Why Most Rappers Are Broke Rappers
I saw another video on this, and I wanted to make my own version. I have actually bought jewelry and I know rappers who have spent half a million on jewelry too and didn’t end up as broke rappers.
This is Smart Rapper… I’m not the guy that goes out and tells you to spend $50,000 on jewelry… I’m the guy that tells you how to maximize $1,000 for your rap career so you don’t go broke as a rapper.
But today, you want to talk about how I got my chain and WHY I got my chain, as well as the benefits of it and why I will never be like these other broke rappers. I made the right decisions with my money, and I want you to make them too.
Where Broke Rappers Start Getting Poor
First, let’s talk about what happens when YOU start making a lot of money as an artist
You’ll start making so much money, it’ll be 100 times more money than you were ever making before…
Since you were so used to being poor and not having any money to spend, you can suddenly spend money.
As you start spending money, spending becomes a habit, you move from fearing a $10 lunch to spending $20 per meal… then $30 per meal…. then $50 per meal.
TRUST ME… This happened to me when I was a broke rapper.
I used to be afraid to spend $7 on lunch and think Chick-Fil-A was expensive.
You suddenly feel FREE spending money and start spending it on anything and everything you want.
This is where the problem arises for broke rappers.
This is how rappers have gone broke, and how people like Mike Tyson go from being worth $400 MILLION dollars to going bankrupt.
You probably think, “How can you possibly spend 400 MILLION DOLLARS! You probably could buy everything you ever wanted and it wouldn’t cost more than 5 million…and that’s including cars, houses, AND jewelry.”
You’re only supposed to buy what you can afford, but people lose track of what they can afford.
How I prevent this from happening?
You know I am here to inspire you, so this article is to prepare you for when you get rich and help you understand WHEN you can go buy a chain.
You probably want a chain right now. You want a nice car, you want the best outfits… you want all that stuff… but do you have a solid home studio?
Do you have your microphone and preamp so your art can shine?
Because realistically, your music is what is going to make you the money, right?
If you are investing more money into things that don’t make you money, how are you going to grow your career and make MORE money?
The way to NOT go broke is to invest in everything you NEED first… so you can create the stuff that will make you money. Then you can start buying your toys.
Let me tell you what I did when I was a broke rapper.
I started making serious money and the first thing I did… Bought my studio equipment, then I bought a new camera to increase the video quality for you guys to enjoy my videos more so you take me more seriously… then I bought and furnished my Smart Rapper show set so you take me more seriously as well.
THEN, I went and got the car. I saved for 8 months and had a lot of back up money. I paid my taxes, THEN I went and bought my chain.
Everything I have mentioned that I bought…. is completely tax-writable. Meaning I don’t have to pay the taxes on that money spent.
Why? Because it was all to further my business so I wouldn’t end up like all the broke rappers.
Broke Rappers Buying Jewelry
Now let’s talk about the chain.
The chain is my logo. almost 600 stones, SI1s and VS Stones. White Gold custom made.
It cost me around $10,000
But I wear it and since it’s my logo, it’s marketing. Since I need it for my image, it’s tax-writable.
But note… I didn’t just go buy this chain immediately… I saved up for over a year and had a lot of back up money before I got this.
I also bought a fake one to see how I would feel wearing a chain with my name on it. I tested it, I loved it, and I invested in the chain.
Most rappers… they go and just buy random chains, watches, and rings just to glisten. What a waste of money. $60,000 watch? What the hell!?
And that watch doesn’t market them. It’s just useless jewelry to shine and worry about getting stolen.
Smart Rappers don’t spend money they don’t have.
What good are 8 chains worth $50,000 each when you suddenly can’t make your car payment?
That’s flat out stupid.
If you get jewelry, make sure you can truly afford it. Keep track of how much money you make. Invest in what you need first so you can always create more in order to make money back. Business first… then toys.
Rappers go broke because they aren’t SMART.
They let their emotions of, “I NEED THIS NOW,” get in the way of their long term goals.
The last thing you want to happen to you is that your career starts taking off, but you spend $30,000 on some jewelry, and somehow you didn’t get a check you expected. Now you don’t have marketing dollars or the money to shoot the next music video for your new single.
Now your career is at a standstill until you get more money… you’d feel like quite a dumb rapper…
Be a Smart Rapper so you don’t end up like these broke rappers.
– Rob Level