In support of his newly-released album Rather You Than Me, Rick Ross joined VICELAND's Desus & Mero on Wednesday (April 26) for a wide-ranging interview about his Wing Stop chains (he has "about 30"), DJ Khaled's son Asahd and buying art at Art Basel in Miami (he once dropped $300k on a painting).
The entire 12-minute interview is hilarious, especially when Ross is nibbling on a golden pear while thinking about how he'd like to answer a question, but the most interesting nugget was unearthed when Ross was asked about the biggest purchase he made after signing his initial record deal with Def Jam.
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"When I signed, of course, there was a bidding war, so I came home with seven figures," Ross began. "But I didn't spend a penny. I went on the road, I forgot how many shows it was we did, I didn't buy anything for the first nine months. When I came off the road after nine months, I bought my first Maybach."
While Rick Ross' spending habits might disqualify him from becoming a certified financial planner—Maybachs have depreciated faster than almost any car over the past ten years—his investment strategy after signing his first deal was sound. Instead of blowing the seven figures he deposited into his bank account after signing on the dotted line—all of which was an advance and would have to eventually be paid back after he began to release albums—he sat on the money, allowed the interest to grow, and added to that total by touring nonstop for nine straight months.
Purchasing new clothes, sneakers, jewelry, cars, homes and gifts for family and friends is a dream come true for anyone, especially those who grew up without means, but aside from an investment in real estate—which also carries significant risk depending on the upfront cost and location—most lavish purchases do not yield a return on investment over time.
Of course, not every artist is going to sign a record contract with multiple commas. But if you're lucky enough to have that opportunity, be smart—sit on the money and keep working like you never signed the deal in the first place.