The story of the rise and fall of Scott Storch has now reached mainstream media. The Associated Press has just released a story about Storch’s recent financial and legal troubles due to his care-free spending on cars, yachts, charter planes and more. Not only has he not had a hit song in over four years, but the once mega-millionaire owes $500K in back property tax on his mansion, lost his yacht to the bank and has an arrest warrant out for failure to pay child support.

“There was some mismanagement and some other errors. He got jammed,” Guy Spiegelman, his lawyer says. “I don’t think he’s going down, I just think he’s having difficulty. It’s a cash flow problem.”

If anything, Storch serves as yet another great example of how important it is to get your finances right, save for the future and how quick success can leave in the fast-changing music industry. Read full article here.