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Money advice I got from John Legend

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“It’s not wrong to be afraid.” John Legend

John Legend is a Grammy and Oscar Award winning musician. The singer-songwriter won his first Grammy Award with 2004’s Get Lifted. The album went platinum, thanks in large part to his hit single “Ordinary People.”

He was a child piano prodigy. He skipped two grades and graduated from high school at 16.

Legend stated he was offered admission into Harvard University and scholarships to Georgetown University and Morehouse College. Ultimately, he chose to go to the University of Pennsylvania, where he studied English with an emphasis on African American literature.

He sang in the church choir (which he joined at 7 and was leading it by 11), was head of the music department in his church, served as a music director in college and also worked as a wedding singer.

He has done numerous interviews in his career and much of the information in this post comes from them. I discuss multiple ones in this post.

John has an estimated net worth of $40 million dollars.

He did an interview with Katherine Schwarzenegger for her 2014 book I Just Graduated… Now What?: Honest Answers from Those Who Have Been There. You may recognize the last name. Yes, she is the daughter of Arnold Schwarzenegger and Maria Shriver (Kennedy).

For more information on her famous father, you can read my post How Arnold Schwarzenegger Totally Recalls making $20 million-dollar paychecks.

How Arnold Schwarzenegger Totally Recalls making $20 million-dollar paychecks

His advice in that book inspired me to work harder to pay off all my credit card debt and start massively saving. See my post How Millennial Money inspired me to start saving $13, 333.06 a year 

Here is some of what he had to say. (Not every word or quote is from her book, but numerous interviews) I highlight his advice in her book with KES (Ms. Schwarzenegger’s initials).  There they are (KES) on the board right behind her.

I really liked this book. So, I tweeted Ms. Schwarzenegger and told her so. She gave me a like. Thanks! I appreciated that. 👍😊

NO OVERNIGHT CELEBRITY

“I had followed the path that the Penn graduate was supposed to take, but I didn’t fall in love.” – John Legend

KES: John directed theater productions in school and performed in talent shows. He wanted to be a big star, but did not know the steps to get there. John said he had a fire in his belly.  No one was coming along to make him a star as he learned along the way. John had to put together a demo and have it produced by the right people. Anything that he was doing that wasn’t music, was going to be temporary.

After graduation, he switched gears (gave into peer pressure) and starting worked for the prestigious Boston Consulting Group, but would also perform in nightclubs in New York City.

Although, music is his first love, he worked a safe corporate job for three years while hustling to get his music off the ground. He received lots of rejections, but continued to side hustle as a musician playing anywhere he could.

DON’T BE AFRAID TO FAIL 

“Fear of failure stops too many people from doing things. It’s not wrong to be afraid, but you have to fight through fear to overcome it.” – John Legend quoted as saying this in Katherine’s book (KES)

Many of his friends became bankers and consultants so he did too. However, after following in their footsteps he found that was not meant for him. He was not cut out to be a consultant.

“I couldn’t shake my passion for music.” – John Legend

He made savvy moves to make his dream a reality. During the day he did PowerPoint presentations, but at night he wrote and performed music.

Fun Fact: While in college, Legend was introduced to Lauryn Hill by a friend. He played piano on Lauryn Hill’s “Everything Is Everything.” That was his first album appearance.

WHY SIDE HUSTLE?

“I needed money. I lived in New York and had to pay my rent.”

KES: John didn’t have any financial support from his parents and he had student loans to pay back. He found that you could make good money in consulting.

He was rejected by all major labels. All the heads of these labels all turned him down.

KES: John paid his own way through college, racking up tons of student loans in the process. He had to deal with them after graduating college. He rolled the dice, took chances, and worked his butt off to follow his dreams, and never lost faith along the way.

Basically, he moonlighted his way to a music career.

BREAKTHROUGH

Havin’ money’s not everything, not havin’ it is. – Kanye West

John’s big break came out of relationships he had made. A college roommate (which was Kanye’s cousin) introduced John to a music producer in Chicago named Kanye West.

KES: John would go to the studio straight from worked dressed in his business attire. He said he definitely stood out from the way everyone else was dressed in the studio. He ended up getting a manager and a lawyer that were also well-connected. This was in 2002.

If you want to be treated like an adult, you have to dress like one. – Diane Kruger (actress and star of National Treasure) See my post on the film. 

Money and Life Lessons I Learned from Disney’s film National Treasure

Through his collaboration with Yeezy, he was able to parlay that into a record deal. His first album was produced by Kanye. He got a deal with Sony.

That album would go on to earn eight Grammy nominations.

Years of toiling and hard work had paid off. It just goes to show, it’s not only what you know, it’s who you know. If you want to be taken serious, then you have to act like you do.

FIRST BIG PAYDAY

“When I got my first big check, I paid [my college loans] off. No more debt!” – John Legend

As you can see, his biggest earnings are from his music. It goes to show that passion can pay off big!

KES: John quit his job and started working part-time so he could focus more on his music. He struggled for a while, living on credit cards and skating by. Then he started making money touring with Kanye. In 2004, he got a deal with Columbia Records and when that happened he didn’t have to worry about money anymore. As soon as he got my record deal, he paid off all his student loans and credit card debt. He said no one ever told him about college loan debt and how to manage it.

Preaching to the choir here with not knowing how to manage debt. And in his case, that is literally speaking as he was in the church choir singing, which would become his meal ticket.

INVESTMENTS

“I bought a place [in Manhattan]. I just bought some art—some abstract stuff—and some collages are coming too. A friend who works at MoMA is like my art consultant. I just wanted nice stuff that would hold value.” – John Legend

You should always invest and buy things that go up in value. It just makes sense.

PASSION MAKES A GRAMMY WINNER

“But that cool detachment only gets you so far. Passion gets you a lot further. It makes you a better entrepreneur, a better leader, a better philanthropist, a better friend, a better lover.” – John Legend

He chose to pursue his interest. This made him his fortune. I call it the House that was built on a piano. 😉

Just FYI: John Legend is a 10-time Grammy Award winner. He won an Oscar for the song Glory in the film Selma.