More often than not, especially when one strives to build wealth, it’s good to be the king. Becoming the king, per se, is a different story.
This week on ‘Black Men Sundays,’ host Corie Murray interviews the self-proclaimed “Rap-Sing King” FerQuan, an entrepreneur of many talents with specialties in music making, business owning and wealth building.
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FerQuan established his own imprint, Kingz Nation Entertainment, in 2005. With his and Nas’ song “Just a Moment” having dropped around then, perceived as the biggest jewel in his compositional crown, Quan has since kept a close eye on his finances, opening a multimedia facility for Kingz Nation in Atlanta with a salon, film and recording studio, marketing center, hookah lounge and barbershop.
“I cut hair, so it was only natural to develop a facility that would allow me to do music and cater to my clientele, and that’s what that was about, and utilizing the rest of the space to generate even more income, be it through photography and film, through hair stylists, or through, you know, clothing and merch,” Quan said.
Where there’s a will, there’s a way, but not without pay. FerQuan’s advice for people looking to own a business, yet who don’t know what they need saved or how to save it, was to just start saving regardless.
“I mean, you should always start saving, period. Any time you start generating any kind of money, you should start saving. I stick to the little model ‘Make 10, save five, nine if you can,’ meaning I’ve conditioned myself to live below my means, so that when something goes wrong… or there’s something that I need to invest in or do, I have the bag,” Quan said. “…Once you start living below your means and respecting your credit and your taxes and respecting your coin, man, the world is yours. Other people with the financial means, other teams, groups and corporations and grant communities, I hope you finance your dream if you’re serious, but you have to be serious, you have to be disciplined, you have to respect paying them bills on time, keeping your credit card at 10%.”
That was FerQuan’s next point. Once the money starts to come in and you have an opportunity to build credit, wealth and a foundation for the future, respect it.
“The sooner people realize, ‘Hey, man, every couple of dollars, I look at them like little soldiers man, y’all gonna go out there and get me some money, some more,’ see what I’m saying?” Quan said. “…So if you got that respect and that characteristic, then you understand that when you use that card, you are borrowing, and you need to know that you don’t need to go over a certain percentage, and me personally, I say 10-15%. Money is a tool, not a toy. People got to understand that. Money is a tool, not a toy.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below: