"You shouldn't have to work until you're 100 in order to keep paying the bills. At some point your money should be working for you."
Becoming rich at a young age is "intoxicating" says Dr. Boyce Watkins. The social commentator and financial analyst recently found out about superproducer Scott Storch filing for bankruptcy, and he says he can't blame him since he's involved in the hip-hop culture, one that is "built on excess." Boyce Watkins does feel, however, that Storch should have better placed his money and that people overall need to realize that "money is meant for investment" and not consumption as many have grown to believe.
"This idea of feeling like because you have money you have to show people how much money you have, that is a recipe for absolute, total disaster," Dr. Boyce Watkins proclaims. Scott Storch was once a man with over 13 cars "spending $250,000 on foreign trips," Boyce Watkins says he read. Now, the music maker for some of today's hottest stars has merely $100 in cash and has let his life spiral out of control due to his drug usage. "When you ball like that, you become a magnet for every broke a** friend that you have who's gonna need money," he added, including that as a reason why some stars may go broke. Dr. Boyce Watkins' advice for not falling into the same pattern? Don't do drugs and invest your money into several businesses. Hear more of his take above.
Dr. Boyce Watkins recently introduced "The Black Wealth Bootcamp," a five-week online program that will teach people wealth-building strategies and show them how to create successful businesses. To sign up, click here.
