Two Money Lessons from T-Pain’s Interview with The Breakfast Club
- T-Pain bought a brand new Bugatti that he had to sell back to the dealership less than five months later.
- The "Buy You a Drink" singer/rapper admits to making bad business and financial choices.
- T-Pain discussed being so far down financially, even after fame, that he had to borrow money to buy his kids Burger King.
Grammy-award-winning artist T-Pain sat down with The Breakfast Club to talk money, family, music, and much more. From working with Lil Wayne to Chris Brown to DJ Khaled, T-Pain has been one of the hottest to be featured on a song.
His interview shed light on doing features for free to now being more focused on family and doing things he truly enjoys versus chasing money.
Check out these two important financial lessons to take away from his interview.
Lesson #1: Cars Depreciate
T-Pain purchased a brand new Bugatti for $1.2M. However, after causing a hole in the radiator, he found out that the fix would cost him $90,000. Finally realizing that his funds were dwindling, T-Pain had to sell his Bugatti back to the dealership only five months after purchasing it. The buyback price was $800,000, a 33% drop from the original price. "As soon as I drove it off the lot, it probably dropped to that," said T-Pain.
Recommended Read: A New Car Loses Its Greatest Value in Year One
Lesson #2: Bad Money Habits and Investments
According to T-Pain, he once had as much as $40M in his bank account. However, his finances took a turn for the worst after not monitoring his own funds and making bad investments that he didn't take the time to vet.
"I had to borrow money to get my kids Burger King."
– T-Pain
He admitted to not paying attention to his own money, even after his accountant warned him that he was going broke. "I thought if I didn't have access to my own accounts, I wouldn't have to look at it. Bad business choices." As a result, his bank account went from $40M to zero.
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Video credit: The Breakfast Club