Money Moguls

Jay-Z, aka Shawn Corey Carter, was born on the 4th of December, 1969. He lived in the Marcy Houses housing project in Brooklyn, New York since he was a child. Though he attended many schools, he did not graduate. Interestingly enough, Jay-Z went to school with the famous rappers Busta Rhymes and Notorious B.I.G.

The singer uses Jay-Z as his stage name, and is the most successful hip-hop singer. His father left him when he was about 12 years old, and so he was subjected to the tough street life in Brooklyn, New York. To earn a living, Jay-Z would rap part time, but he later got involved with selling drugs.

Most of the money he made from the drugs went into setting up his rap career. He was earlier known as Jazzy. He was also called Jiggaman, Hova and HOV. When he discovered that he could rap, he did not want to be part of any record label company. He knew that they would exploit him, and in the end, while they got credit and the money, he would be left with nothing.

He had a talent writing songs without paper and pen. Since he had many street friends, he decided to form a company with them. Thus Roc-A-Fella record was formed, and he didn’t want any middleman to sell his records. He knew they would cheat him of his profits.

His first album was called Reasonable Doubt, and it was well appreciated by music critics. It did not however, go down too well with the masses. It was with his third album that he gained popularity with the masses, and was considered as a mainstream rapper. When he realized that the album was doing well, Jay-Z went on tour to promote himself and the album.

His efforts paid off and he became a hit. Here is an additional twist to his fame. His two main competitors, Notorious B.I.G and Tupac Shakur were killed, and he became the greatest rapper of all times. More than ten million records were sold in the five years that followed the third album.

The singer cashed in on his popularity and made millions from various avenues. Besides making money from his albums, he also launched a clothing line, called Rocawear Apparel. His brand grossed in excess of $150 million. Rocawear apparel has been sold to Iconix for an estimated $204 million. The singer also made money from an alcohol brand that he distributed along with the 40/40 Club sports bar franchise with locations in New York and Atlanta. Jay-Z  also owns a part of the New York Nets.

Jay-Z’s album sales reached $17 million, which means he is one of the richest singers in the world. Although he has made millions, he still remembers his childhood days on the streets of Brooklyn, and so Jay-Z was inspired to take part in many charitable organizations. He even has a foundation in his own name which assists children from his neighborhood. He pays the tuition for those who cannot afford it.

He helps thousands of underprivileged children every year through his organizations. During his music career, he collaborated with many singers. This smart move not only got him more popular tracks but better positions on the Billboard Charts. He decided, after many years of being in the music industry, to retire.

He later reversed his decision and is still one of the most popular rappers in the world. His albums have reached millions of music lovers worldwide. He has also won a Grammy for the best rap album, and his stupendous success continues to surprise everyone. Jay-Z now has income from several lines of business, a record label, private liquor and the 40/40 Club franchise.

Everyone can imagine how tough street life in New York City can be. Surviving that, being involved with drugs and enduring the tough competition, was indeed something Jay-Z can be proud of. He is also one of the few singers who actually made millions by setting up his own record label. Most singers are contracted by the few large record labels.

However, Jay-Z with determination and passion for music, made $34 million in 2006 but started with nothing. He didn’t have any financial backing what so ever. His huge success can be termed his own doing.