On Friday, the New York Daily News ran a story about Damon Dash, the co-founder of Roc-A-Fella Records(most famous for a little rapper you may have heard of named Jay-Z) and the accompanying Rocawear clothing line. Dash, who just a few years ago looked to be the second coming of Russell Simmons, is now in the poor house.

I know what you’re thinking: how did this hip hop mogul who was estimated to be sitting on a very cool $50 million descend into a financial apocalypse so deep that even his lawyer dropped him for being a deadbeat? Quite easily it seems, and I vow not to go out like him. Here are some of the lessons that I learned from Damon Dash that have helped me in my own finances.

I DO NOT NEED TWO HOUSES

For many, owning a home is the American dream: white ticket fence, 2.3 kids,cute fuzzy animal, yadda yadda yadda. For those among us with significantly more cash who travel often, it’s not unheard of to have a home on, say, each coast. Hotels do wear on you, after all. Where Dash dropped the ball (big time) is that he owned two condos–in the same neighborhood! What type of financial retard requires multiple homes within walking distance of one another? Homes that totaled a wicked $78,504.26 per month mortgage. That’s outright stupid on a level that redefines the word. However, it’s muck ups like these that keep me sane when the fact that I’m paying $1,000 per month for my Midwood apartment (rental) begins to wear on me.

I DO NOT NEED A CAR

Let’s face it: a car in New York is a luxury, not a necessity. With one of the best mass transit systems on the planet, I can pretty get to any neighborhood in the 5 boroughs at any hour by bus or subway. In a pinch I could call up a 24 hour cab service like Mex Express and be dropped of anywhere for a very reasonable price. Damon Dash, on the other hand? His ride of choice was a gas guzzling SUV, which was ordered to be seized by the city thanks to several outstanding $714.99 lease payments. We should each examine the merits of a car purchase and weigh it against the total cost of ownership (gas, insurance, maintenance, etc) to determine if its worth the purchase.

I DO NOT NEED EXCESS

Put this in your mental blender and mix well: Damon Dash owned 1,300 pair of shoes. I’ve never owned more than three pair simultaneously in my life. I now understand why he needed two Tribeca condos. Everyone has their hobbies ( I like reading graphic novels and playing video games), but I don’t have over a 1,000 books or games. Why? Because books and games, like shoes, have a purpose, and sitting in a corner covered in dust is not it. I’d rather pay my bills on time.

So is Damon Dash’s situation irrepairable? Not in the least. We all make financial miscues (I, for instance probaly eat out more than I should), but learning from those mistakes and striving for financial balance and responsibility is something that should be a constant in our lives. I say good luck to you, Damon Dash, as I prepare my lunch for tomorrow.

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