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Kanye West could face financial crisis within months

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Kanye West could face financial crisis within months

Kanye West may very well be simply months away from monetary disaster, Web page Six is advised.

Because the rapper is dropped by companies and condemned by trade figures, sources say that whereas he has a big stash of money, he additionally has huge bills and may very well be in bother quickly if he doesn’t discover a approach to flip the tide.

Sources conversant in his funds say that West, 45, has 5 sources of revenue – and that 4 of them have been both fully shut down or badly compromised by his anti-Semitic outburst and assist for white supremacists.

We’re advised that in recent times, West has made cash from his huge Adidas deal, his Hole deal, his music catalogue, promoting new music and concert events.

Adidas — which is the actual engine for his huge wealth — already mentioned earlier this week that, after it ended its huge Yeezy sneaker take care of him, it will instantly halt funds.

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Kanye West
Insiders say West, who has been dropping enterprise offers, has a number of money within the financial institution, but additionally extraordinarily excessive bills.
GC Photographs

And sources say that it will likely be exhausting to combat that call, as a result of his threats towards Jews and the incident through which he performed porn to Adidas execs “imply they’ll play hardball,” in keeping with an insider.

The supply says that Hole, which ended its two-year-old take care of him in September, owes him some cash for the YEEZYxGAP merchandise it offered between the top of the deal and Tuesday, when it introduced that it was pulling his items from cabinets over the controversy.

Kanye West stands in front of a Yeezy logo
The overwhelming majority of West’s wealth comes from his take care of Adidas for his Yeezy line.
Jonathan Leibson

So far as concert events go — which needs to be the simplest cash a star like West could make, and a reliable supply of fast liquid money — the rapper was resulting from have a present at SoFi Stadium in Los Angeles on Nov. 4. It was canceled by the venue and he has no others booked, in keeping with insiders, who add that it’s unlikely venues will e-book him amid the scandals.

As for brand spanking new music, we’re advised West has an album within the can, however there’s no deal to distribute it at the moment. His take care of longtime label Def Jam resulted in 2021. An insider says that the document will nonetheless most likely present one thing of a lifeline, however that he’s unlikely to internet something like as a lot as he has for earlier albums.

Yeezy sneakers
Forbes estimates West has misplaced three quarters of his internet price after dropping his sneaker deal.
AP

“He’s a many-time Grammy winner and he has such a big following that his albums go platinum immediately,” mentioned the supply, including that its exhausting to consider that no person can be prepared to simply accept such a can’t-lose deal.

That leaves royalties, which internet him round $5 million a yr, in keeping with Billboard. “That’s about sufficient to pay his fuel invoice for his jet,” laughed an insider.

Final month, the music commerce reported that West’s crew examined the waters for promoting his catalogue for round $135 million, however didn’t seem to get any sturdy curiosity.

In the meantime, we’re advised he has “a number of money by anybody’s requirements,” however he additionally has a “excessive money burn price.”

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Kanye West
West, who has been carrying a cap suggesting he’ll run for president in 2024, has been spouting anti-Semitic hate.
Keith Griner / MEGA

West purchased a $57 million Malibu, Calif., house final yr and gutted it. It’s within the midst of being rebuilt just about from the bottom up. We’re advised the challenge is severely in danger due to his monetary troubles. He additionally has a slew of different houses, however we’re advised lots of them are mortgaged.

West, after all, has been in cash bother earlier than. Let’s not overlook that he revealed in 2016 that he was $54 million in private debt, which was reportedly resulting from his many makes an attempt to launch a trend line, in addition to his free-spending type.

What it boils right down to, says an insider, is that West’s opulent life-style relies on the Adidas deal and the remaining was gravy. However with the sneaker model heading for the hills, he’s out about three quarters of his internet price, in keeping with Forbes — a giant gap to plug.

So sources estimate that that although he has greater than $100 million within the financial institution, he most likely has sufficient within the financial institution to final a matter of “months.”

“It’s all about money movement and if slash when he can revive it,” mentioned a supply.

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A rep for West couldn’t be reached.

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I’m not financially literate. Here’s how I could be. – The Boston Globe

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I’m not financially literate. Here’s how I could be. – The Boston Globe

If you asked me what the process for setting up a Roth IRA looked like, I doubt I could offer you a thorough response. The same goes for mortgages and loans and interest. When I had to fill out my first W-9 form, I was admittedly more than a bit confused.

In short, financial literacy isn’t my forte. And that’s because, like many Massachusetts public school students, I’ve never had to take any sort of personal finance class.

Indeed, throughout the debates over eliminating MCAS as a graduation requirement for high schoolers, we heard quite a bit about the state’s educational gold standard. So is it not the least bit shameful, or at least embarrassing, that our state does not require high school students to take a financial literacy class when a majority of states do?

Absolutely. And it needs to change.

Twenty-six states, including Rhode Island, New Hampshire, and Connecticut, have passed legislation making a personal finance course mandatory for high school students. Meanwhile, Massachusetts received an “F” from the Champlain College Center for Financial Literacy, which released a report card in 2023 evaluating how each “state delivers personal finance education in its public high schools.” In addition, a 2023 report card(link?) from the American Public Education Foundation gave the state a “C” for its financial literacy requirements — a score worse than or equal to all but six states.

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Meanwhile, across the state, credit card and student loan debt have spiked to eye-popping levels. As of the second quarter of this year, the average Massachusetts resident had a credit card balance of $8,556 and $33,710.38 in student loan debt. The latter is particularly troubling for young people like myself. For the next four years, countless high school seniors throughout the Commonwealth will be attending college, paying tens of thousands of dollars on top of day-to-day expenses.

The need for personal finance courses in Massachusetts is tremendous — a need that, as per a 2021 report from the state’s Office of Economic Empowerment, is recognized almost universally among teachers and, importantly, students.

Yet, as a result of being taught next to nothing about personal finances, many of us are left ill-prepared for these new circumstances. Our understanding of credit cards is limited to, as State Treasurer Deb Goldberg so eloquently articulated to GBH, “The parent puts a plastic card into the wallet and boom: out comes money.” And so the cycle of taking out loans, accumulating massive debt, and working for years before being able to pay it off persists.

Why perpetuate the cycle when it is so clear that these classes work? According to a 2021 Ramsey Solutions survey, among the teenagers who have completed a personal finance class, nearly 80 percent said that they’ve created a monthly budget for themselves, 94 percent felt confident about saving money, and 87 percent understood how to pay income taxes. And, as noted in the OEE’s report, personal finance courses are tools that “increase social mobility for low-income or immigrant students.” Requiring such classes really couldn’t make much more sense.

At my own high school, Brookline High School, financial literacy is offered in the form of a popular elective, “The World of Money: Practical Studies in Finance and Investment,” which “integrates the basic principles of economics, money management, investing, and technology,” according to the course catalog. Every spring, as course selection rolls around, hundreds of students eye this semester-long course, but with only so many spots, most cannot take it — and, consequently, miss out on an opportunity to learn about financial literacy.

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Recognizing the imminent need to educate ourselves on matters of taxes, loans, investments, and more, several members of Brookline High School’s Student Council, including myself, have proposed amendments to our student handbook that would incorporate a financial literacy component in our graduation requirements and incorporate personal finance lessons into our weekly advisory classes. Our work would ensure that such important life skills are accessible to all students, not merely for those lucky enough to find a place in the class.

But while such efforts are certainly a step in the right direction on this issue, they are not enough. Financial literacy should not be a privilege for schools with a proactive student body; it is a fundamental aspect of our lives, and our state’s education system must begin reflecting that. The state must require personal finance courses for graduation — it’s the smartest investment we can make.

Ravin Bhatia is a senior at Brookline High School.

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NexPoint Real Estate Finance, Inc. Announces Series A Preferred Stock Dividend

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NexPoint Real Estate Finance, Inc. Announces Series A Preferred Stock Dividend

DALLAS, Dec. 24, 2024 /PRNewswire/ — NexPoint Real Estate Finance, Inc. (NYSE: NREF) (the “Company”) today announced a dividend for its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: NREF PRA) of $0.53125 per share. The dividend will be payable on January 27, 2025, to stockholders of record at the close of business on January 15, 2025.

NexPoint Real Estate Finance (PRNewsfoto/NexPoint Real Estate Finance, Inc.)

About NexPoint Real Estate Finance, Inc.

NexPoint Real Estate Finance, Inc., is a publicly traded REIT, with its common stock and Series A Preferred Stock listed on the New York Stock Exchange under the symbol “NREF” and “NREF PRA,” respectively, primarily focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family rental commercial mortgage-backed securities securitizations, promissory notes and mortgage-backed securities. More information about the Company is available at nref.nexpoint.com.

CONTACTS
Investor Relations
Kristen Griffith
IR@nexpoint.com

Media Relations
Prosek Partners for NexPoint
pro-nexpoint@prosek.com

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SOURCE NexPoint Real Estate Finance, Inc.

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Stock market today: Nasdaq, S&P 500 edge higher ahead of Christmas break

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Stock market today: Nasdaq, S&P 500 edge higher ahead of Christmas break

US stocks opened higher to kick off the final, shortened trading session before the Christmas holiday. The benchmark S&P 500 (^GSPC) edged up about 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) rose roughly 0.3%. The Dow Jones Industrial Average (^DJI) hugged the flatline.

Wall Street is looking to enter its Christmas break rejuvenated, after tech stocks including AI chip giant Nvidia (NVDA) led the march higher on Monday. Markets close at 1 p.m. ET today and are off tomorrow for Christmas Day.

Sizable gains on Friday and Monday have put the indexes back on the path toward their record highs, from which they took a Fed-fueled nosedive last week.

Wall Street is reassessing the path of interest rates next year as it grapples with the reality that the Fed mostly pulled off a so-called soft landing — but couldn’t fully shake the US economy’s inflation problem. According to the CME FedWatch tool, most bets are on two coming holds at the Fed’s January and March meetings, followed by a toss-up in May.

Meanwhile, many eyes continue to be trained on Nvidia, which saw a more than 3.5% gain on Monday. As Yahoo Finance’s Dan Howley writes, 2024 was Nvidia’s year, with the stock up some 180%. But 2025 could contain plenty of challenges.

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LIVE 2 updates

  • Stocks open higher to kick off shortened trading day

    In the final sprint to the Christmas holiday, markets added to gains.

    The tech-heavy Nasdaq Composite (^IXIC) led the way higher, rising roughly 0.3%. The benchmark S&P 500 (^GSPC) edged up about 0.2%, while the Dow Jones Industrial Average (^DJI) hugged the flatline.

    Markets close at 1 p.m. ET today and are off tomorrow for Christmas Day

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  • Jenny McCall

    Good morning. Here’s what’s happening today.

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