Rap legend Master P does more than just write hit records. The 50-year-old has his own cereal, pancake mix, and even an action doll. Diversifying your portfolio, he said, is the key to securing financial success…and never having to buy groceries for breakfast again.
For the latest installment of Men’s Wealth, we caught up with the rapper to talk his career, making smart money moves, and the one add-on to his Louisiana home he really, really regrets. (Spoiler: it’s a doozy.)
The 50-year-old may have an eclectic portfolio and plenty of success now, but he didn’t always live that way. “I grew up in poverty,” he told Men’s Health. “I lived in a project apartment with 16 people. I knew I needed to do something big, but I didn’t know what I was going to do.” Of course, that all changed when he opened his own record store, and later, released his first album in 1991. The rest, of course, is history.
Master P has a few secrets to his success: for one, a conservative approach to the stock market. “I always look a the stock market like the casino,” he said. “People don’t realize ’cause you get addicted into it, and you keep on wanting to put money into it…Once you get your money back, take your money out of that and play with the money that you made so you never lose.”
He’s also taught his children, including rapper Romeo, the importance of learning how to invest, so they’ll secure their own financial wellness in the future.
Of course, the rapper’s also learned lessons about spending money the hard way. “Putting gold ceilings in my house, that wasn’t the smartest thing that I’ve ever done,” he said. “That’s a bad investment ’cause when you move, you’ll never get the money out of that house.”
Might not be a great investment for Master P, but we sure do envy the homeowners who inherit those ceilings.
Source: Read Full Article