I don’t care for rap music, but this is interesting coming from the rap genre…
Dee-1 Raps About Not Having a Car Note and Paying Off Student Loans
According to an interview by Clark Howard when Dee-1 landed his first record deal instead of using the cash advance to buy a new car or other things he wanted, he paid off his student loans. Even though he wasn’t wealthy growing up he learned from his dad’s example the value of saving money. During the interview he said that after college he had to make a distinction between his wants and needs. He wanted to buy a new car when he got his first job as a teacher, but instead continued to drive his old car.
Now, despite being a millionaire Dee-1 still drives the same car, his old 1998 Honda Accord with 300,000 miles on it.
With educational loans being given to students like candy and the pressure to keep up with peers people are often finding themselves in tons of debt with no easy path out.
Dee-1 – Sallie Mae Back
It’s great to see a good example from a rapper. He was responsible and lived a frugal lifestyle that enabled him to slowly work at his student loans. Some might say it’s easy for him. He got rich and was able to pay it all off faster. But becoming wealthy is not what made him good at managing his money. He was frugal and on a path to becoming debt free before his big break. It has been shown over and over that people who haven’t learned to manage the money they have are even worse at managing more.
Dee-1 – No Car Note
When your friends, family, and neighbors are buying new cars, houses, and toys, don’t feel like you need to keep up and buy a bunch of stuff that’s as new and nice as they have. You might do well enough keeping up with a millionaire rapper.