Love the beats or hate them, there's no music more money-conscious than hip-hop.
But between the rhymes, rap stars actually have some legitimate financial advice, say the experts.
These tips, gleaned from hip-hop lyrics and interviews with rap moguls, can add Benjamins to your bank account.
"But once you get grown and out on your own/ Bills upon bills upon bills is what you have/ Before you get your check then you already spent half."
Lesson from: Common, Chapter 13 (Rich Man vs. Poor Man)"
While his peers brag about the G's they're stacking up, this rapper tells audiences on his 1994 album, "Resurrection," "Call me doberman 'cause I'm a pincher of pennies."
According to Richard E. Reyes, a CFP professional and president of Wealth and Business Planning Group LLC in Maitland, Fla., the way to escape the cycle of living paycheck to paycheck is keep your bills minimal, and, "Try always to pay yourself first." To do that, Reyes recommends saving 10 percent of your income in an emergency account until you have at least three to six months' of living expenses stockpiled, preferably more. If you can't save 10 percent at first, that's OK.
"Slowly but surely, we'll work our way up, but just start at something," he says. "Get used to having to do without that money."
"Floss a little; invest up in a mutual fund."
Lesson from: Busta Rhymes, "Dangerous"
Ignore the rest of the NSFW, or not safe for work, lyrics on this 1997 track, and Rhymes has some sound advice if you choose your investments wisely, says Sean M. Dowling, CFP professional and president of The Dowling Group Wealth Management in Stamford, Conn.
"I think the best place to start is what the actual objective of that mutual fund is, and does it fall in line with what you're trying to accomplish in your investment program," he says. "I think consideration should be given to the company, what their philosophies (are) ... their successes and failures, (and) how they've handled those."
Future investors should also research the cost. To avoid having your funds eaten up by fees, Dowling advises investors to seek mutual funds that keep costs around 1 percent for actively managed funds and around 0.5 percent for indexed or passively managed investments.
"Hold off on all the jewelry and the cars. Straight up ... (the rap business is) not a 9-to-5. You go to work for 40 hours a week, you're not going to get the same amount of money ... every week because it don't work like that."
Lesson from: Yung Joc, in an interview with HollywoodHeavy.com
After being named one of Forbes' 20 richest hip-hop artists in 2006, Joc warned new artists to avoid spending sprees and to "Be smarter than that with your money," in an interview with HollywoodHeavy.com.
Philip Lee, a CFP professional and wealth manager with Modera Wealth Management LLC in Boston, says that Joc's advice to save for lean times is especially relevant to those with fluctuating incomes. While an emergency fund of three to six months' savings may be sufficient for employees with a steady paycheck, business owners, freelance or contract workers, and those who rely on tips or commissions will need six to nine months' of living expenses.
Lee also recommends examining your yearly expenses and budgeting out how much you'll need to save per month to meet them.
"You want to try ... the best you can to even out your expenses, and match that to the savings that you might have," Lee says.
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