FTC: This post is not sponsored and I am not a financial advisor. All thoughts and weird opinions are my own.
By now you have heard the news… and if you haven’t let me school you real quick:
JAY Z has officially reached billionaire status. Shawn Carter has become one of five black billionaires in the United States of America. Let that sink in. The man that has been schooling us for quite some time on the ins and outs of financial responsibility and building generational wealth has secured the bag for years to come. In the words of the brilliant queen herself (1/2 fo the Carter dynasty):
“I just might be a black Bill Gates in the making”
Now this didn’t just happen over night. It took Jay Z 26 years of hard work, dedication, and smart investments to reach billionaire status. And with that said before we get into the meat of this post, what is it that you’re doing to take one step closer to that status yourself? Joining the 8 week Millennial In Debt money saving challenge is honestly, probably your best first step! Don’t worry registration is still open and we get started on all the money saving goodness on June 21st (my all time favorite and longest day of the year).
Financial Advice To Learn From Forbes JayZ Billionaire Status
Forbes JayZ Billionaire Status Step 1: Invest Before You Spend
Jay Z has been very very vocal about investing in products that appreciate over time. That goes from investing in stocks (he has about 70 million dollars invested in Uber), art (ya’ll know he loves him some Picasso and Basquiat) and real estate. This does not include investing your hard earned money into things like fancy cars, clothes, and jewelry which often depreciate as time goes on.
Another key takeaway from Jay Z’s focus on investment is to invest in yourself. I have mentioned time and time again how important it is to focus on promoting your brand instead of focusing on building and promoting someone else’s brand. In doing so Jay Z invested in, launched and promoted his own brands like Rocawear, D’usse, and Tidal.
Forbes JayZ Billionaire Status Step 2: Own Your Own Sh*t
That is as clear as I can make it! Jay Z owns his own masters… which in normal layman’s terms when his music gets streamed, purchased…etc he makes the bulk of the money. Now most of us aren’t fighting that good music fight, but there are things in our lives that we can own that will make life financially richer.
On a large scale you want to pay things down like your mortgage if you’re a home owner, and your student loans. These are usually the two biggest debts that clog up most of our money. Besides those two, we create smaller debts for ourselves that we don’t need to, like credit card debt and financing/leasing cars. The more of your things you own, the less chained down you will feel to that monthly payment.
I am actively and aggressively paying down the principal of my mortgage because there is no way I’m going to pay double what I borrowed, nor do I intend to be tied to it for the next 30 years of my life
Forbes JayZ Billionaire Status Step 3: Increase Your Net Worth
Your net worth is the value of your assets minus the total of all of your liabilities (debts). Now if you take what I told you in the previous tip to heart… you know that the more you own/invest in the higher your net worth will be. That means you need to pay down your liabilities/debts. The more debt you have the lower your net worth will be (yes.. yes… it is 100% possible to have a negative net worth).
The lower your net worth the harder you’ll have to hustle to make ends meet. And I don’t know about you but I’m not here to simply make ends meet. Focus on one debt, pay it down as quickly as you can. Once that debt is paid in full, take that extra and throw it aggressively at the principal on your next debt. You can choose the snowball method (paying off the debt in order of balance size from lowest to highest) or you can choose the avalanche method (paying off debt from highest to lower interest rates). Either way… less liability equals more money. And more money equals one step closer to the 3 comma club (stole that from Marc Cuban… another billionaire)
Forbes JayZ Billionaire Status Step 4: Passive Income The Fu*k Out Of Your Life
Again… sorry for the direct and overt amount of screened cuss words… but I’m trying to school you on how to become a billionaire in less than 1,000 words. So you can excuse the word choice for a moment or two. Jay Z is undoubtedly a busy busy man. Between being a husband, a father of three, and an active musical legend, he is also a billionaire business man. He simply does not have time to actively side hustle as most of us do.
No one ever reached billionaire status by skipping out on Starbucks. Hustle smart and hustle hard. Click To Tweet
Can you imagine Jay Z sitting down to take 100 surveys a day to make an extra 20 dollars? Didn’t think so. So don’t imagine yourself doing that either. Instead look into active ways to make some passive income.
Passive Income: money earned with minimal activity through a variety of ventures which require little daily effort or upkeep on the individual’s part.
Instead of hustling harder, hustle smarter. By investing in art, real estate…etc Jay Z cleared up time to vacation, spend time with his family, and work on musical projects. For those of you who are dying to work from home, or work 1 hour on a 2 week vacation… passive income is KING! I have a video coming for you on our YouTube channel in the next week about passive income examples/ tips/strategies. So if you’re not subscribed you want to get to it right here!
That’s it… there you have it! We have reached 1,000 words and I’ve given you the highlights of Jay Z’s billionaire trajectory. If you want more advice, tips, tricks and suggestions on how you can increase your net worth, make more money and decrease your debts you should I suggest you sign up for our 8 week Millennial In Debt money saving challenge.
Until next time,
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Hey there! I’m Melissa, co-founder of Trials n Tresses, natural hair and beauty lover, binge tv watcher and lover of life. When I am not creating content for TNT, I’m busy teaching the future of society.