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.
Kamal鈥檚 advice
Kamal鈥檚 advice
鈥淢any of us were not raised in homes where money was openly discussed. Don鈥檛 let that stop you from learning how to manage your wealth. You have to plan for the future. The pandemic is a wake-up call. Will you be OK if you stop working? For how long?鈥
The age of seventeen
When Kamal was 17, a music manager called him with an opportunity to join a hip-hop band that had landed a new record deal. The gifted, young keyboard player was still a high school student in Philadelphia, while the band was in London preparing for their European tour. Although his parents thought it was more important for him to earn a college degree, Kamal wanted to pursue his music dreams. In 1994, he accepted the band鈥檚 offer the day after his high school graduation. 鈥淚 told my parents 鈥業鈥檓 moving to London. I鈥檒l figure out college later.鈥 That鈥檚 how I ended up joining the Roots.鈥
Rich with music
Founded by childhood friends Ahmir 鈥淨uestlove鈥 Thompson and Tariq 鈥淏lack Thought鈥 Trotter, the Roots were building their name in the early 1990s by playing in venues across Europe. 鈥淲e shared everything. We bought food together and partied together. Money was looked at as a necessity, not the goal. We were nomads, doing small shows for peanuts. All the money we made was used to get to the next show. We had just enough money to travel back and forth.鈥 The laissez-faire attitude toward finances suited Kamal. His childhood home was rich with music but at times short on cash. The sounds of Bob Marley, Prince, Herbie Hancock and Thelonious Monk were interspersed with talk of unpaid bills that he overheard through the walls.
It was taboo to talk about money with the kids. We were told to stay in our child鈥檚 place. This is grown-up stuff.
Spending freely
The Roots returned stateside two years later. Kamal and his bandmates started receiving generous cash advances from their record label. 鈥淚 never thought 鈥楲et me save my money.鈥 I was making more money but also spending more money. That mentality went on and on. Life was a party. My closest friends and I would go to a club and I鈥檇 pick up the tab.鈥 Kamal notes that financial literacy is lacking among many entertainers because it鈥檚 not openly discussed. 鈥淚n the African American household, money and credit isn鈥檛 always taught. You don鈥檛 learn about checks and balances. I didn鈥檛 even have a bank account. I鈥檇 come home with $10,000 in cash.鈥
New money mindset
Kamal became a father at age 23. The responsibilities of being a parent changed his money mindset. Providing a secure future for a growing family became a priority. 鈥淏efore that, my mentality was to play hard and spend it while I have it. You can鈥檛 take it with you. When I had my first kid, I started to wake up a bit.鈥 Parenthood pulled him away from the party scene. 鈥淚 started spending a lot more time on my craft, creating and recording music.鈥
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