and see which grows faster - a portfolio that increases its return by 20% or one that reduces its taxes by 20%. I'll save you the time - over 25 years, the one with the 20% higher income will earn 21% more than the other portfolio. In the example above, that 21% represents 7 million more dollars.

Do you understand now why wealthy people focus first on return, rather than taxes?

This is the kind of financial sophistication that I get paid a lot of money to impart. (Just because I'm not still working for that company doesn't mean I don't still manage wealth and advise ultra-wealthy families. Maybe next time you'll consider all possibilities before attempting what you think is a biting comment.)

Now, do wealthy people try to reduce taxes? Of course! But as I'm sure you know, the IRS tax code runs over 20,000 pages. Do you know why it's so long?

To address the tax dodges you seem to think all the wealthy people always use! D'oh!

If you had the experience I have in wealth management, you'd know that there are HUNDREDS of cases where the IRS has struck down one tax dodge after another. You think you have a better mousetrap, and know how to beat the IRS? GOOD. FREAKING. LUCK. WITH. THAT.

Now, on the very slight chance that you could find someone with a large net worth that would listen to your tax dodge schemes, let me tell you their response:

"GET OUT OF MY OFFICE AND GET OUT RIGHT NOW OR I WILL HAVE YOU DRAWN AND QUARTERED!" Here is why they would throw you out on your ear:

When the IRS disallows a tax dodge, they go back to the year in which the proper amount of taxes should have been paid, and then assess penalties and interest from that point. You probably don't know this - but the wealthy people I deal with DO - but the IRS isn't going to find your tax dodge real fast, and then it's going to take a few years to work its way through the courts.

So what happens when your tax dodge is disallowed? You don't just owe the tax. With all the penalties, interest and fees that have accumulated, you probably owe 2 or 3 times the original amount.

Don't believe me? See if you can find people that experienced the real estate law changes in 1986. Trust me, you'll get an earful.

So in conclusion, ultra-wealthy people know that:

1. It's more beneficial to increase return rather than decrease the tax rate; and
2. The cost of a disallowed tax dodge is incredibly high.

Therefore, the ultra-wealthy could not care less about your risky tax-dodge schemes.

Also, if I were you, I'd put on a hardhat because when certain people read the sentence of yours that I'm about to post, the poo-poo is going to be flying your way in a LARGE way:

laurarichardson said:




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[Edited 4/25/10 14:58pm]

Nikademus said:

Truth!

Furthermore, as one of the more level headed and discerning individals on this site, he does not deserve to have aspersions cast on him personally for simply offering his un-biased analysis of a news item.

Instead of fighting against youtube, he could have used it to his advantage. Prince's youtube video hits would have been in the tens of millions by now, imagine if he had put an itunes link underneath all those videos featured. Imagine if he had his vault available on itunes and had made performance videos for them and put those on youtube. He would be making a killing and probably wouldn't be in the debt he is in now....and if he was it would be as bad as it is now. At least he would be profiting from his work...instead of getting all his bootlegs ripped and downloaded from people like me. I think his. "mine mine mine....you cant have it" attitude has bitten him in the ass and he's too stubborn to admit it. He fought like hell for years to keep people from getting to his precious unreleased songs, and for what? Sorry P..we got em anyway... and what does he have to show for it...he's still in debt and his bottlegs are still being ripped for free, and I still have access to all his videos. I dont think he really thought his moves out thoroughly as far as potential internet sales go.

The thing is that Prince could have done these things, but he would have had the same assholes running it, lets face it, he can put together a great band, but HE SUCKS ASS as a businessman and running the shop and making people do their friggin jobs. Which is why he is a Musician and not a businessman. So you may ask why can Jay Z and Diddy do it an not mr.Prince, Well one reason is they arent musicians, and there bread and butter and the only thing they make money on is clothing and their clubs and stores, Prince is from a different age, when that bullshit didnt matter, which is why he couldnt make a club work or a fashion line.

There is NO WAY Prince could have handled the volume of sales that would have generated from dvds and cds unavailable. Shit they fucked up Crystal Ball and Lotus T Shirts and you want them to handle the volume of distribution that Pearl Jam was doing when they sold every concert. The only way PRINCE could have made this work was with a label and someone like that behind him, Pearl Jam had SOny, because despite all there complaints they NEEDED someone to manage that volume, you think Eddie Vedder is going to sit in a room and box 73 concerts for a 100,000 fans.

So as fans sure WE wanted these things for ourselves and it seems like 1+1 logic to do it, but from a business end, he aint a businessman, plain and simple.

babynoz said:

-----
It does not mean that this person knows anything about P's situation and refuses to read my statement about P disputing the property taxes before and winning. He has not paid them before due to dispute. This person acts like this never happens in life and that is a little ridiculous.

You can have book smarts and still have a reading comprehension problem.

laurarichardson said:

None of us do. But disagreement doesn't always have to rise to the level of personal insult.

Anyway, my apologies to the OP for going off topic.

Regarding youtube, I do not think that Prince having his own channel would generate significant revenue to offset the debt that's been reported.

laurarichardson said:

None of us do. But disagreement doesn't always have to rise to the level of personal insult.

Anyway, my apologies to the OP for going off topic.

Regarding youtube, I do not think that Prince having his own channel would generate significant revenue to offset the debt that's been reported.