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IN-HOUSE COUNSEL: Spending Your Artist Advance

bob_celestin

As an entertainment attorney for over 15 years, I’ve had the chance to

work with and represent major recording artists especially with respect to the

negotiation of their recording

agreements.  In any recording agreement,

the record company will usually pay the recording artist an “advance,” that is, a sum of money that

is ostensibly supposed to be utilized by the Artist to “live on” while

recording their album.  Unfortunately, some artists spend their advance

unwisely.  The following are 10 things

you should not spend your artist advance on (in no particular order).

1) THE MERCEDES BENZ / BMW / CADILLAC CAR DEALERSHIP:

You’ve worked

hard to get that record deal and you

deserve to treat yourself but you

don’t need to get that brand new

Benz, Caddy or BMW first time out.  Get a

pre-owned Benz, Caddy or BMW that

has reasonable monthly payments. Why get the brand new 2007 whip?  A lease may be the way to go since you can

probably write the expense off and trade the car in when your album goes

double-platinum. However, if you’re

still living with your mom, I suggest you get an apartment first (see #5) and

cab it for a while.2) GETTING “ICY”:

As Kanye says,

“avoid the ‘conflict’ diamonds” and stay away from the jewelry store until

you’ve sold at least one million records  (at

which point, everyone will be giving you free jewelry!)  Also, avoid diamond encrusted “grillz” and

make an appointment with your dentist first! 

BAD BREATH CAN BE A CAREER KILLER! 

3) “POPPIN’ BOTTLES” WITH YOUR WHOLE CREW EVERY DAMN

WEEKEND:

Spending TWO

HUNDRED AND FIFTY ($250.00) DOLLARS on a bottle of anything at a club is just plain retarded.  Better to buy your crew a round at the bar. 

Your wallet won’t leave the club with a “hangover.”

4) GOING TO THE STRIP CLUB EVERY WEEKEND:

Not only are you

spending money buying drinks but you’re also paying for lapdances and still

going home alone!!  Can you spell

“T-R-I-C-K”??

5)  BUYING A HOUSE:

Usually a good

idea but not with your first advance unless record labels were in a bidding war

to sign you and you got a million dollar advance!!  In that

case, move to Atlanta

and buy a crib.  Matter

of fact, buy two!!  Otherwise, get a nice

apartment in a neighborhood that’s

on the come up!

 

6) BUYING CLOTHES & JEWELRY FOR WOMEN OTHER THAN

YOUR GIRL:

You got a record

deal and an advance – you haven’t

sold a record yet!  Look out for mama and

your kids (if you got’em) but avoid the groupies and golddiggers ‘cause it

can’t possibly be that good!!7) BUYING CLOTHES AND JEWELRY FOR YOUR “MAN” EVEN THOUGH

HE HAS 5 BABY MOMMAS:

Bet Britney

wishes she read this before dealing with K. Fed: Can you spell “P-I-M-P”??  Girl, it can’t possibly be that good!!

8) GOING ON A SHOPPING SPREE

EVERY WEEK:

It’s a fantasy

of most to be able to walk into the priciest store in the city and drop money

like it means nothing.  An occasional shoe,

bag, jacket purchase is cool but blowing $20k in one store in one day when you

don’t even have an album out yet is retarded!!

          9) PAYING EVERYTHING FOR YOUR WHOLE CREW:

Being down with

the crew is a good thing but don’t take it to extremes.  It’s not your job to hire everybody in your

crew or to pay their rent, buy diapers for their kids, etc.  Tell them to either keep their day job or to

get one!!  This is not “Entourage” and

you are definitely NOT Vince!!

10) BUYING WEED OR ANY ILLEGAL MIND-ALTERING DRUGS:Unless you have

glaucoma or you’re a Rasta, it’s not a good look.

  

 

 

 

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