Rappers can be notoriously inadequate when it comes to financial literacy. For every Ice Cube or Will Smith, there is a never-ending roll call of entertainers who struggle to keep their money right. And judging from Lil Yachty’s recent appearance on the podcast Million Dollaz Worth of Game, he has zero intention of finding himself on that list. Still, his current living expenses are not making it easy.
“Every month, I got $52,000 in bills. Monthly, you know what I’m saying?!” Lil Boat shared with hosts Gillie Da King and Wallo267. Then he went deeper into the math of his situation. “Let’s say I got $13 million in the bank, right? If my overhead is $52,000 every month ’cause of my houses, and my staff, and cars, and insurance and all these things I take care of and all these people, that $13 [million] will run down. Because that’s just the bills. I still like to live. I’m still a rapper. I still wanna go to nice dinners, fly my girl out, go to see my girl, we still wanna do all these things.”
Yachty’s come a long way from five years ago and having only $70 to live, but it would appear the rite-of-passage that is a rapper’s lifestyle inflation got the best of him, too.
The present-day pandemic has put a hold on many entertainers’ revenue streams, especially with regard to touring and merchandise, so they have had to get more creative, like Rick Ross’ home serving as multiple backdrops in Coming 2 America or the Verzuz rage. So Darnell Boat began speaking to the men on the need for diversification and passive income.
“You have to be making money while you’re sleeping. Never just have one source of income. Even if it’s six figures. N*ggas could be making 200 [thousand dollars] a show, six shows a week, but that still should not be the only bag,” he said. “And I think it’s so dumb if you just let the money sit in the bank account. That’s dumb. ’Cause it’s just sitting, it’s just there. It’s yours, of course, but it’s not going up unless you make it go up. It’s so many things you could do to make that money double, triple while you sleep, while you snoring, while you working for the other job.”
Although financial guru David Ramsey may not consider him the most suitable replacement for his own show, you might still want to check out the rest of Million Dollaz Worth of Game, Episode 105, to see what other gems Lil Yachty has in store.