TULSA, Okla., February 28, 2015 — Hip hop artists and professional athletes have something in common: Most go bankrupt during or at the end of their careers. There are only so many shoe deals, commercials, and sponsorships available for either hip hop artists or athletes, and both tend to live large.
At a time of plunging music sales, when an artist can no longer grow wealthy from record sales alone, one artist has changed the way money is made in the music industry. That’s Curtis Jackson, better known as 50 Cent.
50 Cent has been fearless in pursuing his goals outside of music, and it has paid off.
50 Cent was the first hip hop artists to invest in a company—Vitamin Water—and rake in millions of dollars from the investment. This was at a time when any other hip hop artist would avoid corporate America like the plague for fear of losing street credibility.
50 Cent went on to build an empire that includes an audio headphone company (SMS Audio), a boxing promotions company (SMS Promotions), endorsement deals, a clothing label and book publishing. At he same time, he works as a film-producer and actor, and has investments in start-up firms as well.
50 Cent has an estimated net worth of $270 million, which is not bad for someone who dropped out of high school. There is really no secret about how he made so much money. He started by leveraging his popularity in the hip hop culture to profit from the products he was selling, and was fearless and determined when pursuing something worth embracing in the business world.
You don’t have to put a record out and say you’ve been shot nine times to score success. But if you do want to become wealthy, there are two lessons you can learn from 50 Cent: Diversify your financial portfolio, and be fearless in pursuing your goals.