Actor, comedian, and husband to Mariah Carey, Nick Cannon is speaking on the lessons he’s learned on money management.
The new radio host and media company owner says he earned over a million dollars at a young age and went broke before the age of 19.
He tells the Wall Street Journal,
He tells the Wall Street Journal,
“I became a millionaire and went broke all before the age of 19. I spent it right away and did a lot of frivolous, unintelligent things with the money. I bought jewelry and Range Rovers… instead of buying property I was leasing the most expensive property, and then you turn around and you owe the government 44% of what you made and you don’t understand that, even when people you tell that.”
According to Cannon, one of his friends and mentors, Will Smith, tried to warn him about the dangers of frivolous spending but he opted not to listen.
“One of those who was a mentor to me at that young age and opened a lot of doors was Will Smith. I remember when I was going to buy the Range Rover he said, ‘Man, don’t go buy that, you don’t need that.’
“He was someone who made $1 million and lost it at a young age, so you got to pay attention to the people who came before you.”
He also offers advice to fans who might find themselves in a similar situation,
“I would encourage people who do get a little bit of money to save it and invest it and hold on to it. And make sure you pay your taxes.”
“I would encourage people who do get a little bit of money to save it and invest it and hold on to it. And make sure you pay your taxes.”
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