What is “Savoring” and How Can it Help You Build Wealth?
Beyoncé is well known for being a global superstar and musical talent, but she is also a very savvy businesswoman with a very smart approach to managing her personal finances.
1. Take Control
For Beyoncé, she learned to take control at a very young age. Whether it was writing songs or managing her business interests or deciding what to do with her money, Beyoncé manages everything with a very tight strategy.
“You know, when I was writing the Destiny’s Child songs, it was a big thing to be that young and taking control. And the label at the time didn’t know that we were going to be that successful, so they gave us all control. And I got used to it. It is my goal in life to be that example.”
2. Take Financial Literacy Seriously
When it comes to personal finances, Beyoncé is very thoughtful when it comes to investing her money. She believes in the importance of creating your own wealth, and has even partnered with several financial literacy campaigns.
Learning basic concepts such as maintaining a credit score, sticking to a budget, and good savings practices can make a big difference in your personal finances.
3. Work Toward Financial Independence
Beyoncé has always made a point to other women that they should not rely on a partner for financial support or self-worth. On “Independent Women,” she sings about how empowering it is to be financially independent and how fulfilling it can be when you create your own wealth. The first step towards financial independence is financial literacy, and once you have the basics down, you can start managing your income like a pro.
Beyoncé handles her money through multiple income streams. While the bulk of her income comes from selling music and touring, she is also an entrepreneur with her own fashion lines and endorsements. Having multiple income streams is key to creating wealth, because it gives you extra security. By spreading your risk across different income streams, you also set yourself up to be able to take advantage of great opportunities when they arise.
5. Be Positive
Beyoncé has always strived to be an example to people across the world, and always stresses taking control of your own life. Positive thinking can help build your confidence in your ability to manage money well. It can even urge you to create better money habits now.
Jay-Z is just as business-savvy when it comes to finances. Together, Beyoncé and Jay-Z are worth an estimated $1.255 billion, and have both built their wealth through various means. When it comes to investments, they both explore several ways in which they can invest to keep their money diversified.
Making Savvy Investment Choices
While Beyoncé has major endorsement deals with brand names, collaborations with clothing lines, as well as owning several properties, Jay-Z is just as smart when finding ways to put his money to use. Jay-Z is known to not being afraid of partnering with major corporations, and often opts for valuable underdogs. In 2003, instead of partnering with Nike, Jay-Z instead chose a four-year partnership with Reebok. With sneakers priced at $150 each, Reebok sold about 10,000 pairs just an hour after its release.
Similarly, he invested $1 million into the NBA Nets team, rather than the Knicks, and moved the team to his hometown in Brooklyn. When he sold his stake nearly a decade later, Jay-Z was able to profit 135%.
This business focus highlights that popular and go-to investment choices are not the only investments that are worthy or looking into. Needless to say, they both are examples of carefully thought out financial planning, especially when it comes to deciding what to invest in.
Their Philosophy on Spending
On their song “Boss,” Beyoncé sings “My great-great-great grandchildren are already rich,” and describes their mentality on finances well. Rather than spending a summer on vacation, the pair decided to embark on another stadium tour, On The Run II, which ended up grossing $250 million in profit. As a couple, Beyoncé and Jay-Z are smart about their spending and always emphasize the importance of continuing to work hard in order to keep growing their wealth.