Interesting read. Art:Business:Wealth. Enjoy.
French Montana shares his financial strategy. And why he’s on the Puff Daddy path.
“…At a concert, I might want a special lighting package that stretches the budget, so I’ll come out of my own pocket to cover it. Sometimes the right song with the right production is so expensive, the label might not want to spend the money. So I’ll cover the cost myself. I might want to shoot a movie out of my own pocket instead of going to a studio and getting the funds in advance. Just like my teenage years working on the streets, the more I risk, the greater the rewards. For every $300,000 that comes in from some concert, I spend $200,000. That might enable me, a year from now, to charge $500,000 for a show.
I also love investing in my team. If they’re doing well, they’ll have more energy and passion. At this point, I have about 20 people who work for me. Drivers, bodyguards, assistants, managers. Some get a flat rate and some are paid a percentage of how much our team grosses. My bodyguards get paid between $100,000 and $200,000 a year. Yeah, that’s a real chunk of cash, but — and I know people say it all the time — there’s no “I” in “We.”
Even as an artist, you have to think like a businessman. That’s what separates Puff Daddy from every artist that was ever signed to his record label, including me. Puff Daddy dropped a big album 10 years ago — he’s no longer #1 on the charts, but he’s #1 in Forbes. You could be the most talented person on Earth, but if you don’t have your business mind straight, you’ll always be hustling for every dollar. You’ll never get to the point where you’re making money while you sleep.”
Read more at Wealthsimple Magazine.