5 Ways To Avoid Going Broke As A Rapper
So you may have heard that Scott Storch went broke recently on social media. This is very sad when you think of the amount of careers that Scott helped propel in the music industry. Actually he can be held responsible for being the go to guy when it came to a few classic RNB , Hip Hop joints in the early 90’s. There’s nothing we can do to help Mr Storch though.
There is so much flossing that one man can do. What we can do though is lay down a few rules, ways for rappers to avoid being broke.These are my own views on what I have observed in the music culture x industry.
1. Keep a good Team
This is probably the most important rule. Actually I was considering just writing about the team and tossing everything else. But I knew Slikour would hit me up and be on some you “Give Onlifers something to think about". Well here you have it. There is never an important time in the music industry that the role of team players has ever been so important. You see there can only be one star player but a star player is made up of so many role players that they end up taking care of the business issues. Take some time and think of the team that your favourite mc has around him the whole time. Having the right team means they can make the right decisions for you
2. Invest Wisely
They say you should you make the cash and invest it wisely. My opinion is to invest the money into something that can be a perfect extension of your brand or who you are as an artist. The dope part about extending your profile is that it stretches the type of way that you can accumulate more cash. In my opinion the things you do should always reflect the type of character you are. Tidal would not make sense unless Jay Z was not motivated on ownership within music. An investment should be done while you still hot as an MC cause then you can also further drive it to your music narrative and how you can reach out to more people. Sometimes the best thing to do is go and speak to a financial advisor and seek advice on how you want your money to have legs, meaning how it can carry you over the years.
3. Be aware of your expiry date
No rapper ever wants to hear this. What happens when the bookings stop? What happens when you can’t sell anymore records? What happens when people have moved onto another sound? What happens when there is a new kid on the block? I know you thinking why is this cat calling out the obvious things that nobody wants to think about. Just like how people move on, the same can be said in terms of the music game. As a musician you need to know that people tend to love you quickly and they can also forget you quickly. What I am saying though is that while you are still at the top you should be thinking of the expiry date. What goes up must come down so they say. But lets not focus on the negative, I'm just calling it for what it is. Your expiry date, old date, relevance date diminishes not based on your talent but based on the market place and how people just move on. It’s a fact of life. People change, consumers music pallets change as new trends come and go.
4. Spend Wisely
We are guilty to think that material possessions show how successful we are. Possessions you see are a part of hip hop that you cannot not show off how much you have acquired. Ever heard of the term “quiet money” yeah homie that’s the level when you so on your shit that you don’t have to shove it in people’s faces. Back to the point though. You should spend your money wisely on things that can further build or add to your business. You paying money for studio time? How about you build a studio? You paying money for a private jet? How about you own a private jet. Nah im talking shit owning a jet is actually more expensive. Don’t ask me how I know this it just looks that way. Whatever you do though spend your hard earned cash by investing back into the things that made you famous and not the turn up lifestyle that leaves many people broke and hopeless. Not saying turn up leads to being broke but there is more to life than spending. Be Smart. Be Strategic.
5. Create a legacy
If you ever go broke and I pray you don’t. From the start you should create a legacy. A legacy offers you the chance to be remembered even when you have expired. But the cool part about this is that we never forget the greats. Its my wish that musicians in South Africa can be more educated in knowing that going broke may happen but its our duty to educate one another on this.
Keep Working. Don’t Go Broke. Know Your Expiry Date.