I get bored when looking for financial advice and seeing the same things. Target date funds, time horizons, budgets, 401(k)s, financial advisors, etc. So I decided to try a different approach and look for money advice in an unlikely but surprisingly intuitive source: rappers.
I love all genres of music, but lyrically rap is my favorite. I found a few words of wisdom from the some of the most famous rappers in the game. Today we are going to start with one of the greatest of all time, Biggie Smalls. He was a prolific rapper whose life ended too soon but left a collection of inspirational songs in his wake. This quote is from one of my favorite songs by Biggie, “Sky’s The Limit.”
“Take a better stand. Put money in my mom’s hand. Get my daughter this college plan, so she don’t need no man.” – The Notorious B.I.G
Biggie shows here that he indeed knows the value of opening a custodial account. In this case for his daughter, so she doesn’t have to rely on a man to be successful. Wise words that we can all take into consideration. The earlier that we get our children, nieces, nephews, and grandchildren investing, the more opportunity they have to take advantage of compounding. This could lead to a smaller student loan debt. Stockpile is the only place where you can gift fractional shares of a child’s favorite stock so that they can start learning about the stock market at a young age. Let’s move on to another favorite lyricist of mine, Kendrick Lamar.
“A dollar might turn to a million and we all rich/that’s just how I feel” – Kendrick Lamar
If you don’t know much about the kid from Compton who recently won a Pulitzer for his album “DAMN.,” you should do some reading. As far as money advice goes, Kendrick Lamar speaks the truth here in his well-known song “Money Trees.” If you invest as little as a dollar a day, it could start the snowball that is compounding. If you have a long time horizon, that dollar could potentially turn into a million. You can become a millionaire by just investing a dollar a day (about $30 a month) over your time horizon. You can become a millionaire in your lifetime by finding investments that yield at least 10% yearly and sticking with the program. You could be relaxing under those money trees soon.
“With my mind on my money and my money on my mind.” – Snoop Dogg
Snoop is the last person you would think to go for investing advice. But in fact, he has a great success story, and the above money mantra might play a part in it. Snoop Dogg is worth over $135 million, and smart money advice and tactics, active investing, and creative career developments have caused his net worth to soar. If you keep your mind on your money, you will always be making the smartest steps to grow your net worth as well.