It’s easy to simply look at this list in awe at the enormous
amounts of money these individuals are bringing in. A lot of people may look at
this almost like a fairy tale, something that is virtually impossible to
achieve. Then there’s the jealous ones, who won’t buy another Jay Z album
because he has enough money. Or the ones who think Nicki’s body is fake and she
can’t rap or sing that well so she shouldn’t be on the list. All Wiz raps about
is smoking weed, Wayne can’t even rap anymore, Pitbull and Birdman are corny,
Tech N9ne is weird… and obviously they’re all in the illuminati. But instead of
trying to make excuses for their success or why they shouldn’t have what they
do, it’s much wiser to learn from each and every person on this list. From Diddy
and Jay Z dominating for the past few years to Mac Miller and Macklemore
obtaining a surreal amount of success as independent artists; there’s a lot to
learn from the people on this list and here are some of the key lessons to take
away from the 2013 Cash Kings:
Diversify your income. – No one on this list made it there
from doing only one thing. Putting out an album, touring and doing shows as
well as doing features is the bare minimum for some of the newbies on the list
like Kendrick Lamar and Macklemore & Ryan Lewis. But give these men time
and they will surely expand their income to various sources as well. At this point
they are still establishing their brand and building the power and momentum
behind it in order to yield success in future ventures. The more seasoned Kings
(and Queen) on the list get their money from a wide variety of sources; from
endorsements, to clothes, to headphones, to touring and also the various
aspects of the music business (writing, producing, etc.). They don’t have to
depend on any one source of income to sustain them or build their empire. And
they have the freedom to move and be creative in different avenues, so they don’t
get bored.
Understand your brand. – Who are you? What do you stand for?
How do people see you and is that consistent with how you see yourself? Who do
you appeal to? All of these are key factors when deciding on business ventures
and investments. Could you imagine Lil Jon or Mac Miller trying to sell a
fragrance? Or Tech N9ne trying to market a clothing line to mainstream America?
These ventures wouldn’t work because they don’t fit the brand. Branding and
staying true to that brand is an imperative component to success.
Be smart and take advantage of opportunities. – If you want
to be successful then you’ll need to evaluate all opportunities according to
their potential to help your career in the long run. Are you trying to
establish yourself? Are you trying to reinvent or reintroduce your brand?
Either way, a business opportunity is more so about where it can put you as
opposed to what you can get from it immediately and directly. Take an album for
example. Great first week sales are nice, but not the only thing. Artists tour
and do shows to further push an album and expand their fan base. They may not
even make that much off the album even if they go gold or
platinum. But the shows put money in the artist’s pockets and more fans equates
to stronger brand loyalty which puts the artist in a good position to embark on
new prospects. Also, a lot of the people on the list have stayed on this list
for multiple years. That is because they chose ventures with strong potential to provide longevity. Some of these artists have been in the music
business for 10 or 20 years now. They stay relevant because they understand how
to reinvent themselves and market their personal brand according to what’s
current.
Learn from others. – Many of the people on the cash kings
list have intertwined careers. They have worked together and have been able to
soak up some wisdom from one another. Be aware of the company you keep. If you
associate yourself with successful people and pay attention, success is not far
from you. A lot of Kings (and Queen) have liquors, headphones and clothing
lines. And artists often start their own labels. Would we consider them copy
cats for doing the same things? A lot of people, especially in the African American community tends to believe
that we all can’t succeed together but this list is proof of the opposite.
There is nothing wrong with learning from others, tweaking their formula and applying
it to your own brand.
No one appeals to everyone. No one is liked or hated by
everyone. And there is a lot of money to be made. – You may not listen to all
of these artists. They might be too old in the game, you may not remember them
in their prime, or their particular type of music may not be your taste. But
enough people like and pay attention to them to make them millionaires. When
you have a gift, stay true to it and who you are and people will gravitate to
you for that reason alone. Add a good product to the mix and you’re good money.
Wealth is relative and subjective. – The moguls on the cash
kings list are tens of millions behind the highest earning celebrities and
billions behind those on the Forbes 400 list. Not to mention this is not a
calculation of net worth, just how much they made in the last year (July
2012-June 2013). So does that mean they aren’t rich? Don’t let another person’s
success or lack thereof define you. You can always do better and you can always
do worse. Always be happy and be thankful for the success that you have and
strive to be the best you.
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