October 11, 2011

Forbes Magazine: Less Money, More Problems: Financial Lessons From Ace Hood

Forbes Magazine: Less Money, More Problems: Financial Lessons From Ace Hood

Shortly after rapper Ace Hood signed his first major record deal at age 17, financial planning wasn’t exactly at the front of his mind. He leased a new Cadillac Escalade and decked it out with 26-inch rims. He rented a three-bedroom condo in South Florida for $3,000 per month. And then there were the shopping trips.??“It was $1,500-$2,000 every time I hit the Gucci store,” he says, lounging poolside at the Dream Hotel in Manhattan. “I splurged and lived life how I wanted to live it. But anytime you don’t have a record out there that’s bubbling and you’re not doing much of anything, money runs low.”

Sure enough, the rapper’s free-wheeling ways only lasted so long. When his second album didn’t live up to its lofty sales expectations in 2009, he found himself spending much more than he was bringing in. He quickly lost his car, his apartment, some of his friends and nearly his career.
Today, though, things are looking up for Ace Hood. His latest album, Blood, Sweat & Tears, debuted at No. 8 on the Billboard charts; his lead single, “Hustle Hard,” is on the verge of going gold. But he’s still spending less than he did when his first album came out. The reason: a handful of valuable financial lessons he learned at the beginning of his career.

“Now, if I make $100,000 per month, I save at least $60,000,” he explains. “You definitely have to save for rainy days. You never know. It could rain, but then again it might storm. Hail might come. Maybe a tornado.”

Saving a big chunk of your take home pay, ideally at least one-third, is a rule of thumb championed by many financial advisers. To make room for those savings, it’s important to cut down on major expenditures, including fancy clothes and other luxury goods. That doesn’t mean you can’t enjoy your wealth; it’s merely a call for moderation.
In Ace Hood’s case, responsible spending meant replacing a gas-guzzling SUV—which he couldn’t afford when his lease ran out—with a zippy Chevrolet Camaro. He enjoys both vehicles, but the Camaro gets 29 miles per gallon on the highway, compared to the Escalade’s 18. The new ride makes cruising a lot more economical.

“I used to ride around for no reason,” he says. “I had a big truck, I didn’t care and I had money. I could ride all the way to South Beach come back and just chill.”

Better yet, he owns the Camaro. So there’s no danger of losing his primary means of transportation at the end of a lease, and therefore no risk of being unable to get to work in public transit-starved South Florida (the coupe, however, is a bit less convenient for transporting his two infant daughters and their accoutrements).

Another lesson: Don’t be afraid to ask advice. Ace Hood listens carefully to fellow Miami-based hip-hop veterans DJ Khaled and Rick Ross. Though Ross, a frequent member of FORBES’s Hip-Hop Cash Kings list, has been know to brag about “blowin’ money fast,” he and Khaled have told Ace Hood simply, “Make sure to save.”

In Pictures: Ace Hood’s Top Ten Money Lessons

Ace Hood also says he learned not to overspend on significant others. In 2008, he’d give his then-girlfriend as much as $800 every few days to fund extravagant shopping trips. No more.
“I did endure a lot of financial ups and downs,” he says. “And I thank God I was able to endure what I did when I was young, as opposed to me being much older. I was able to make it through.”

Source: www.forbes.com/sites/zackomalleygreenburg/2011/10/11/less-money-more-problems-financial-lessons-from-ace-hood/

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COMMENTS ( 11 )

  • usumoio usumoio
    November 9, 2011
    Hello
    this is a valid message
  • Delance10000 Delance10000
    November 3, 2011
    jamie Hoods in Athens Ga. need the cases information for a retrial since Athens Police killed his brother !
    I already know ya'll gonna be fine!I'm a just saying from my Lil'man's and my daddy's little girls' ya'll are gonna to be fine !O.K.! So I'm over protective of my uncles , aunt's ,Barack Obama and Mrs. Michelle Obama , and all of mines too so I call them my lil'mans and my daddy's little girls!Keep God First! 1. Revelation 22:7 New King James Version (NKJV) 7 “Behold, I am coming quickly! Blessed is he who keeps the words of the prophecy of this book.” 2. Proverbs 31 The Words of King Lemuel’s Mother 1 The words of King Lemuel, the utterance which his mother taught him: 2 What, my son? And what, son of my womb? And what, son of my vows? 3 Do not give your strength to women, Nor your ways to that which destroys kings. 4 It is not for kings, O Lemuel, It is not for kings to drink wine, Nor for princes intoxicating drink; 5 Lest they drink and forget the law, And pervert the justice of all the afflicted. 6 Give strong drink to him who is perishing, And wine to those who are bitter of heart. 7 Let him drink and forget his poverty, And remember his misery no more. 8 Open your mouth for the speechless, In the cause of all who are appointed to die.[a] 9 Open your mouth, judge righteously, And plead the cause of the poor and needy. The Virtuous Wife 10 Who[b] can find a virtuous[c] wife? For her worth is far above rubies. 11 The heart of her husband safely trusts her; So he will have no lack of gain. 12 She does him good and not evil All the days of her life. 13 She seeks wool and flax, And willingly works with her hands. 14 She is like the merchant ships, She brings her food from afar. 15 She also rises while it is yet night, And provides food for her household, And a portion for her maidservants. 16 She considers a field and buys it; From her profits she plants a vineyard. 17 She girds herself with strength, And strengthens her arms. 18 She perceives that her merchandise is good, And her lamp does not go out by night. 19 She stretches out her hands to the distaff, And her hand holds the spindle. 20 She extends her hand to the poor, Yes, she reaches out her hands to the needy. 21 She is not afraid of snow for her household, For all her household is clothed with scarlet. 22 She makes tapestry for herself; Her clothing is fine linen and purple. 23 Her husband is known in the gates, When he sits among the elders of the land. 24 She makes linen garments and sells them, And supplies sashes for the merchants. 25 Strength and honor are her clothing; She shall rejoice in time to come. 26 She opens her mouth with wisdom, And on her tongue is the law of kindness. 27 She watches over the ways of her household, And does not eat the bread of idleness. 28 Her children rise up and call her blessed; Her husband also, and he praises her: 29 “ Many daughters have done well, But you excel them all.” 30 Charm is deceitful and beauty is passing, But a woman who fears the LORD, she shall be praised. 31 Give her of the fruit of her hands, And let her own works praise her in the gates. 3. Matthew 7:24-25 New King James Version (NKJV) Build on the Rock 24 “Therefore whoever hears these sayings of Mine, and does them, I will liken him to a wise man who built his house on the rock: 25 and the rain descended, the floods came, and the winds blew and beat on that house; and it did not fall, for it was founded on the rock. 4. Ephesians 5 Walk in Love 1 Therefore be imitators of God as dear children. 2 And walk in love, as Christ also has loved us and given Himself for us, an offering and a sacrifice to God for a sweet-smelling aroma. 3 But fornication and all uncleanness or covetousness, let it not even be named among you, as is fitting for saints; 4 neither filthiness, nor foolish talking, nor coarse jesting, which are not fitting, but rather giving of thanks. 5 For this you know,[a] that no fornicator, unclean person, nor covetous man, who is an idolater, has any inheritance in the kingdom of Christ and God. 6 Let no one deceive you with empty words, for because of these things the wrath of God comes upon the sons of disobedience. 7 Therefore do not be partakers with them. Walk in Light 8 For you were once darkness, but now you are light in the Lord. Walk as children of light 9 (for the fruit of the Spirit[b]is in all goodness, righteousness, and truth), 10 finding out what is acceptable to the Lord. 11 And have no fellowship with the unfruitful works of darkness, but rather expose them. 12 For it is shameful even to speak of those things which are done by them in secret. 13 But all things that are exposed are made manifest by the light, for whatever makes manifest is light. 14 Therefore He says: “ Awake, you who sleep, Arise from the dead, And Christ will give you light.” Walk in Wisdom 15 See then that you walk circumspectly, not as fools but as wise, 16 redeeming the time, because the days are evil. 17 Therefore do not be unwise, but understand what the will of the Lord is. 18 And do not be drunk with wine, in which is dissipation; but be filled with the Spirit, 19 speaking to one another in psalms and hymns and spiritual songs, singing and making melody in your heart to the Lord, 20 giving thanks always for all things to God the Father in the name of our Lord Jesus Christ, 21 submitting to one another in the fear of God.[c] Marriage—Christ and the Church 22 Wives, submit to your own husbands, as to the Lord. 23 For the husband is head of the wife, as also Christ is head of the church; and He is the Savior of the body. 24 Therefore, just as the church is subject to Christ, so let the wives be to their own husbands in everything. 25 Husbands, love your wives, just as Christ also loved the church and gave Himself for her, 26 that He might sanctify and cleanse her with the washing of water by the word, 27 that He might present her to Himself a glorious church, not having spot or wrinkle or any such thing, but that
  • mikeyred mikeyred
    October 28, 2011
    Ace
    Ace Hood has a new dope site check it out Ace Hood
  • mikeyred mikeyred
    October 28, 2011
    Ace
    *http://acehood.net
  • Delance10000 Delance10000
    October 26, 2011
    Check This Out!
    I'm just saying the entire time they were lying,committing perjury up under oath, false and fabricated reports,failure to investigate,medical malipractice,fradulent medical records,criminal defamation,violating O.C.G.A.17-3-2, violating the U.S.C.42 1983 claim,vilaying the United States Constitution,and more,and fighting againstthe LORD thy God and Jesus is LORD in Macon Ga.!I was counting my blessings'!The way I see it could have been worse for me .I'm just thankful God already had everything worked out for us!I've been using State of the Georgia owned computer's because making making false accusation's aon them or any internet webiste is against the law.I've telling on the Macon georgia Emergency Response provider's .a.k.a.First Responder's, hospitals doctor's and nureses, Bibb County Courthouse, U.S.Middle District Federal Courthouse, Police and Sheriff Department .a.k.a.law enforcement, and more for year's simply because they committing capital Offenses Punishable by death with No statute of limitation along with their general public informant's and false witnesses.While the so called father's of Virginia Harris children ,The Department of Family and Children Services , Macon Ga. Media Contacts and lists(Except Me and Barack Obama and our adminstartion,My family, My Extended family, and Olgethrope Community) , and more all lied and falsely accused Vrginia harris my mentally ill birthmother for their lack of responsiblity and competent it only ended up blowing up in their face.the thing about Bibb County Courthouse Superior Court ,Law Enforcement, Prosecuting Attorney, and more is in 2005 I was a registerd votter so its no way I voilate dSuperior Court probation and in 2000 No Arrest-No Citation-failure of Justice -automatic violation of juvenile probation from the August 24,1999 incident and the April 6 and may 10,2000 reports are false adding to Kidnapping in 2000 and 2005 and more straight Newly Discovered Evidence for the Olgethrope Community Cold Cases/ first Degree Murder ofUnited States veteran my late grandfather Alex Harris Jr.1965 /Uncle Smith and Counsin Smith in 1996!R.I.P. to the Turkey earthquake victim's it was a 7.2!If I would have lied to any of ya'll then I would have something to feel bad about since I didn't!I don't have nothing to regret!(smiling and laughing!!!)I look back at my childhood from age 5 to 17 years old all the adult's committing the crimes against me were all grown and competent and up under oath of office making it easier for not to feel sorry for any of them .They took advantage of an innocent child who didn't know what they knew at the time simply because my birthmother whose custody I was in was mentally ill. and my father was working with them committ and conceal the crimes against me and mines!Now I got Kidnapped in 2005 by Bibb County Superior Court and probation Officer and reported the crime the Statute of limitation is Tolled now since then I've been Kidnapped/Conspiracy Against My Right's Federal Crime/U.S.C.42 1983 claim/Under Color of State Law Federal crime/Violation of the UNited States Constitution federal Crimes /and more 12/2007 and 2/2011 and the charges were dropped due to the damn charges were false ! Support UsWelcome Log outEdit your accountHelp Log in: Register.Tell us what you think »Hot Topics 2 Timothy 3 1This know also, that in the last days perilous times shall come. 2For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, 3Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, 4Traitors, heady, highminded, lovers of pleasures more than lovers of God; 5Having a form of godliness, but denying the power thereof: from such turn away. 6For of this sort are they which creep into houses, and lead captive silly women laden with sins, led away with divers lusts, 7Ever learning, and never able to come to the knowledge of the truth. 8Now as Jannes and Jambres withstood Moses, so do these also resist the truth: men of corrupt minds, reprobate concerning the faith. 9But they shall proceed no further: for their folly shall be manifest unto all men, as their's also was. 10But thou hast fully known my doctrine, manner of life, purpose, faith, longsuffering, charity, patience, 11Persecutions, afflictions, which came unto me at Antioch, at Iconium, at Lystra; what persecutions I endured: but out of them all the Lord delivered me. 12Yea, and all that will live godly in Christ Jesus shall suffer persecution. 13But evil men and seducers shall wax worse and worse, deceiving, and being deceived. 14But continue thou in the things which thou hast learned and hast been assured of, knowing of whom thou hast learned them; 15And that from a child thou hast known the holy scriptures, which are able to make thee wise unto salvation through faith which is in Christ Jesus. 16All scripture is given by inspiration of God, and is profitable for doctrine, for reproof, for correction, for instruction in righteousness: 17That the man of God may be perfect, thoroughly furnished unto all good works. 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