During his day MC Hammer built a luxury mansion in Fremont, California. The property had a massive a car garage, swimming pools, a bowling alley, baseball diamond and a stop sign engraved with “Hammertime.”
At one time Forbes Magazine listed him as the 19th-highest-paid entertainer in the world with earnings of more than $33 million. However, Hammer lived well beyond his means and did not take a portion of his income and invest it into great money market accounts with high rates, safe but interest generating CDs and other investment tools with high rates.
Ultimately, Hammer had to sell his house and cut back on the spending as filed for bankruptcy in April 1996. At that time he had $8 million in assets but $10 million in debt. If only Fremont Banking Rates was around at the time to help him find high investment rates, this situation may have been avoided.
