It’s not often that you get million dollar game for only $9.99. So, why not take advantage of the jewels being given? Hov talked everything from Property to money rinsing and did so in a a way only an OG can do. Here are the five lessons we found the most impactful.
1. Financial Freedom
“Fuck Living Rich & Dying Broke”
Fun Fact: Over 60% of Americans don’t have an emergency fund of at least $1,000 or 6 months salary to cover expenses in the event of a layoff.
That’s scary, albeit scarier if this describes you. While Jay may or may not know this stat himself I’m sure he knows that people tend to live beyond their means and is cautioning us against living fictitious.
The Lesson: Looking rich for gram is cool for likes but what’s the point of appearing rich if you’re financial life is truly in shambles. Moreover, we generally buy things we don’t need, and spend way too much on indulgences like new clothes.
The Challenge: Take an honest look at your debt to income ratio. Are you living rich when you’re really broke? If so, see where you can cut costs. Put everyone’s phone on a family plan, eat out less, & make the cuts necessary to get ahead.
Trust me, I get it. Saving is hard to do, but there are ways to get into saving more. Look into using apps like Mint to manage your bills, or doing commission free stock trades on RobinHood. Digit also offers services that save money for you.
2. Build Your Credit
“You wanna know what’s more important than throwin’ away money at a strip club? Credit”
Fun Fact: You can get 1 free copy of your credit report every year from Annual Credit Report so you can inform yourself about what’s impacting your credit. The only caveat is that annual credit report doesn’t provide you with your FICO score (which is the credit score the companies use when applying for loans, financing etc.). For that, you can sign up for a free trial on myFico — and REMEMBER TO CANCEL IT ASAP if you don’t want to get charged after the trial.
Cash is a relic of the past & to have any upward mobility in society you need credit. Want an apartment? They’ll run a credit check. Financing a new car? Credit check. Just got a new job? Credit check. Bank Loan? You guessed it, credit check! So, for better or worse you need to have credit — and more specifically, you need GOOD credit.
The Lesson: That strip club money can go to paying off some debt or getting your first secured credit card (if your credit history is bad or very limited). Being debt free should be your first priority, everything else can wait.
The Challenge: Check your Credit Report. I know the homies wanna kick it, but don’t throw your money away frivolously if you’ve got negative items on your report. Facing the debt is tough, but negotiate payoffs and get the negative marks removed. You’ll thank yourself later.
3. Invest in Property
“I coulda bought a place in Dumbo before it was Dumbo For like 2 million/That same building today is worth 25 million Guess how I’m feelin’? Dumbo.”
Fun Fact: Property ownership comes with a host of tax benefits, deductions, and opportunities for another stream of income.
The Lesson: For all the money JAY-Z spent on V12 engines, and other fly shit he could have and should have invested in property while he was young. Only later did he learn that although the value is intangible at first, his $2 million in ’97 would’ve netted him a return $23 million.
I wonder what happened to all those cars? — One thing’s for sure. They definitely depreciated immediately after he drove them off the lot. But, you know what appreciates over time? Property. Get you some foo’
The Challenge: If you happen to come into some money, instead of buying a car, or splurging on a nice trip look into putting a down payment on a property. If you fix it up and rent it out you’ve created another stream of income for yourself & your family.
4. Handle Your Business Before Your Business Handles You
“Y’all niggas still signin’ deals? Still? After all they done stole, for real? After what they done to our Lauryn Hill?”
While it may appear that Jigga is scolding rappers for still signing record deals (and he is), he’s also doling out life lessons in entrepreneurship.
The Lesson: When it comes to YOUR creations, businesses, & entrepreneurial ventures they must be protected like your livelihood depends on it. Because in most cases, it does. Whether you’re an artist/freelancer/YouTuber whatever: Read a few books on law, accounting, advertising etc. and learn as much as you can. Do the things that come naturally to you on the business side however small they may be, and outsource the rest. Retain as much control as possible because leaving it up to a partner can open the opportunity for them to exploit your lack of knowledge and experience.
The Challenge: Take the long road, and Don’t sell your children’s birthright for a few months rent (word to Walter White).
And Remember: Ownership & wealth are synonymous, and the wealthiest among us aren’t employees, they’re owners. Owners make the rules, and employees pay the price. — Was that deep? I was trying to be deep. Whatever. Just go out and own some shit man.
5. Plan for the future
“Daddy, What’s a Will?”
Fun Fact: The oldest known Will was found in an Egyptian tomb…
The Lesson: 4:44 shows us that Jay’s commitment to securing the financial future of his family is second to none and although Young Hov may have many decades in front of him, but he’s still prepared in case the worst occurs. So, if JAY-Z is worth $500 million dollars with a financial plan in place, it stands to reason that we, the listeners, should be just as prepared for the distant yet inevitable future.
The Challenge: Plan out your financial future. Make a list of all of your debts & income streams and figure out how to shrink the debt while saving more money. Again, what cuts can you make? Do you have time freelance on the weekends? Find ways to use your talents to level up!
**BONUS TIP**
Never forget where you came from. Be proud of the fact that you are a black man/woman in this world and remember:
Light nigga, dark nigga, faux nigga, real nigga Rich nigga, poor nigga, house nigga, field nigga Still nigga, still nigga
Question of the day: What’s Better than one Billionaire?
— SnobHop
Did you like the article? We hope so! — By the way, we’re not financial advisors so, take our advice with a grain of salt. Seriously, we’re not responsible.
