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Written by: Drew W. Boyer, CFP®
Money and music might seem like two different worlds, but they have more in common than you think. Just like a great song follows a rhythm and a hook, smart personal financial decisions follow the same pattern. Who better to teach us about real money lessons than the artists who have lived through financial highs and lows?
From MC Hammer losing $82 million in a flash to Jay-Z turning street hustle into billionaire wealth, music, especially Hip Hop, is filled with lessons on the to-do’s and the not to-do’s. From budgeting, wealth-building, and financial independence, there’s something for everyone. Let’s break down how music can reimagine the conversation around personal finance into an entertaining, relatable, and, most importantly, actionable experience for all.
The Power of Financial Storytelling
Why do we learn all those nursery rhymes as children? Because music can make wisdom stick. You might forget a lecture on compound interest, but chances are you’ll sing along to an iconic lyric that preaches financial ambition. Enter Wu Tang Clan’s monster hit C.R.E.A.M.:
“Cash rules everything around me, C.R.E.A.M., get the money, dollar, dollar bills y’all.”
They are telling their own autobiographical financial story of the struggle coming from nothing to getting ahead by all means necessary as a team.
Smart Moves:
- Ambition: you have to want to build wealth and a better life through hard work and determination.
- Environment: wealth isn’t just about attitude, but who you choose to surround yourself with. Hang around four successful people and become the fifth.
Mindset: The Real Secret to Financial Success
Your mindset about yourself and your relationship to money determines your success. Many successful artists and entrepreneurs came from nothing, had the ambition to make it, and knew their worth long before they added zeros and commas to their net worth. The same applies to building your own wealth. Queue Snoop’s timeless hook from 1993’s Gin and Juice:
“Keep your mind on your money and your money on your mind.”
Snoop Dogg didn’t go from an unknown rapper in the LBC to a global superstar at the 2024 Olympics in Paris without the right mindset. The lesson? Wealth starts with believing it’s possible and then making disciplined moves.
Smart Moves:
- Stay consistent. Wealth-building isn’t about luck, it’s about developing good money habits for the long-term.
- Surround yourself with the right influences. If you want to build your wealth, learn from people who are already financially successful and create your own opportunities.
Avoiding Financial “Debt Row”
Many artists blow up fast, spend recklessly, and end up broke. The same happens with professional athletes and lottery winners who don’t manage their money. The key to staying wealthy isn’t just making money, it’s keeping it and then growing it.
You can’t touch MC Hammer’s $82 Million money mistakes.
Hammer had it all: #1 hits, private jet, race cars, a 40,000-square-foot mansion with gold toilets, and an entourage of 200 people. Then it all disappeared in bankruptcy when the hits dried up. His biggest mistake? Spending money faster than it came in.
Smart Moves:
- Live below your means. Even when you start making more money, don’t fall into the trap of reckless overspending.
- Pay yourself first. Save and invest before splurging on luxuries.
Budgeting: Learn the Rhythm of Your Cash Flow
A great song has structure: verses, hooks, and a beat that keeps everything in sync. Your personal finances need this same predictable formula. Think of budgeting as creating the right tempo for your money. If your spending gets out of step, your financial rhythm will be off beat. You’ll be out of sync and struggling to stay afloat.
“It’s like the more money we come across the more problems we see.”
The chorus in The Notorious B.I.G.’s Mo’ Money, Mo’ Problems teaches a key truth: more income doesn’t always mean financial freedom. If you don’t manage your budget, lifestyle inflation will eat your wealth faster than a chart-topping single burns up the radio.
Smart Moves:
- Track every dollar like a producer tracks every vocal and instrument in a song. Make sure all expenses fit into your financial plan. A lot of times, it’s addition through subtraction.
- Use the 50/30/20 rule: 50% for your needs, 30% for your wants, and 20% for savings and investing.
Think Bigger than a #1 Hit: Diversify your Income and Assets
An artist who only makes one type of music risks fading out. The same goes for you: if all your income comes from one source, you’re vulnerable to a variety of money pitfalls.
Hip-hop is built on the hustle. Before they were stars, many rappers were grinding to make ends meet; just like anyone working a 9-to-5 and running a side hustle on the nights and weekends.
“I’m not a Businessman, I’m a Business, Man” Jay-Z on Diamonds from Sierra Leone
Jay-Z hasn’t just rapped about money; he’s mastered the game. From owning a record label and a sports agency to investing in real estate, spirits, and art, he built an income portfolio that keeps making money even when he’s not in the studio. The message is clear: wealth isn’t given, it’s earned.
Smart Moves:
- Your paycheck is just the start. Build passive income streams through side gigs.
- Think like a boss. Invest in assets that pay you back like stocks, real estate, or businesses.
Final Takeaway: Make Your Money Moves a Hit
Music entertains, inspires, and teaches. Hip Hop offers up a masterclass in money management from budgeting to investing to avoiding financial disasters. The key is to listen, learn, and then earn by applying these lessons to your own financial journey.
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