5 Financial Challenges African-Americans Face: Lessons From Jay Z’s “The Story of O.J.” Song

Source: 1616.roSource: 4.bp.blogspot.com

I don’t think there is any person who does not know about Jay Z. When it comes to rap and pop music, there is a no bigger name than his. Lately, on 30^th June, he released his new album, 4:44. His album made the spotlight not only for the amazing songs he has included but for one song in particular “The Story of O.J”

What created uproar were the lyrics and what they stood for. The entire song revolves around the situation of African-Americans in American society. There is a much deeper meaning to the song in which he is telling Black people to become financially independent. If you listen closely, Jay Z, one of the world’s best rappers, is giving lessons on credit and how to invest money.

5 Financial Challenges African-Americans Face

1. Not Being Justly Paid

In the song, there comes a line “It’s important to take chances over advances.” This clearly shows that Jay Z knows that African-Americans are not getting just pay for their work. What is being said here is to know what you are doing. If you are a rapper, just don’t go on and keep signing record labels for the sake of it. When you know what sort of business you are in, you can go ahead and understand what you are contributing to it. Only then will you be able to negotiate a salary of choice and the other person can’t turn you away as you will have concrete facts and figures to share.

2. Investing in the Wrong Assets

To become financially strong, you need to invest in the right assets. At one point, the lyrics of his song go something like this: “I bought every V12 engine” Here he is talking about buying luxury cars.

“I coulda bought a place in Dumbo before it was Dumbo, for like 2 million, that same building today is worth 25 million”

This clearly shows how he is regretting buying luxury cars which are going to depreciate over time. Instead, he could have invested in real estate as the prices skyrocket after a few years.

3. Fail to Diversify Income

Another financial mistake or challenge is not diversifying income. What Black people should do is have a side income method so if one method does not work, they have something to fall back upon.

4. Lack of Involvement

Another challenge Black people face is a lack of involvement in financial institutions like banks.

5. Not Having a Plan

It is important to have a plan in life. You can’t just sit back and talk about being unlucky because you are a person of color. You need to take it and do something about it. Plan ahead, work for it. You need to be financially independent to do something for the rest of the African-American community.

Undoubtedly, Jay Z’s song talks about the cultural and financial problems African-Americans have to face in America.

References

cheddar.com