Getting To The Bag With Wall Street Rapper Ro$$ Mac
Are you interested in investing your money? Do you want to learn the ins and outs of the stock market? Maconomics star Ro$ Mac is all about his coin and doesn't mind sharing his knowledge either. Not only is he the first Wall Street rapper but his weekly segment on Revolt TV has really set the bar for what it means to pour back into the black community. Mac secures the bag, but also makes sure to pay it forward by spearheading a message of black wealth and providing the keys to the kingdom through financial literacy on social media.
Together, money and knowledge is true power and Mac's platform is proof of that fact. His videos are short, direct, and most importantly informative when it comes to the dos and the don'ts of all things investing. Mac is advocating for breaking generational curses and building generational wealth one post at a time. Recently, xoNecole had the privilege of chopping it up with the financial expert about Maconomics, the stock market, and why black wealth matters.
xoNecole: How did you make the transition from working on Wall Street to becoming a Wall Street Rapper?
Ro$$ Mac: When it came to making a transition, it wasn't that I had to choose one or the other which I was extremely grateful for. I was able to balance both roles and it was a blessing. I was able to hear myself on the radio on my way to work on Wall Street. To be honest, when I first started working on Wall Street while making music, I was very self-conscious about my co-workers knowing about the other side of me. Being a black person working in corporate America, you are very conscious of how you are perceived. Being a rapper was not how I wanted to be perceived.
What inspired you to become so well-versed with the stock market?
What truly inspired me was when I moved back home to Chicago and I was still working in finance at the time. After reconnecting and interacting with my homies that I grew up with, I realized there was a vast difference where people were in their lives based on exposure. I was considering how I could give back to my community in a dope way while simultaneously still being myself. I created Maconomics to bring Wall Street to the main street. I wanted to drop the same gems that I've been exposed to with the same people that come from where I come from. If someone is my brother, they don't necessarily have to travel the same path that I've traveled to benefit from the knowledge that I have. Life for me is about passing on the knowledge and not being selfish with it.
"I created Maconomics to bring Wall Street to the main street. I wanted to drop the same gems that I've been exposed to with the same people that come from where I come from. If someone is my brother, they don't necessarily have to travel the same path that I've traveled to benefit from the knowledge that I have. Life for me is about passing on the knowledge and not being selfish with it."
At what age did you invest in your first stock?
I was 18 and in college when I first invested in the stock market. I saw a kid trading stocks in one of my classes. I asked my economics professor what would be a good stock to invest in and she told me that no matter what, people will always need their utilities. I ended up buying G.E. for 7 bucks and it didn't really make me any money but it was a good start.
What can people expect to learn from your show 'Maconomics'?
People can expect to learn financial literacy for black culture. Maconomics allows people to learn about themselves by me addressing questions that people are too afraid or shy to discuss. Black people don't like discussing finances which are taboo in certain communities. Maconomics is a platform to bring financial literacy with a twist. I'm able to make people laugh while also educating and informing you. I'm able to give you the facts and tell you what other communities are doing and why they are richer. Maconomics is all about financial literacy and bringing it to my audience in both a comedic and entertaining way so that it will stick with you and be easy to digest.
You have started the campaign “Black Wealth Matters”. How has that decision contributed to your life and others? What does black wealth mean to you?
Black wealth is the solution to racial injustices. Living in a capitalist society, those without capital tend not to have any power. The moment that black people have more access to attaining wealth and capital, and better knowledge about getting it and keeping it. I believe from a social justice standpoint we will get a lot further in life by expanding our financial literacy. Black wealth has been kept from us in a very systematic and intentional way. When you look at what happened on Black Wall Street, redlining, and bank loans. Everything that was done in the past was done with great intent. The average black household net worth is less than 10 times of a white family. There are a lot of things that will make it right and black wealth is one of them. Black wealth is the equalizer and will take us a lot further in life.
"Black wealth has been kept from us in a very systematic and intentional way. Everything that was done in the past was done with great intent. The average black household net worth is less than 10 times of a white family. There are a lot of things that will make it right and black wealth is one of them. Black wealth is the equalizer and will take us a lot further in life."
What are some of the biggest mistakes that you have made financially?
I don't have too many financial mistakes but I have made bad investments. My biggest mistake would be the lost revenue that I missed from not investing in certain stocks.
What is the biggest misconception about investing in stocks and finances overall?
The biggest misconception is thinking that you need to be rich to start investing. You can literally start investing with $25-$50. The other misconception is that you have to be a rocket scientist to invest and that saving money is enough. All you need to do is buy an index, the S&P 500, or Nasdaq and over the long haul, you can make about 10% annually. People need to understand that saving money is not enough considering the power of inflation. Money is losing its value every year. You need to be investing your money as well.
"You can literally start investing with $25-$50. The other misconception is that you have to be a rocket scientist to invest and that saving money is enough. All you need to do is buy an index, the S&P 500, or Nasdaq and over the long haul, you can make about 10% annually. People need to understand that saving money is not enough considering the power of inflation."
What do you have to say to people of color that have a strong interest in breaking generational curses and building generational wealth?
Key practices when it comes to building generational wealth is starting now and being unselfish when it comes to thinking about the next generation. It can just be helping your kids not graduate with thousands of dollars in debt. Paying $20 a month for some type of life insurance policy in order to potentially leave your children $500,000-$1 million. Or you can open a 529 plan to invest in the stock market so that you will be investing in the stock market and your money will be growing tax-free. Try owning some type of real estate to pass to the next generation. There are so many ways to build generational wealth, you just have to get started.
It’s a fact that most Americans aren’t saving and live paycheck to paycheck, how do you advise someone who doesn’t prioritize savings to start doing so and build their emergency fund? What’s your golden rule when it comes to emergency funds?
Everyone should have at least 6 months worth of emergency funds. Start treating savings like it's a bill. Don't just pay your bills without paying yourself first. Automation makes it easier to save. Before you have the opportunity to spend that money, it's already set aside and you're able to invest in your retirement without even thinking.
Let’s say, we want to retire as millionaires, what are some seeds we could be planting now to ensure that we reap the fruits of our labor when we’re ready to retire?
If you want to retire a millionaire, practice investing every month. Investing $300 every month in an equity portfolio that will get you on average 8-10% which is a million dollars in 30 years. Making investing easy and not hard by automation. Try to invest a few hundred dollars every month. Find power through the power of compounded interest. Interest on interest is equivalent to racks on racks.
"Find power through the power of compounded interest. Interest on interest is equivalent to racks on racks."
With this being a season of unemployment in epic proportions and a recession looming, answer this important question: should you be dating while broke?
Dating while broke is very crucial. I don't think you should do anything beyond your means. Dating while broke is the same as clubbing while broke. Why would you be in the club spending money you don't have? I believe you can date on your way to being financially free but I don't think you need to incur unnecessary debt while dating. Date within your own budget and means. You can date for free. You have to be honest with the person you are dating. Don't lose track of your financial goals because you are trying to impress someone. The issue is when people don't stick to their financial plan. It's all about having a conversation about your dating expectations.
For more of Ross, follow him on Instagram and catch him on Revolt TV's Maconomics.
Featured image courtesy of Ro$ Mac
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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How Much Money Do You Need To Make To Live Comfortably? A Recent Study Says $97K.
The way the cost of living is steadily on the rise, with no sign of salaries coinciding with those increases, there's no wonder many Americans are asking themselves, what does it truly mean to live comfortably? The truth is, a comfortable life can be different things depending on your priorities or where you are in life. For some, living comfortably could mean having lots of disposable income. For others, living comfortably could mean being debt-free, having a fully funded emergency fund, and owning a home.
Generally speaking, to live comfortably typically alludes to financial security. When you are financially secure, you can cover the obligations of essential expenses (50% of your income), tap into the pleasure of nonessential spending (30% of your income), and do those things while not sacrificing putting away at least 20% of your income for savings and investments (in other words, the 50/30/20 budgeting method). You can do this without the strain of living paycheck to paycheck, hence the "comfort" in "living comfortably."
Suffice it to say, income plays a significant role in anyone's ability to obtain financial security. And what is the magic number to live comfortably in 2024? According to a recent SmartAsset study, $96,500 is that number. Yes, you read that right. In order to sustain a comfortable living in a major U.S. city, a person's average salary has to be close to six figures. And that's just for single folks. For families with dependents (two parents and two kids), the study suggests a need for a combined income of $235,000.
In their study, SmartAsset compiled the pre-tax salaries needed to live a comfortable and sustainable life for 99 cities across the U.S. based on the 50/30/20 rule and the MIT Living Wage Calculator. Keep reading to learn what income is needed to live comfortably in 20 of those major cities featured on the list, ranked highest to lowest.
1.New York City
If you're single: $138,570
If you're a two-parent, two-child household: $318,406
2.Boston, Massachusetts
If you're single: $124,966
If you're a two-parent, two-child household: $319,738
3.San Francisco, California
If you're single: $119,558
If you're a two-parent, two-child household: $339,123
4.Seattle, Washington
If you're single:$119,392
If you're a two-parent, two-child household: $283,712
5.Oakland, California
If you're single: $118,768
If you're a two-parent, two-child household: $316,243
6.Atlanta, Georgia
If you're single:$107,453
If you're a two-parent, two-child household: $230,880
7.Charlotte, North Carolina
If you're single: $101,338
If you're a two-parent, two-child household: $235,123
8.Virginia Beach, Virginia
If you're single: $100,131
If you're a two-parent, two-child household: $226,886
9.Miami, Florida
If you're single: $100,922
If you're a two-parent, two-child household: $215,904
10.Orlando, Florida
If you're single:$100,298
If you're a two-parent, two-child household: $212,160
11.Washington, DC
If you're single: $99,424
If you're a two-parent, two-child household: $275,642
12.Chicago, Illinois
If you're single: $98,550
If you're a two-parent, two-child household: $241,280
13.Philadelphia, Pennsylvania
If you're single:$92,726
If you're a two-parent, two-child household: $231,379
14.St. Louis, Missouri
If you're single:$89,357
If you're a two-parent, two-child household: $231,379
15.Memphis, Tennessee
If you're single: $85,696
If you're a two-parent, two-child household: $194,106
16.Baltimore, Maryland
If you're single: $84,989
If you're a two-parent, two-child household: $218,733
17.Detroit, Michigan
If you're single: $84,947
If you're a two-parent, two-child household: $219,898
18.New Orleans, Louisiana
If you're single:$81,869
If you're a two-parent, two-child household: $191,942
19.Dallas, Texas
If you're single:$91,770
If you're a two-parent, two-child household: $208,000
20.Houston, Texas
If you're single: $75,088
If you're a two-parent, two-child household: $175,219
Learn how the above U.S. cities ranked among 99 and read the SmartAssets study in full here.
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Featured image by Luis Alvarez/Getty Images