7 Steps For Building Wealth Like a Hip Hop Mogul
Hip hop moguls have figured out a lot of inspired ways to build wealth. These tips might help you get there too.
In the wise words of Biggie Smalls, “I don’t know what they want from me, It’s like the more money we come across, the more problems we see.” But let’s switch things up. Let’s talk about making money without all the extra drama, and instead, building wealth and financial freedom, like a hip hop mogul would. Here’s a step-by-step guide for my fellow Hip Hop Millennials who are ready to hustle smart and stack that paper.
- Mindset is Everything: Just like Jay-Z went from the Marcy Projects to being a billionaire, you can break free from financial constraints too. The first step is believing in your ability to build wealth. Remember, it’s not about where you start, but where you’re headed!
- Educate Yourself: Knowledge is power, and in the finance world, it’s money in the bank. Read books, blogs, watch videos, and listen to podcasts about personal finance and investments. Understand the game before you dive in.
- Secure Multiple Streams of Income: As the mogul Diddy says, “Don’t put all your eggs in one basket.” Start a side hustle, invest in stocks, or think about real estate. The goal is to have those dollars flowing in from different directions.
- Save and Invest: Set aside a chunk of every paycheck. Like Kendrick Lamar says, “Save that money, don’t spend it.” Then, put it to work. Let your money hustle for you while you catch some Z’s.
- Stay Out of Bad Debt: Not all debt is cool, especially that credit card debt. Like J. Cole warns, “Pay attention to the debt, boy.” Focus on paying off high-interest debt and steer clear of racking up new ones.
- Live Below Your Means: You don’t need to be “poppin’ bottles” to prove you’re successful. True wealth isn’t about showing off; it’s about feeling secure and free. Keep it low-key and let your bank balance do the talking. “These niggas look rich but they broke, got me playin’ poor. Please don’t get it fucked up from this homeless aesthetic. Whole lot of homes.” -J. Cole
- Plan for the Future: In a recent interview with Erykah Badu, Ari Melber pointed out that if life were a race we’d all be trying to die first. Remember, this isn’t a sprint; it’s a marathon (RIP Nipsey Hussle, he knew). Plan for your future, set up retirement accounts, and contribute regularly. It’s about long-term wealth, not just quick cash.
Building wealth is not a walk in the park, but with consistency, discipline, and the right mindset, it’s possible. Like Nas said, “I know I can, be what I wanna be.” Stay focused, educate yourself, make savvy moves, and watch your dreams come true. Keep your head up, grind hard, and aim high, my luvs!
Victoria “Babydoll” Johnson is bringing you inside The Dollhouse, middays from 10a to 3p on Foxy 99. She was born and raised in Eastern North Carolina, and grew up listening to legendary heritage Hip Hop Foxy 99 personalities, all while secretly dreaming of one day becoming one of them. Babydoll is known to be an “around the way girl” amongst Foxy listeners, connecting with them and writing about music, pop culture, and holistic wellness.
She is a graduate of Carolina School of Broadcasting, in Charlotte North Carolina. Babydoll colloquially delivers compelling content and information. She connects with listeners not only over the airwaves, but also through social media platforms; as well as in their communities where it counts most.
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