Rap money runs out. Whether you’re mismanaging your finances or afflicted with drug addiction, unless you’re smart, wealth won’t last forever. Ever benevolent and hopeful that artists will learn to be savvy with their spending, Russ shared some valuable financial advice during his latest interview on Complex’s Everyday Struggle.
“I have an apartment complex in Arizona… I invested in a hotel in Vegas with Richard Branson,” Russ revealed. “That’s the thing, I encourage artists and people coming up to just be smart with their money to play the long game. For a genre that’s so infatuated with wealth, y’all be doing short-term shit… I get it, there’s not the financial education there and the financial literacy.”
Hate him or love him, Russ is right. Firstly, there is a criminal lack of financial literacy education across the country, but especially for up-and-coming artists who might be facing their first contracts with no idea of what any of the jargon means for them long-term. This, of course, creates an unfair and exploitative environment.
Secondly, supposing you start popping off in music, if you want to build wealth, you have to play the long game in business and make solid investments outside of music. While hip-hop is bubbling up more than ever, and more and more acts are getting massive advances, it’s not wise to coast on temporary riches when there are better places to be throwing your money.
Russ also touches on the futility of showing off wealth on social media only to be broke the following fiscal year. And, if you don’t want to take this advice from Russ, take it from living legend Rah Digga, who recently shared with us how she put her money away as soon as checks started coming in over a decade ago. Rah Digga will be living off hits from the '90s forever.
We can only hope that today’s artists take this advice so they’re living off their 2018 hits in 2038.