Financial Advisor Says Celebrities Should Live Below Their Means, Invest in Real Estate
Massey: Champagne lifestyle can lead to ruin
Thaddeus Massey is a former UCLA football player who briefly played in the Canadian league. He used his experience to transition to a career providing financial advice and consulting to sports and entertainment figures. He is also the co-owner of Los Negros Organic Tequila. Here is my conversation with him about money and the entertainment world.
Otiko: We often hear cases of entertainment figures making a lot of money, then going broke. Why is this so common among Black sports and entertainment figures such as rappers and athletes? Nineties rap star Black Rob died penniless.
Massey: Unfortunately, many “Black” athletes and entertainers focus on the bright lights and not the actual business practices of the industry they’re in. This is a recipe for big, short money, not long-term financial security. Many come from lower socio-economic beginnings and haven’t adopted a culture of prioritizing generational wealth, which is cultivated by financial literacy, delayed gratification, and business education. However, I believe we’re undergoing a cultural shift which should permeate the entertainment and sports industries.
