by Ashley Naples
Mathew Knowles, the father of singer Beyonce, has been having financial problems for quite some time. The embarrassing troubles for the divorcee come on the heels of multiple paternity situations, and his inability to pay for the children he was creating in his spare time during the marriage he had with wife Tina.
Eventually, there is the time to pay the piper, and for Mathew, that time appears to be now.
According to TMZ, Mr. Knowles is holding a massive garage sale, where he’s hawking off various souvenirs from his years of working with his daughter as she built her outstanding singing career. TMZ, being the nasty media outlet that they are, has also stated that Mathew is selling Solange’s stuff too: In the bargain bin.
Maybe that’s the price you pay for having such a famous sister. Here’s some of what TMZ had to say:
As of Monday, there were plenty of items available … including a giant Beyonce poster for $200, old tour books for $20, and various pieces of House of Dereon clothing. On a budget? You can find a Solange CD for $1.96.
Mathew isn’t just selling Beyonce stuff, he’s also selling office furniture and other items, so he’s working hard to get some extra cash. It’s a long fall from grace when your daughter fires you as her manager and your other artists aren’t doing nearly as well in the industry.
Mathew divorced his wife Tina in 2011 after 31 years of marriage. DNA tests confirmed that he produced two children outside of his marriage: Koi and Nixon, a girl and boy, respectively. His child support arrearages are becoming legendary, with the mother of his son, Alexsandra Wright, claiming that she was driven to homelessness after Mathew stopped making child support payments.
Apparently, Alexsandra and her son Nixon moved to a trailer park after Mathew’s child support payments were reduced from $12,000 to $2,500 per month once Beyonce fired him as her manager. Ms. Wright took her story to Inside Edition, which was either a source of additional income, or her efforts to be a drama queen.
It looks like Mathew’s life is getting more complicated as the years go by. It’s tough to head into retirement with these kinds of problems. He is now 63-years old, so even as his best days are probably behind him, his family is not.
Financial Lovemaking lessons from this story (courtesy of Dr Boyce Watkins):
1) Having kids out of wedlock is usually the key to financial disaster. This is typically true for both men and women. The best advice we can give is DON’T DO IT. That’s where protection comes into play when it comes to intimacy.
2) Your personal decisions have implications far beyond your own life. In Mathew’s case, he and his family have become embarrassed by the chaos of his individual choices, and children are harmed as a result. It’s difficult to justify some of these decisions, but Mathew isn’t the first man whose lust has gotten him into trouble. Men are typically ruined financially by one of four things: Sex, drugs, alcohol and gambling. All of these things should be dealt with in moderation.
3) Child support is not a replacement for a job. Maybe Alexsandra needs to figure this out. Her cries for Beyonce to get involved and save her struggling family come off as nothing short of shameful. Most families can support a child with $2,500 per month and there was no guarantee that having a child with a famous man was going to entitle her to a lifestyle for the rich and famous. A few years from now, when her son is old enough to do research on the Internet, he’ll end up piecing together the tragic aspects of the ill-advised personal choices of the adults who gave him life. This is going to be painful.
4) In Financial Theory, it is often advised that people take less risk in their investments as they get closer to retirement. This is because it becomes that much more difficult to overcome a financial setback. One thing they don’t say is that you aren’t just making investments with money; you also invest your time, your love, etc, taking risks in the process. In Mathew’s case, the concern is that his proximity to retirement age increases the consequences of his risky personal choices (or life investments, if you want to call them that). So, the same way older people should be more conservative in their financial decisions, they should also be more careful about personal decisions, since it’s more difficult to come back from a tragedy. If Mathew were only 35 years old, he’d have time to make up for the difference. Instead, he may die in bankruptcy.