Athletes and entertainers face unique wealth management opportunities, considerations and challenges. The athletes and entertainers we interviewed shared their personal stories and perspectives to highlight the need for more financial education in the sports and entertainment world. We thank them for being strong advocates of financial literacy.
Chamillionaire鈥檚 advice
Chamillionaire鈥檚 advice
鈥淯nderstand the power of spending your money the right way. Cars and jewelry depreciate in value, but you can also spend money on investments that make money. My wealth allows me to give back and help other people.鈥
Basketball or rap
Chamillionaire (鈥淐ham鈥), born Hakeem Seriki, was raised in Houston, shuttling back and forth between his divorced parents. He had little awareness of money, except that his family didn鈥檛 have a lot of it. Friendships opened his eyes to what life was like for some other children. 鈥淚 didn鈥檛 know what an allowance was. That was surprising to me.鈥 In Cham鈥檚 community, the path to success was limited to basketball or rap, 鈥渁nd I wasn鈥檛 tall enough to play basketball.鈥
First-time millionaire
Cham always had a way with words. In high school, he started rapping and performing on the Houston hip-hop circuit under the moniker Chamillionaire. The name represents his chameleon-like ability to adjust and prosper in different environments through consuming information and fostering relationships. Two popular independent albums led to a deal with Universal Records in 2005. A generous advance from the music contract made Cham a bona fide multimillionaire.
He bought his mother a home and a new car. At first, he found it difficult to spend money on himself. Then he purchased a car with cash. 鈥淚t didn鈥檛 make a dent in my bank account.鈥 In the entertainment world, the star is expected to spend. 鈥淵ou鈥檙e the breadwinner for family and friends and presumed to live a certain lifestyle.鈥 He bought more expensive cars and jewelry, material symbols of success to his audience. 鈥淚 remember buying a $150,000 chain necklace. Everyone was staring at it. In the moment, it felt great, but I had an unrealistic expectation of how money works. Taxes are a reality that I wasn鈥檛 thinking about. I鈥檝e wasted a lot of money.鈥
He bought more expensive cars and jewelry, material symbols of success to his audience. 鈥 In the moment, it felt great, but I had an unrealistic expectation of how money works. 鈥 I鈥檝e wasted a lot of money.
A number one hit
Cham鈥檚 first major solo release, The Sound of Revenge, debuted in the Billboard Top 10庐. The single 搁颈诲颈苍鈥聽which featured rapper Krayzie Bone topped the Billboard Hot 100庐 and won a Grammy庐 Award in 2007 for Best Rap Performance by a Duo or Group. The song describes his numerous run-ins with the police who pulled him over on suspicion of 鈥渞idin鈥 dirty鈥濃攄riving while in possession of illegal narcotics or firearms. The police never found any contraband. The lyrics, which speak to racial profiling and police brutality, could have been ripped from today鈥檚 headlines.
Trust issues
On the heels of his success, Cham was approached by financial advisors. 鈥淚 had trust issues. No one understood my journey. How I got to where I am. They were just selling themselves and looking for a transaction.鈥 He believes that any professional advisor, from managers to agents to financial advisors, should be interested in educating their clients. 鈥淭hey need to be teaching you. People who made it into my world gave me information before asking for anything. They built trust.鈥
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