Today on MYM360- Money lessons from Jay-Z
There was an interesting article on CNBC by Kathleen Elkins where she talked about money lessons you can learn by listening to Jay-Z’s lyrics but there are also lessons that you can learn from Jay-Z himself who is purported to be the second richest hip-hop artist in the world.
So here are three basic takeaways from his lyrics and the man:
- Investing in real estate is more profitable than investing in things like cars. While he has invested millions in cars his lyrics seem to say that he wishes he had invested more in property earlier. Also, from an investment standpoint cars are a depreciating asset and they tend to lose 20 percent of their value as soon as you drive them off the lot.
- Having good credit is a real plus. Having credit means that you can sometimes use other people’s money to further your agenda. So, do everything you can to take care of yours. And, this is a good time to check your credit report and credit score to see where you stand and if there are some things you need to take care of. You can get free credit reports from annualcreditreport.com and CreditKarma along with many credit card companies offer free credit scores.
- Finally, Jay-Z notes that he is not a businessman but a business. He has his own record label, a line of clothing that he sold, a sports bar and restaurant and a music streaming service. In other words, he is not dependent on one source of income and that’s key in today’s society where things are always shifting. While you don’t have to have tons of income streams, look for ways to add several sources so that if one goes away, the others can keep you afloat and when they are all working – that means more money in your pocket.
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Thanks so much for listening and as always remember that minding your money really is the path to a richer life!