Hip-Hop Financial

Did you see the nightly business report, getting the financial message to today’s youth in the USA?

here’s an excerpt..

Hip Hop’s New Financial Musical Message

SUSIE GHARIB: Lots of people talk about the need for financial
literacy, and now one group with its roots in the urban hip-hop scene is
trying to do something about it. The hip-hop Summit Action Network has
been touring the country this summer, mixing music with a conversation
about money with its young fans. Jeff Yastine has more.

NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s no rap
concert; it`s a warm-up for a talk about financial literacy to this
audience of teens and young adults.

DOUG E. FRESH, HIP HOP ACTIVIST: I want to ask you all real quick
before I get started. Are you ready to make more money in the year 2006?

NBR: It`s called “the hip-hop summit on financial empowerment,” a
sort of financial road show for young fans of urban hip-hop music.
Hundreds lined up or came in buses to this club in Miami Beach for today`s
affair. Eventually, the music is turned off and, for more than three
hours, a panel of financial experts and artists answer questions about how
to save, how to invest and how to spend and borrow wisely.

BENJAMIN CHAVIS, CHAIRMAN & CEO, HIP-HOP SUMMIT ACTION NETWORK: This
year, we`re focusing on financial empowerment, financial literacy. What we
found out is so many young people in America ruin their credit before
they`re 18. And certainly after 18, it can be a downward spiral in their
whole career. So this is about getting your money right. That`s the
thing, get your money right.

NBR: A handful of rappers, such as Doug E. Fresh and others are
lending their name and time to the effort.

JOE BUDDEN, RAP ARTIST, DEF JAM RECORDS: Not only is it important to
know how to get your money right, but it`s important to know how to keep it
right. And, you know, when you`re young, at that age, you don`t know how
to make your money make money for you. So, I`ve had my share of ups and
downs, so any way I can help, any information I can give, that`s what I`m
here to do.

NBR: Rap fans young and old bring a lot of money to the table,
spending an estimated $10 billion a year on the music, clothes and the
lifestyle. Organizers say they`re hoping those who hear today`s message
will learn how to use their financial assets for other things — saving
money, buying homes and opening businesses. They say any effort to improve
knowledge about handling money is a good thing.

CHAVIS: Normally, you pass out information at a concert. They leave
it on the floor. At all of our hip-hop summits, nothing is left on the
floor. They take the information back, they go through the workbook while
at the seminar. It`s three and a half hours. It`s intense, but it`s
also fun.

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