Money talks: What 13 Black celebrities taught us about financial literacy

Knowledge is power when it comes to managing your money, and according to Michael B. Jordan, the sooner you learn, the better. “I imagine how much more I would have and the better place I’d be in today if I had that kind of knowledge at an early age and knowing how to take care of your money,” he shared with CNBC Make It. Plus, getting an early start can save you from making rookie mistakes down the road.

3. Kendrick Lamar

“Slow money wins the race,” Kendrick Lamar shared in his “The Balcony” bit for Cash App, which also featured billionaire investor Ray Dalio and comedian Exavier TV. Rather than going all-in, the Compton MC explained that it’s often smarter — and safer — to diversify and take the long route. “Spread your money out. Let it build for yourself and work gradually,” the “Not Like Us” hitmaker advised. “Anybody that’s ever made a lot of money didn’t make it fast, you feel me?”

4. Marsai Martin

For Yahoo’s “In The Know: Money,” Marsai Martin chatted with Spelman College economics professor Suneye Rae Holmes about the basics of money, from what it actually is (in the simplest terms) to how close we really are to becoming a “completely cashless” society. Spoiler alert: We’re pretty much already there, thanks to tap-to-pay, Apple Pay, and Amazon’s Alexa, as well as debit and credit cards, which themselves are becoming increasingly obsolete.

5. Soulja Boy

According to Soulja Boy, an asset is something that will “bring you money,” whereas a liability will “lose money.” Sitting down with “Assets Over Liabilities” hosts Rashad Bilal and Troy Millings, the “Crank That” rapper explained how the line between the two can sometimes get blurry, and that occasionally, an asset can turn into a liability.

6. Shaquille O’Neal

Shaquille O’Neal can explain money management using nothing but a blank piece of paper. During BTIG Charity Day, the former basketball player shared his golden rule: Save 50 percent of everything you earn, and if you really want to join the ranks of the “billionaires of the world,” take half of the other 50 percent and “put all that away.” Seeing is believing, so watch Shaq — whose portfolio has included brands like Five Guys, Papa John’s, and Auntie Anne’s — break it down in the video above.

7. 21 Savage

If you want “one, two, three, four, five, six, seven, eight M’s” in your bank account like 21 Savage, financial literacy is key. As part of his collaboration with Chime, the London-born rapper advised fans to “save and invest your money at the same rate that you spend.” He also shared why passive income is the “ultimate goal”: “It is a real privilege to have disposable income that I am able to invest and grow.”

8. Taraji P. Henson

The best financial advice Taraji P. Henson ever received (and therefore passed onto us) was to “invest in property,” she told ESSENCE. She went on to share, “I was smart enough to know not to invest in stocks because I just didn’t understand it. Quick money never feels safe. That’s like gambling, and I’ve never been a gambler.” Like plenty of others, she understands how important it is to build wealth through investments you understand and avoid chasing fast returns.

9. JAY-Z

Although JAY-Z’s 4:44 album is filled with countless gems about financial literacy, we’d be remiss not to highlight his conversation with Kevin Hart, where the Brooklyn native explained why owning 100 percent of something shouldn’t always be the goal. “It ain’t what you own. You can own 100 percent of nothing,” Hov explained, before citing his Ace of Spades deal with LVMH as a prime example of why owning half can sometimes be smarter than owning it all.

“I could’ve said, ‘I want to own 100 percent of this thing.’ Or I can own 50 percent of it and... push it even further. So, that was right for that specific situation,” Jigga continued. That being said, he acknowledged that there are certain things worth owning fully, especially if you plan to leave them behind for your family.

10. Keke Palmer

Like plenty of financial experts, Keke Palmer thinks it’s “incredibly important” to live below your means. “If I have $1 million in my pocket, my rent is going to be $1,500 — that’s how underneath my means I’m talking,” she shared with CNBC Make It. “My car note is going to be $340. I don’t need a [Bentley] Bentayga. I’ll ride in a Lexus.” Moral of the story: Just because your income goes up doesn’t mean your spending habits always should, too.

11. Tyler Perry

If there’s one major lesson we can learn from Tyler Perry, who officially reached billionaire status in 2020, it’s to set financial boundaries — and to stick to them — even if it means saying no to family. During Kirk Franklin’s "Den of Kings" podcast, the award-winning filmmaker shared how he fired his aunt after she kept skipping shifts at a job he gave her, then turned down another relative’s request for a million dollars. He made it clear he wants to help, but “not be welfare.” He continued, “You want me to hand you the money, but you don't want to work for it. See, that doesn't work for me."

12. Big Sean

Big Sean definitely knows a thing or two about making and keeping money. Sitting down with his mother, Myra Anderson, for Chime, he explained, “Money is like water... It goes. It dries. It’s, like, you have to keep replenishing it, you gotta keep at least putting it in a glass.” The Detroit native added that it’s equally important what you do with your cash: “We could take $100,000 and put it in the stock market, we could take $100,000 and put it in an investment firm.” To put it plain and simple, Anderson emphasized, “You use money to make money grow.”

13. Steve Harvey

More geared toward those in marriages or long-term relationships, Steve Harvey recommends that every couple keep four bank accounts. He suggests a joint checking account where both partners deposit money for bills, a joint savings account that requires both signatures for withdrawals, and two individual accounts. “You gotta have your own life,” he explained, adding that from the joint checking, they can figure out what money goes where. At the end of the day, though, the ideal financial approach will depend on each couple’s individual circumstances.

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