Hip-hop artists and homeowners have one thing in common: At some point, they both spend big money. Whether you’re dropping 20 G’s on a gold chain or on your down payment, being aware of your finances is important. And believe it or not, many hip-hop artists spit a ton of wisdom about how to navigate a home purchase (and an ongoing mortgage payment) in their lyrics. Maybe mo’ money doesn’t necessarily mean mo’ problems?
Here are a few nuggets of wisdom we learned from MCs who dropped a beat and clearly know a thing or two about homes for sale in Los Angeles, CA, and beyond. Looking for more lyrical genius? Watch MC Hammer rap about your dream home, then come back here and get smart about making those dreams happen.
“Yeah, I’m that invested, but you can’t attest it / Million dollar goals, managed to manifest it / the family never going anorexic / I pay my mortgage and electric”
— Big Sean, “Blessings”
Sean’s done well for himself. He creates and is featured on hit singles, and no doubt he makes lots of dough — but most of all, he’s smart about what he does with his money. Turns out, Big Sean’s been making sound investments, paying his bills on time, and making sure he can support those around him.
Take note: A home loan is much more attainable with a good credit score and healthy monetary habits. Be like Big Sean and be responsible with your stacks. Save for a down payment and work on developing good money habits. This will help you buy a place sooner, and when you’re living in your dream house, you’ll have great money habits to keep the dream of homeownership alive.
“Anything I got is not a rental / I own that”
— Drake, “Trophies”
Drake’s on fire lately, so he’s definitely enjoying a little more spending power than most of us. But he prioritized real estate and owns his home(s). Paying down a mortgage instead of paying rent and ostensibly paying someone else’s (read: your landlord’s) mortgage is a great place to be.
Chances are, you aren’t in the “two mortgages/thirty million in total” spending bracket that Drake’s in, but if you’re paying rent now, you might be surprised by how attainable a home can be — and how many different options you have for a mortgage. The 30-year mortgage is conventional for good reason, but it’s absolutely worth considering 15- or 20-year mortgages. The same goes for down payments; if you have 20%, that’s awesome, but 10% or even lower in the 3% to 4% range can still get you a mortgage approval. (Just watch out for those private mortgage insurance fees.)
“Mortgage paid off, got a house that I own/ I traded in the Bentley, call it cash for chrome”
— Slim Thug, “Still A Boss”
Slim Thug probably has a hefty bank account, but he prioritized his real estate investment and now owns his home free and clear. That’s a fantastic place to be as a homeowner — although here’s hoping he didn’t face any prepayment penalties.
You may not have the funds to break free from your lender, but do ask yourself, “How soon would I like to pay off my house?” The 30-year mortgage is conventional for good reason, but if you can afford it, a 15- or 20-year mortgage is a great option — or consider making an extra payment every year. Talk to your mortgage broker about it and prepare to be stoked about how many options you have.
“40k still my mortgage / 24k my toilet, all my taxes reported”
— Rick Ross, “Hold Me Back”
This one is supersimple: Don’t get a 24-karat-gold toilet unless you’re the Boss, Rick Ross. He’s the only one in the world who should drop money on a throne like that.
“Got real estate over there and hustle over here”
— Kendrick Lamar, “Enjoy”
It’s good to be Kendrick Lamar. “To Pimp A Butterfly” blew minds everywhere, and he even popped in on “Bad Blood.” (You know Taylor Swift takes care of her collaborators.) Way to be smart about what you do with the proceeds from all that hustle, Kendrick; you’ve been making some sound real estate investments.
Sure, you might not have the skills (or the desire) to rake in the cash with a rap or hip-hop career, but if your day job isn’t helping you save fast enough for that down payment — and you don’t want to turn to your family for financial assistance — you could always take on a side hustle to reach your savings goals that much faster.