It’s one thing to earn millions of dollars, but it’s another to maintain and grow your wealth. NFL star Odell Beckham Jr. recently faced scrutiny after breaking down how many Black athletes end up squandering their riches with dumb mistakes and a lack of financial literacy. But while many celebrities die broker, there are plenty examples of famous Black men and women who used their money to make even more money.
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Entertainers like Michael Jordan and Rihanna are no stranger to financial barriers, but now, they are pillars of what financial literacy should be — especially in the Black community. Here are 13 celebrities that prove with the proper investments and right ideas, you can set your family up for generations of success!
Marsai Martin
At just 21 years old, actress and producer Marsai Martin has already mastered building her financial empire. She began her acting career at five years of age, and with the help of her parents, a Coogan Account — a special savings account created by a legal parent or guardian for a minor, according to the City National Bank — was set up for her to help save her money. She hasn’t tapped into the account yet, and she really doesn’t have to with all of the other sources of money coming in.
Between her Genius Productions company and consistent acting roles in shows like “Black-ish” and her film, “Little,” Martin has proven to be a bright financially conscious star, who will likely only get better from here!
Nas
New York rapper Nas realized early in his career that hip-hop wasn’t going to be enough to provide him the empire he desired. Because of this, Nas has built an investment portfolio with over 100 companies, according to Fortune. A lot of his wealth comes from his collaboration with Escobar Cigars, which he co-owns. “I look at it separately from any other business that I’m doing,” Nas said. “I’ve always had a hidden love for—well, not so hidden—I got tons of pictures through the years with different cigars.”
His greatest power came with the creation of his venture capital firm, Queensbridge Ventures. Most recently, the “If I Ruled he World” rapper played a significant role in Resorts World NYC’s successful $5 billion bid to bring a casino to Queens, his hometown.
Iman Shumpert
While it’s easy for athletes to blow through all of their money after signing multi-million dollar deals, the former Cleveland Cavaliers player knew basketball wasn’t going to be his only source of income. “I I just look at numbers,” Iman Shumpert said during an interview with Vlad TV. “I won half the battle already. Half of the battle is being able to get yourself to a point financially that you got a nest egg, so that you can actually make moves.”
He saved most of his money from his NBA and admitted to not cashing out on flashy jewelry or expensive cars. Over the years, Shumpert also built his real estate portfolio to include properties in Atlanta, Illinois and California.
Kandi Burruss
Singer, writer, reality TV star and financial powerhouse are all words to describe Kandi Burruss. Although she’s in the middle of a messy divorce from her husband, Todd Tucker, we know she’ll be alright financially because of her empire.
Burrows credits the best financial advise she ever received for rapper LL Cool J, who she toured with during her time in Xscape. “I had just bought my first house right before we went on tour and of course, I had a mortgage,” she recalled to Bravo TV. “He sat me down and said, ‘Look, whatever you do, you need to try and pay off your house as soon as possible.’ He said, ‘You always need to have at least one car and one house that you own because in this business, you could be making money and the next thing you know, you’re broke and can’t afford it.’”
Jay-Z
Since becoming Hip-Hop’s first ever billionaire in 2019, Jay-Z has more than doubled his fortune. He transformed his musical career to one of the most profitable financial ventures in recent history, even fellow billionaire Warren Buffet said Jay-Z is “the guy to learn from.”
From investing in Uber early on, the Brooklyn Nets and his own entertainment company, Roc Nation, to creating Marcy Venture Partners, it’s clear that the Brooklyn mogul has the keys to financial success. He’s even given out free game to folks through his music. His 2017 album was packed with financial advice, emphasizing the importance of legacy building.
Diana Ross
You might be surprised to know that disco diva Diana Ross has a net worth of over $250 million… or maybe you’re not! While most of her wealth stems from her legendary music career, which began in the ’60s with the Supremes, Ross has made a series of smart business moves that ensure her children’s children will be well off.
Even though Ross doesn’t own her masters, she still makes plenty of money off of royalties and performances. That on top of her high profile marriages to multiple billionaire show that she knows how to work a room and hold her own.
Halle Berry
Halle Berry became one of Hollywood’s highest-paid actresses during the 2000s, earning an average of $10 to $14 million for each movie at the time. But outside of her Oscar-winning acting career, Berry has profited off of impressive deals with Netflix and makeup brand Revlon. She’s also invested in several real estate properties to ensure her wealth is consistent.
Master P
Hip-hop icon and businessman Master P has always been a prominent advocate for financial literacy and entrepreneurship, especially within the Black community. His Team Hope Foundation and Master P Master Class compeletly break down what it takes for young kids to bridge the wealth gap in the nation and invest in themselves.
Master P made his millions through the founding of No Limit Records and several other smart investments. Now, he is set for life.
50 Cent
In 2015, New York rapper 50 Cent shocked the world when he filed for bankrupcy, but according to him, it was all a part oof his plan. “Businesspeople will do that in a heartbeat before losing money,” he told the Guardian in 2020. “Because it means they have the ability to be secure and invest again.”
And it looked like his plan worked, but now, the rapper turned television mogul is worth around $40 million, according to reports. Most of his wealth stems from his role as a executive producer and television writer, but music royalties and his large investment portfolio surely contribute to his millions.
Rihanna
According to Money Nation, Rihanna went from having a net worth near $50 million to almost losing it all. In 2009, life for the “Umbrella” singer was hard. She began the year with around $11 million, and by the end, she had only $2 million. In 2012, the cause of her financial woes was confirmed to be her accountant who wrongfully managed her money, according to the HuffPost. She won the lawsuit against Berdon LLP in 2012, and as we all know, she’s now a certified billionaire.
Between Fenty Beauty and Savage x Fenty, Rihanna not only rebuilt her wealth tenfold, but she also changed the lingerie and beauty industry. Of course, this is all on top of her untouchable music catalog, which has amassed her millions in and of itself.
Tyler Perry
With over several shows on air and dozens more series and films under his belt, it shouldn’t be shocking how massive Tyler Perry’s empire has become. His major claim to fame was Madea– the rowdy, gun-totting grandmother who has made America laugh for decades. But since then, Perry has branched out into more serious moves, including the building of Tyler Perry Studios. Forbes estimates his net worth is $1.4 billion, according to Forbes.
Oprah Winfrey
Honestly, do we need to say more? Oprah Winfrey has been a billionaire since 2003, according to reports, and it’s largely through her successful talk show, which ran for 25 seasons. From playing Sofia in “The Color Purple” film adaptation to producing the recent movie musical version, Winfrey has certified herself as a business giant and well-rounded entertainer in every sense of the word.
She’s the founder of OWN, and although she sold most of her stake to Discovery– now Warner Bros. Discovery– she remains the CEO of the network named after herself. AfroTech also reported Winfrey’s starting fee for a public speech is $1.5 million, so you know if you want to book her for anything, you have to cough up a pretty penny.
Michael Jordan
Michael Jordan was the NBA’s first billionaire, a status he reached after retirement, Forbes reported. During his career, Jordan raked in millions through endorsements and advertisements, but it was his decades-long partnership with Nike that set him up for the rest of his life. The Jordan brand not only transformed the sneaker industry, but the shoes’ (relative) affordability made them a staple in millions of households around the globe. Jordan is still making money from his playing days, and his ownership of the NBA’s Charlotte Hornets and a NASCAR team have solidified him as a business mogul.
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