For those that have been living under a rock, Tip “T.I.” Harris launched a podcast last summer entitled ExpediTIously. It hit #1 after the first episode. Occasionally, T.I. discusses topics like personal finances.
I’ve been listening, and I like it. T.I. mostly interviews other artists but the conversation always goes beyond music. He and guests discuss current events, culture, politics, history, and more.
One of his most recent conversations with Killer Mike is called The Atlanta Way, which is one of the best episodes. However, I may be a little bias because their conversation dived into personal finances and financial literacy. Y’all know those are two of my favorite topics.
In this article, I want to share some of the financial gems mentioned in their conversation. Hopefully, it will give you some food for thought and inspire you to take action in your community or sphere of influence.
T.I. and Killer Mike’s Perspectives on Personal Finances
T.I. Encourages Us to Buy Back the Block
“I am a capitalist, I’m in this business to make money. I am in the record business and in other businesses to make money, and with that, I have a sense of duty and compassion based on where I’m from because heavy is the head.” T.I.
I love it when artists and entrepreneurs share what they are doing in their communities and with their money. It proves they are striving to build wealth beyond their talent. Sharing their stories can also provide a blueprint for others to follow.
T.I. and Killer Mike are no different. Throughout the podcast episode, they mention apartment buildings, strip malls, and other real estate they own. In addition, they are buying black businesses that have been run by one dedicated entrepreneur who is ready to retire. Fortunately, T.I. and Killer Mike still see a need for some of those businesses and buy them, so the companies remain in the community.
T.I. and Killer Mike Choose Collaboration Over Competition
The podcast episode starts with T.I. explaining how he and Killer Mike went into business together to purchase a seafood spot in Bankhead, Georgia.
“We recently partnered on a project. And we both put our money together [to] purchase the business that was a staple in our community.” T.I.
For many entrepreneurs, collaboration over competition is vital. Collaborating can bring the community together to support your business, and it also drives down the costs one person has to bear. Entrepreneurs who work together, are working smarter, not harder.
Furthermore, investing in businesses and real estate is a great way to build wealth and financial stability. T.I. even admits, “We both have become business-minded businessmen and financially stable,” as a result of their business ventures.
What’s more profound is that Killer Mike is not afraid to admit he sought mentorship from a seasoned developer. Therefore, when an outside investor asked to join him and Killer Mike on their most recent project, they both said yes.
T.I. and Killer Mike are taking their businesses very seriously. They ask the right questions, do their research, and collaborate with industry experts if the opportunity arises. As a result, they have become very savvy businessmen.
Killer Mike Says You Gotta Put In Work
It’s unfortunate when family members treat you like the family bank when they think you “made it.” I like the fact that Killer Mike shared how he empowers his family instead of just buying them gifts.
One example, Killer Mike described is how he rewards his nephew with Jordans after he works hard or accomplishes something. He said, he values the labor and work his nephew puts in and only afterward does he give his nephew expensive shoes.
“I believe in work, hustle, work, whatever you got. You have to put the effort in.” Killer Mike
Killer Mike also shared he is more likely to help someone asking for money if they offer to do something first. For example, if a homeless man asks to wash a window or take out the trash, he is more likely to give. He is not forcing anyone to work for money, but he sees the transaction as a way to empower someone and treat someone with dignity.
It’s essential to have a balance in what you give and what you request in return. Whenever you give money or gifts, it should be what you can afford to give. When you encourage people to work for what they get, you are teaching valuable lessons about work ethic and the value of money.
Someone is more likely to take better care of something they worked hard to get.
Killer Mike Says Strippers Should Have 401ks
“There should be a damn 401k retirement plan for strippers…[They should invest] at least $100 a week towards something that could accumulate and grow and be there for you when you no longer shaking.” Killer Mike
I couldn’t agree with Killer Mike more. I believe financially savvy women should have a plan for retirement. You should also save for retirement with each paycheck. If an exotic dancer doesn’t have a 401k, he or she can establish a retirement account outside of their employer.
If you have a job, you can invest up to $6,000 into a Roth Individual Retirement Account (IRA) each year. You qualify to contribute to a Roth IRA as long as your household income doesn’t exceed $122,000 (if you’re single) or $193,000 (if you are married).
The money you invest in a Roth is taxed before you make your deposit, but you can withdraw your savings in retirement completely tax-free. If you need to access the money in your Roth IRA before 59 1/2, you can take out contributions without paying taxes or a penalty at any time. However, you may be taxed or penalized if you withdraw interest you earned before retirement.
More Retirement Saving Options
Alternatively, you can also save for retirement in a traditional IRA and SEP-IRA.
A traditional IRA and is a tax-deferred retirement account. So, you pay taxes on your money when you make withdrawals in retirement. While you are working and contributing to your traditional IRA, the IRS allows you to claim tax deductions for your contributions each tax year. Unlike, Roth IRAs, traditional IRAs do not have income limits. Therefore, you can invest in them regardless of your annual income. However, the IRS does limit how much you can claim for tax deductions if you have a higher salary.
On the other hand, the SEP-IRA is a retirement account for self-employed individuals. Anyone that is a contractor or receives a 1099 tax form can contribute to this account, even business owners. The IRS allows you to contribute up to 25 percent of your income into a SEP-IRA or up to $56,000 per year, whichever is less. Also, anyone with a side hustle is eligible to contrite to a SEP-IRA too. Having a SEP-IRA and your employer’s retirement account can help you boost your wealth and retirement savings in tax-advantaged accounts.
Other Financial Advice Mentioned
Killer Mike also encouraged Black people to support Black banks. Save your money in Black banks, so the banks can turn around and invest in the community through business loans, grants, and other programs.
However, my favorite tip was about how to handle when family members ask you for money.
Killer Mike said jokingly, tell your family you need to pray on it.
“If family calls asking for money tell them you need to pray 🙏🏾 on it.” 🤣#quote @KillerMike on #expeditiously podcast with @Tip This conversation is so dope.
— The Purpose of Money (@purpose_money) September 26, 2019
But seriously, if you are trying to get your financial house in order, you may not be in a position to give to anyone. It’s essential to be at peace and realistic about your financial situation. You should never lend money that you need to pay your bills or debts.
Instead, only lend money you don’t need. That way, your family or friends pay the loan back, it’s a bonus. If not, there are no hard feelings. Life is too short to be angry about money.
Be responsible with your finances and know your limits.
I encourage you to check out the full episode for more financial gems.
Warning: This podcast episode contains explicit language. However, it’s a great conversation with T.I. and Killer Mike talking freely about what comes to mind.
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