In a time when many people are facing financial burdens, Kanye West is also feeling the pain. However, Kanye’s struggles can teach us valuable lessons about saving our money.
After releasing his new album and releasing his new clothing line with shoes selling for $16,000, it is hard to believe that Kanye West is $53 million in debt. Many people are in the mindset that having money is good and not having money is bad and embarrassing. However, good debt does exist and can be beneficial in the long run. Taking out a loan can help you pay for your education or buy a home which can make profit for you in the future. In this case, debt could be defined as what ensues for not living within your means and spending money you do not have on the things you do not need.
By this definition, Vanity Fair categorizes Kanye’s debt as good debt because it is reflective of entering the fashion industry which caused his clothing line to gain revenue. The predicted result is that he will soon be out of debt with assets to show for it. From this, we can learn that Kanye would have been better off with finding an outside investor to financially support his dreams instead of using his own money. By doing this, it is possible to set up flexible payment plans with a structured budget.
When planning the next part of your life, it is important to have someone who believes in you and who you can often talk to willingly and openly. In Kanye’s case, his supporter was Jay-Z who introduced him as a rapper and Kanye helped Jay-Z create a path for the second half of his career. Having a supporter who can cheer you on and give you advice can greatly help you when you are struggling to make your dreams and money meet.
After rising to fame, Kanye spoke about the relationship between wealth and fulfillment in his song, “Can’t Tell Me Nothing.” His song expresses how appealing it is to spend your money, knowing it will not make you happy, especially when it is only to impress others. Instead of spending the money you earn, it is best to put some of it into savings for your future in order to avoid financial crisis. It is better to impress people with the success you have from saving your money, rather than impressing them with material objects that will leave you in debt.
Although Kanye has become a spectacle in the celebrity world, his success and failures can teach us lessons when it comes to spending and saving. Take hold of your finances now and be a success!