Unless you have been living under a rock since Saturday, you are already aware of the chatter the Beyhive is making. In two days, Beyoncé broke the internet. Again. This time with a hit single Formation, a music video, new “Formation” inspired clothing on Beyoncé.com, a political statement filled Super Bowl performance, an announcement of a World Tour, and a benefit fund for children in Flint, Michigan. But that isn’t what this blog is about.
This blog is about Beyoncé’s success and how you can have a taste of it. Currently, Beyoncé has a personal net worth of $450M, once you combine that with her husband Jay-Z, they are billionaire’s or as Beyoncé so eloquently put it, she is a “black Bill Gates in the making”.
Be Well-Managed and Diversified – At some point, Beyoncé realized that the best way to take care of her career and her finances were to handle it on her own. Post Destiny’s Child, Beyoncé fired her dad for mismanagement of funds and found people that were better suited for the job. She recently fired her management team again, for reasons unknown, but you can best believe it was for her best interest. It is cited that with Beyoncé’s last Columbia album pending for the conclusion of her contract, she hopes to catapult her career even more. This should be an easy feat for Beyoncé and with the right team and plan behind you, success is also realistic. Trust those worthy of trust and if you need experts, don’t consult those who are mediocre. Get your own Beyhive-like supporters to surround you, uplift you, and help you when needed.
Beyoncé also has her hand in many different areas in order to achieve financial success. Many articles have addressed that millionaire’s, on average, have at least seven different streams of income. Let’s see if Beyoncé fits this notion:
- Music/Album Sales – The core of Beyoncé’s success
- Touring – No one does it quite like Beyoncé
- Merchandise – Beyoncé makes it, followers buy it
- Writing & Producing – Instead of income going out, she keeps it within
- Acting – Despite her busy tour schedule, Beyoncé has found time for film
- Endorsements – Beyoncé’s endorsements keep her income stream high
- Clothing Line – House of Dereon and Dereon continue to prosper
- Real Estate Investments – Beyoncé has been investing in real estate for some time
I can’t really tell you where your seven streams need to come from, but I can suggest your current job, your own business, some form of consulting on topics that you excel in, investments (both safe and risky, commodity and non-commodity), perhaps writing and/or speaking, etc. Start small and work you way up to the point that your investments are working hard for you and that you have residual income being supplied by multiple sources.
Be your own boss – One of the most important ways that Beyoncé has built success is by controlling so much of her career. Beyoncé has helped negotiate her own contracts. If you look at many of her endorsements, such as Pepsi, Beyoncé has had total control. She has also managed her persona and what is let out to the public about her image. This has put Beyoncé in a great business space and essentially made her to be her own boss.
No matter how much you make at your current company and no matter how big the raises get, until you become your own boss, you will only be able to take part in your small portion of the profits. When the company has a dynamite year, even if it were all your doing, your salary will probably not reflect the increase in production as most companies have caps on bonuses and profit sharing. Now there are so many things to consider when it comes to becoming your own boss–timing, expertise, capital, etc. But the point is, if you want to be a self-made millionaire, at some point you should probably pursue branching out on your own in your field. Before you do all this, there is no harm in building your skills and learning from working for a corporation. Take advantage of their investment options as well so that you can build wealth when it is time to strike out on your own.
Marry Well – Beyoncé’s marriage to Jay-Z made them the ultimate billionaire power couple. They have created music together and invested together in real estate and other business ventures such as Jay-Z’s brain child Tidal. I am sure there were some late night conversations and hypothetical questions about that leap of faith. Together, they have worked to make themselves greater. I hope you’re getting the message of this one. In no way am I saying hold out for a millionaire. In fact, the odds of you marrying a millionaire are actually very slim.
What I am saying is that you need to marry someone who has his/her own dreams and also supports your dreams. A tight partnership can help your dynasty grow exponentially. The right partner will need to know your goals, contribute to your streams of income, believe in your budget, take risks with your investments, and at some point may need to hold down the fort when you take a bold move to be your own boss. These conversations must be had from the very start so that you set out on your road to success. Beyoncé and Jay-Z have it all figured out and so can you!
Beyoncé has not achieved her success based on a whim. Many will tell you that Beyoncé is one of the hardest working artists that they have worked with and she has had a lot of great people in her corner. Just like Beyoncé, your journey won’t be easy and you may actually fall a couple of times (no pun intended Bey) but you can acquire the success and wealth that you desire.
I wish you luck on your quest to unlocking your inner Beyoncé and achieving as much success as she has. If you have the work ethic that she does and follow the formula, your dreams are there for the taking!
Be Like Bey,