How the best hip hop producers manage money.
This is how the best hip hop producers manage money, its an ingredient to their success because they understand management, and more importantly money management.
Managing money is an important skill to have in the american society, no matter what buisness you are involoved in. Being good at managing money does not mean one needs a degree in accounting or in buisness management. It means you must be able to grasp the principles required to manage anything. Lets use the word monitor or check in place of management. To manage is to check or monitor, for instance; if you want to manage your time better it just means you want to check your time frequently. So these two keywords will always refer back to management. Ok
So lets go. This is how the best hip hop producers manage money?
The first princle of how the best hip hop producers manage money(and everyone else), is to know your balance. You cant make plans and manage money if you dont know how much you have. Its simple for most of us because most of us can count. Not so simple for you if you cant count right? Lol, but anyway. Good money management means knowing your balance at all times, which means you should always monitor your balance. Calls to your financial institution, email alerts sent to your phone, and banking websites are all great ways to monitor your accounts. But what about cash? If your cash if not touched or moved then it doesnt require as much scrutiny as electronic accounts. However, if your cash is in your pocket being moved and touched frequently, the balance should be observed just as frequently. We should always know how much we have, no matter the situation.
The best hip hop producers manage money quite easily with the understanding of princple number one alone, but lets continue.
The second principle of managment is to have a plan for your balance. Balance is the keyword, your balance should never create a long term imbalance on the negative side. We would want to collect more than we spend daily. By monitoring your balance in this manner you understand; hourly, weekly, yearly etc. how much you collect and how much you are able to spend at any given time. So most of us should have the same basic plans for our balance, stay out of the negative and double our balance. The uniqueness and sometimes problem comes when you decide what you want to do to double your balance.
The third principle and there are two more, is to spend in increments. This is important because for one thing, this system we live in requires money. There is no telling when you may have an emergency and have to break bread to solve a problem. On top of that you want to always be ready for that perfect investment that may present itself and require immediate capitol. Another reason to spend in increments, (especially when spending on investments) is the high risk factor of “putting all your eggs in one basket” is a unwise action. Always leave a positive balance as a backup. The same way you back up your computer, backup your financial life by always leaving a positive balance either accounts or cash.
The forth princle is to spend a portion of your balance, about 33% on hard assets. There are several different types of hard assets so lets get clear on the point. If you create clothing which is soft, then the hard assets you should be investing in should be fabrics and threads to do the production of the clothing. Money managment is a part of the economic system, and production has a function to manage money and building wealth for the best hip hop producers (and everyone else to). The producers should be investing in equipment and space to record, sound kits and education. All of these things help to sharpen the producer’s creations and qualify as hard assets. Education can be recycled in the form of books and tutorials from your point of view and create an immediate return on investment.
The final princle is to spend with your own kind. This principle promotes growth. So if the producers spend and invest in their neighbors who makes the shirts, maybe the shirt maker can get triple the shirts and let the producers sell some of the shirts for a percentage of the sales price. It could help the shirt maker sell triple the shirts. And vice versa. They could also get together financially and plan a promotional campaign to benefit them both. Spending with your own kind allows you to develop local economic power through relationships to make certain decisions in your local area.
How the best hip hop producers manage money is no secret.
In closing, to be the best hip hop producer you have to know how the best hip hop producers manage money and these principles should be a foundation in the growth of your wealth and your lifestyle. The author has shared this as a lesson learned from self experience. This article should serve as a reminder to the author and a lesson to those who have not experienced imbalanced accounts. Use these principles to manage everything from your accounts, to your crew at work and your productivness will go up and your pressure will go down.
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