The passing of Nipsey Hussle took the hip hop community and L.A locals by storm. The internet poured out condolences to the family of Nip, especially to his fiance Lauren London. The west-coast rapper left fans of his music reflecting on the message conveyed in his lyrics, coupled with the philanthropy work he actively practiced in the neighborhood of which he grew up. One of the major keys Nip left was his emphasis on financial freedom and literacy. Here’s five major money lessons that Nipsey taught us:
“Million dollar life insurance on my flesh.” -Rap N***s
Life insurance is probably the most beneficial thing to have, especially as a parent. It’s an efficient way to ensure that those you leave behind are able to stay afloat for a while after you’re gone.
“Only difference is now the money more mature.” –Young N***A feat. Puff Daddy
Nip hints here on his bonds. Bonds have what’s known as a “maturity date” which is the date you would get your money bag after receiving interest payments for a designated period of time.
“For generations we been dealt bad hands with bad plans.” –Dedication feat. Kendrick Lamar
Data shows that it would take over 200 years for the average Black family to build wealth of a White family today.
Most of us can all improve when it comes to many management, but some obstacles are out of our hands. Neighborhoods we live in, elected officials pushing certain agendas, and access to resources can all play roles in being dealt “bad hands.”
So what’s a person to do when the odds are stacked against them financially? A great starting point is right here at BAUCE; gaining personal finance and investment tips. You’re already on the right track!
“I negotiated a better deal.” Succa Proof
Nipsey was worth $8 million at the time of his death. But the rapper never wanted to rely on music for his money.
“Doing music to pay bills is an uncomfortable situation,” he recently told Complex. “I never wanted to be in that situation. When I was coming out the street, that’s why we was hustling; so we didn’t have to put so much pressure on the music, like ‘if I don’t get this right, I can’t eat, or I can’t pay the bills.’” He stressed the importance of having multiple income streams like other big name artists.
“For that same reason, you got Ace of Spades,” he continued. “You got Ciroc. You got Dre Beats. You got Vitamin Water. All these different ventures to just make sure that you’re never going to the space of completely relying on music or your core business.”
“International Nip Hussle, the current exchange.” Only A Case
Owning stocks that are in international markets can be risky, but the rewards can be quite generous. Forex (foreign exchange) is also a great way to dive into international markets and make good money around the clock (it’s open 24 hours per day Sunday evening to Friday evening).