Lil Baby has learned some tough lessons about handling money, and now he’s helping fellow artists avoid the same pitfalls.
- He openly discussed his past mistakes in handling finances during his chat on Lil Yachty’s podcast.
- Lil Baby admitted that he was initially clueless about investing and paying taxes.
- Now, he’s advising other rappers to wisely spend their money before thinking of income.
- Upcoming in 2025, he’s dropping two albums, showing different sides of his music.
Lil Baby, a prominent figure in the rap community, is stepping up to share the wisdom he gained through personal financial hardships. Appearing on Lil Yachty’s podcast, he candidly admitted his lack of knowledge on financial management earlier in his career. “Only thing I knew how to do was spending or buy some drugs,” he confessed.
Realizing the importance of financial literacy, he began reaching out to other successful artists like Rick Ross and 21 Savage to learn the ropes. Having earned over $100 million through various deals, Lil Baby shared that no one initially taught him the importance of tax obligations. He remarked on his astonishment that not a single person advised him to pay his taxes.
He recalled the hefty tax bills that piled up due to his ignorance, noting, “[It got] to the point I was doing it so wrong… The more money I was saving, I owed the IRS more money. I ain’t even know that you need to be spending this money.”
Now savvy with his finances, Lil Baby advocates for others to learn from his experience. He advises rappers to spend wisely, ensuring their expenditures are tax-deductible, to manage their tax liabilities better. “When you get a check… try to spend the whole check on something that’s writeoff-able,” he suggests.
Aside from financial wisdom, Lil Baby is gearing up to release two new albums in 2025. The first, titled ‘WHAM,’ will hit on January 3, embodying his vibrant lifestyle filled with fast cars and glamour. The second, named after his real name, ‘Dominique,’ aims to show a more personal and introspective side.
He explained that ‘WHAM’ will feature energetic tracks, while ‘Dominique’ will delve into deeper themes. “WHAM is more me on some young n-gga shit — fast cars, girls, jewelry, money. You know, the turnt lifestyle,” he noted. Meanwhile, ‘Dominique’ will present a more serious tone, reflecting his evolution as an artist.
Lil Baby’s journey offers a valuable lesson on financial prudence, proving the importance of being informed and planning securely for the future.
