by Dr. Boyce Watkins
If you’re fascinated by watching wealthy celebrities waste money on things that don’t make any sense while homeless people starve outside the building, then this might be a story for you. Jay-Z and Beyonce were spotted at a nightclub in Atlanta spending money like it was going out of style.
The two went to Club Reign in Atlanta on Friday night, popping bottles in pure hip-hop fashion. According to TMZ, the two dropped a full $100,000 on their bar tab that night and didn’t even blink.
They were joined by other names in the music industry, including Bow Wow, Jermaine Dupree, The Dream and Trey Songz.
Beyonce has reason to celebrate, since her latest album is number one on the Billboard charts. Also, Jay-Z has received nine Grammy nominations for his most recent album Magna Carta Holy Grail.
The couple is seen as a beacon of false economic hope for the thousands of other wannabe celebs who are going to try to do what they’ve done and fail. Their relationship is viewed with fascination, since they are set to become the first billion dollar couple in entertainment.
Financial Juneteenth lessons on this story:
1) Beyonce and Jay-Z certainly have a right to do what they want with their money, but the culture of popping bottles and spending hundreds or even thousands for a night at the club is one of the most counter-productive financial habits being taught to black people by the hip-hop music industry. Spending half a month’s rent for one night on the town doesn’t make any kind of financial sense, unless you’ve got piles of money that you can afford to throw away. Buy a bottle at the store and spend your time at home instead.
2) The public fixation with Jay-Z and Beyonce’s relationship is understandable, yet also a bit misleading. Most women who fantasize about marrying their own Jay-Z may find that the “corporate thug” they are seeking is not all that he’s cracked up to be. Not to diss former drug dealers (I have friends who’ve dealt drugs), but most former crack dealers turned rappers are broke and trying to keep from going to prison. This may not be the best investment of your love, which is one of the most important investments you’ll ever make.
3) Beyonce and Jay-Z can be given credit for thinking as business people and not just entertainers. They will earn a billion dollars from both their talent and also their ability to choose a good team that could market their brands in an effective way. I give Beyonce’s parents, Mathew and Tina, the bulk of the credit for making her who she is today because had he not gotten her started at an early age, she wouldn’t be where she is right now. She is sort of a female Tiger Woods of entertainment: A person bred to do great things from an early age by parents who pushed her to the limit. Her team has gotten good at training millions of women to worship Beyonce like she is a God and it pays off in huge ways, even until this day. God bless her for that. Ditto for Jay-Z. Excluding the intense corporate greed, he is a brilliant lyricist. He deserves credit for that.
Dr. Boyce Watkins is a professor at Syracuse University and author of the book, “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” To have Dr. Boyce commentary delivered to your email, please click here.