I look at these rappers and singers and it's the same thing, man. Outside of Drake/Cole/Kendrick, just about all these dudes are going to be broke and desperate in a few years. They're burning money faster than they're bringing it in, and if they're investing it's in dumb shyt. And nobody is helping them. Not family, not friends, and CERTAINLY not the label. There's less money in music rn than there was when T-Pain started winning, so imagine how much harder these current dudes are gonna crash...
The great thing about rap/singer/sports money is you get a lot in lump sums (assuming you're successful). All these dudes gotta do is do the most basic investments and they'll be set for life. He says he had 40mil in the bank at one point. Nevermind that the FDIC only guarantees $250k lmao. See why that's stupid?
Put half that into an index fund and leave it alone. By the time you're not hot anymore as an artist or retire as an athlete, you'll be set for life (assuming you aren't stupid). If you want to invest in real estate, focus on rental properties. "Flipping houses" is all the rage but that shyt is hit or miss, and the market gets wiped out by recessions. You know what stays firm? Rental properties. You buy a duplex or 4 room place, hire someone to manage it (ie collect rent, handle repairs, etc) and you're good. The money won't be insane...but it's steady cash flow...which is what you should want. Once you got that shyt locked in and figure everything out...buy another. Then another. Keep going until you feel like you're at a good amount.
I know a dude who just sold all his rental properties within the last couple years. Older black dude...at one point he had nearly 30 rental properties. The hassle was too much for him, since he did everything himself (including repairs) instead of hiring out. He's a quiet millionaire. Imagine if you started doing that in your 20s or 30s, before "retiring" in your late 60s like he did. Insane money...
