Hip-hop says, Get your money right

April 24, 2006
by Zach Barangan
Staff Writer

A who’s who of hip-hop artists and business moguls championed financial independence for the hip-hop generation at a summit on financial empowerment Saturday at the Hammerstein Ballroom.

The all-star panel — which included Def Jam records co-founder Russell Simmons, Warner Music Executive Vice President Kevin Liles and hip-hop recording artists Cliff “T.I.” Harris, Nasir “Nas” Jones and LL Cool J — of “Get Your Money Right: A Hip-Hop Summit on Financial Empowerment” gave financial advice at the summit, which was co-sponsored by NYU and Anheuser-Busch and moderated by Hip-Hop Summit Action Network President Ben Chavis. The network’s mission is to educate youth on contemporary issues.

“So many people have money but don’t have no damn sense,” Liles said. “You can be the statistic or the success story.”

United in emphasising on the billion-dollar hip-hop industry’s economic power, Simmons kicked off the summit by stressing the importance of education in personal financing and a strong work ethic to achieve financial success.

“Every day you have to wake up thinking, ‘What can I give today?’ ” Simmons said. “Giving should be your purpose.”

Violator Records CEO Chris Lighty lamented over how young people develop poor credit because of their excessive use of credit cards.

“You can’t spend $200 on a pair of jeans and not have that in your bank account,” Lighty said.

Multi-platinum recording artist LL Cool J said it is important to him to be able to pay off his credit bills at the end of every month. He warned the audience to “be very careful with credit cards.”

“Are you doing the right thing right now?” he asked. “Are you doing the right thing with that $100? If you’re not doing the right thing with a little, God won’t trust you with a lot.”

Many of the artists offered their opinions about financial independence as well as on their personal experiences. T.I. stressed the importance of taking care of one’s familyfinancially .

“[Financial empowerment] is all about putting our families in better positions,” T.I. said.

Nas, a rapper, also said that a strong family foundation was essential in achieving success.

“You don’t want to be surrounding yourself with, and pardon my expression, some weak-ass niggas, ” Nas said.

Despite financial success and celebrity status, some of the artists said they came to the event to learn from their peers.

“A year ago, I would have been right there in the audience sitting right next to you all,” popular mixtape rapper Papoose said. “So, I’m here to ask questions and listen, too.”

Nationally syndicated radio personality Ed Lover said buyers need to realize the power they hold to expand the culture of hip-hop.

“You all have buying power — maximize that power,” Lover said. “We have to stop thinking United States of America and start thinking global. There’s a lot of money out there.”

Congressmen Gregory Meeks and Charlie Rangel — Democrats who represent Queens and Harlem, respectively — also spoke at the event, reminding the audience of the unlimited potential they carry.

“We have to not only be consumers and buyers, but also people who own things,” Meeks said. “The hip-hop generation has no ceiling.”

Simmons closed the summit by reminding the audience to be independent and urging them to embark immediately on paths to success.

“Go to work today — start the process,” he said. “Don’t be a sheep.”