Grade A Concept:

A lot of times people think you can only provide for your family and/or yourself if you have enough money. While that is the truth most of the time, it’s impressive to see those who make do with very little. This Massachusetts mom manages to spend only $4 a week to feed her family of six. Not only are they eating well, they have a surplus of food in stock. Very impressive! This is what we would call a billionaire concept, only spending money when necessary.

There’s a song by hip-hop artist Gucci that references “making love to money like a sex tape”.  Don’t worry, we’ll spare you the song. While the song by itself is nothing but a joke, the belief behind it is not. Lines like “I can’t keep my hands off it…I can’t live without it” suggest blind loyalty towards the one thing that corrupts people. It encourages entitlement, greed, insecurities, and more. It’s prominent amongst hardly-wealthy individuals and the mainstream hip-hop community at large.

Being a slave to money is pathetic. If you want to be dedicated towards something, become dedicated towards systems. Systems are how people grow and maintain their wealth. Instead of focusing on the end product, observe the entire system. Why copy the same path that individuals went and inevitably lost their money for being naïve? Copy the wealthy elite, not the ones who had fleeting wealth. Earth to Gucci Mane!

5 Things You Should Be Making Love to Instead:

1. Systems: Once again, money is a result of effective systems. Without it, there would be no money. Without a system in place, the money is sure to come and go all your life.
2. 2. Saving: What good is your money if you’re always giving it away? How can you love it if you end up trading it? Think about it. Your children are precious. Since you love them so much, you wouldn’t exchange them for goods, would you?
3. 3. Giving: When we reference giving, we’re not talking about “buying up the bar” at a club or “making it rain” in strip clubs. It’s no coincidence that some of the wealthiest people have a strong base in philanthropy: Oprah Winfrey, Bill Gates, Michael Jackson, etc. This goes beyond money. Donating time and efforts goes a long way. Besides, helping others builds character.
4. 4. Humility: Drop the ego. Even if you are a millionaire, it doesn’t make you untouchable. It doesn’t give you the right to treat others as if they are beneath you. Don’t expect preferential treatment and accept that you’re a human being just like everyone else on the planet.
5. 5. Relationships: Money can never reciprocate your feelings towards it. You can’t marry it, and you can’t befriend it. Do not look for money to replace the human interaction that everyone needs. Nurture your relationships with family, friends, and business partners. Money can never buy these things.

Do not become a slave to money. If Gucci Mane keeps up this mentality, he’ll end up entrapped in financial woes all of his life. Keep these things in mind, and you’ll end up farther ahead.

*Image courtesy of The Living Room.

It’s not about how much you make. It’s about how much you hold onto. -Ephren Taylor

We saw this video recently on Mixergy, and couldn’t resist the temptation to post it over here and share with everyone. Ephren Taylor made history by becoming the youngest African American to become CEO of a publicly-held company. He is a major player in the tech world and has been creating highly profitable businesses since around the age of 16. He’s written two books: Creating Success from the Inside Out: Develop the Focus and Strategy to Uncover the Life You Want and The Elite Entrepreneur: How to Master the 7 Phases of Growth & Take Your Business from Pennies to Billions
, which will be released November 2nd. As if it couldn’t get any better, he works hard at being a great role model and gives back to his community. This guy is a Grade A Model and the epitome of minority fortune through and through. Check this lovely interview out. It ties in his background, entrepreneurship, trials, triumphs, insights, and more. It’s the best hour you could ever spend this weekend!

*If unable to see the video, go to Mixergy HERE:

Business Tips via Mixergy, home of the ambitious upstart!

Media everywhere broke the stories of Haitian American artist Wyclef running for president in Haiti a few weeks back. Given the disaster of a political cabinet in place now, it didn’t really bother us one way or the other. That was until a flurry of news channels revealed the skeletons in Wyclef’s closet. Mind you, these weren’t just any skeletons. They revealed an unconscionable deception to those who donated wholeheartedly to his charity, Yele, in the midst of the Haiti earthquake aftermath.

Funds that were to go towards the impoverished citizens of Haiti instead went to various inappropriate places:

• A Yele employee & alleged mistress – over $100,000 salary
• A float that used money from photos donated by Angelina Jolie – $250,000
• Studio & Performance Fees – over $400,000

This was just on top of other non-PC actions for a humanitarian and aspiring politician. Wyclef didn’t meet the requisite 5-year residency for President nominees, yet he proclaimed that being the Ambassador for Haiti for a couple of years was sufficient. Sean Penn-Bell noted his absence on the ground in Haiti for the last six months. Wyclef retorted, “He hasn’t seen me for six months — I’ve been going to Haiti for over five years,” Jean spat. “I am not absent in Haiti, maybe the tent city you’re in, maybe I’m absent in that.” Um, that tent city is home to tens of thousands of your potential voters. His former Fugees bandmate Pras isn’t even endorsing him. A presidential nominee at least has to pretend to act the part. Guess Wyclef said, “Why bother?”

Perhaps Wyclef took note of all the corruption that’s rife in Haitian politics (with the US’s approval) and decided that he’d be a perfect fit within it. Misusing funds? Check. Deception? Check. Self-absored? Check. Not partaking in the struggles of your people by avoiding ‘Tent City’? Check. Having mistresses? Check. Just wanting attention? Check.

Recently, Wyclef’s bid for presidency was rejected. Despite not being given the clearance to run for Presidency in Haiti, he contested the ruling. Sounds to us like someone’s ego is in need of a reality check.

*Image courtesy of Wall Street Journal.

The well-known Baby Phat and Kimora Lee Simmons relationship has come to an end. Baby Phat was an urban line of clothing targeted to urban girls that brought in an estimated billion dollars in revenue. The brand was started by her ex-husband/ hip-hop mogul Russell Simmons, but he gave her the title of Creative Director to give her creative control. It became a huge success in the late 90s, and she has always been known as the face of the clothing line. As of lately, its relevance has diminished and is being sold in Wal-Mart.

E! Online breaks the news:

I can exclusively reveal that my Style Network reality star pal is moving on from Baby Phat and Phat Fashions, the fashion house she launched 14 years ago…

I just got word that Simmons and Baby Phat’s parent company, Kellwood Company, will go their separate ways as of Sept. 1.

“After 14 years of conceiving and nurturing Baby Phat, it’s time for me to move on and further expand my other businesses and create a new phenomenon,” Simmons says. “I adore all those who have faithfully been with me since the beginning.”

Baby Phat aside, Simmons’ empire includes KLS collection, Kouture by Kimora and Fabulosity, among other ventures. Her hit Style Network reality series, Kimora: Life in the Fab Lane, is currently shooting its fourth season.

Kimora’s Twitter response indicates that the separation wasn’t mutual.

@OfficialKimora No I did not quit. But it is over!—>RT @be2k07: @OfficialKimora did u quit from baby phat?!

Could she have been fired? However it happened, it is probably for the best. If she owned the company, then it would be a different story. Besides, the brand has fallen out of favor in the urban market. Kimora should simply focus on her other ventures.

Sometimes, we wish that the media wouldn’t solely focus on the money that celebrities bring in. We’d like them to step up to the plate with their extensive research teams and look into the cash flows of the rich and famous. Then, they should proceed to base their list based on those who are actually keeping their money. Forbes Cash King list has individuals on there who simply just don’t belong for various reasons (owing money to the IRS, spending all their money, etc). Others deserve even more praise because they rake in substantial money while working less. Nonetheless, we’ll feature the list and point out winning hustles amongst the Top 20 at the end.

It’s clear to us that hip-hop is the new pink for the music industry. Exploitation is rampant. Yet, these hip hop entertainers deserve praise for using it as a stepping-stone to move forward. Most of the men (we need women pronto!) on this list are now entertainers and moguls. That alone is a great accomplishment. However, their triumphs need to be explored, and their responsibilities should be upheld. We sincerely hope these celebrities remain out of poverty, although we’re sure more than a few will one day drop like flies from the list.

1. Shawn “Jay-Z” Carter – $63 Million

2. Sean “Diddy” Combs – $30 million

3. Aliuane “Akon” Thiam – $21 million

4. Dwayne “Lil Wayne” Carter – $20 million

5. Andre “Dr. Dre” Young – $17 million

6. Christopher “Ludacris” Bridges – $16 million

7. Calvin “Snoop Dogg” Broadus – $15 million

8. Timothy “Timbaland” Mosley – $14 million

9. Pharrell Williams – $13 million

10. Kanye West – $12 million

11. Aubrey “Drake” Graham – $10M

12. Kasseem “Swizz Beatz” Dean – $9M (tie)

14. Marshall “Eminem” Mathers – $8M (tie)

14. Curtis “50 Cent” Jackson – $8M (tie)

14. Jay “Young Jeezy” Jenkins – $8M (tie)

17. Lonnie “Common” Lynn Jr. – $7M

18. DeAndre “Soulja Boy” Way – $6M (tie)

18. Faheem “T-Pain” Najm – $6M (tie)

20. Jonathan “Lil Jon” Smith – $5M (tie)

The Keys to Cash:

As you can tell, having a #1 hit on the charts doesn’t grant you any riches. It’s all about being business savvy, leveraging youself, and managing your money. Once you understand these things, then it’s no surprise at how some of the names have found themselves on the list. So, let’s check out the re-occurring smart moves that we’ve seen on this list:

• Endorsements
• Holding their masters (for actual artists)
• Touring
• Product lines (clothes, beverages, liquor)
• Becoming CEO of their own record label
• Acting
• Producing
• Strategic networking with big firms to find opportunities
• Doing smart things with their money

Birdman probably couldn’t be more proud of himself for buying his new toy of the moment: a $2.5 million dollar car. He continuously boasts of the price tag in the video. He even coins the action “rich n***a shit”. No, Birdman, that would be hardly-wealthy behavior.

If you’re not familiar with Birdman, he’s a co-founder of Cash Money Records (home of rapper Lil’ Wayne) and a pretend hip-hop artist. He’s a repeat offender when it comes to hardly-wealthy actions. Shortly after Cash Money’s nationwide debut about a decade ago, he purchased a $500,000 grill in his mouth and bought numerous custom-made cars. The man certainly has financial issues.

What Birdman doesn’t realize is that the $2.5 million dollar car purchase signifies the $2.5 million he now no longer has. This $2.5 million figure isn’t even including the insurance, gas, maintenance, etc. on the car that further drains his pockets. He’ll never amass any money or significant worth because he’s too busy giving all his money away to other businesses. That Bugatti that he thinks has made him a wealthy elite really just signifies $2.5 million dollars missing from his account.

People who find their self-worth embedded in designer cars, jewelry, clothing, and other pricey items reap of insecurities. What are they hiding by continuously buying themselves expensive items? Unfortunately, Birdman will be finding out as soon as his record label falls out of relevancy and the big checks stop coming in. They keep spending as if nothing could ever go wrong, except something most certainly will: their money.

While we all knew Damon Dash was having financial woes in 2009 with the bankruptcy and divorce filings, it appears 2010 is an extension of those woes. For one, Damon Dash is still clinging on to the imaginary $50 million in net worth that he no longer has. Secondly, he’s still placing all of the blame of his poor business dealings on Jay Z, which happened almost five years ago. Third, his two Tribeca lofts that he took out a $7.9 million mortgage for are in foreclosure and up for auction.

Damon Dash, what in the world have you been doing?!  It’s clearly not been paying your $78,000 monthly mortgage payments or monthly $2,222 common charge payments, according to the Gawker. We’re fully aware that the cost of luxurious real estate in New York City is obscenely high. However, we’re weary for any multi-millionaire to take on that kind of financial responsibility without consistent passive cash flow. Just why did you need two lofts for yourself within the same city in close proximity, if you had no ideas of renting one of them out? Did you have these properties in your name instead of in an LLC? Oh, the tangled webs that hip-hop pseudo moguls weave.

Here’s a copy of the auction property details:

All of these financial woes coming home to roost is a result of Damon Dash’s hardly wealthy behavior. This is reason # 1,455,700 why we call out millionaires on their hardly-wealthy behavior. We can see the financial storm that will come for them years down the road. It’s now about what is in the bank now. It’s about what will NOT be in the bank years from now. Little did Damon Dash know that he too would Antoine Walker his money. While he didn’t, we did. Little Damon Dashes in the making, pay heed.

*Image courtesy of Gawker and Upscale Swagger.