A ‘WAP’ for your financial prosperity: ‘Wealth, Assets and Property’
Cardi B and Megan Thee Stallion's hit song offers up a great way to think about money management
The song “WAP” recorded by rappers Cardi B and Megan Thee Stallion is described as being “sex-positive” while igniting quite the controversy around its title and in-your-face imagery.
Nevertheless, the song is wildly popular, reaching number 1 on the Billboard Hot 100 chart and amassing more than 125 million views on Youtube.
The use of the acronym WAP, however, provides an opportunity to turn our attention to another trending theme in our community: Wealth, Assets, and Property.
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Wealth — is not just material riches. It’s the execution of financial strategies combined with an abundance mindset that allows for us to prepare for, and align ourselves with opportunities to sustain ourselves, our families, and our communities. Wealth building starts in the mind and extends into the attitudes we hold about power, who can have it, and how we can get it. Mentorship and financial education will put you on to what’s possible but you’ve got to do the work. Assembly is not included!
Assets — No, not the ones on display in the WAP music video. Assets are things we can buy that keep their value or increase in value over time. Popular assets we can buy include stocks/bonds/mutual funds, gold and silver, real estate or even businesses. Don’t make the mistake, however, of buying assets just so you can make a quick flip. Ownership is key. With today’s technology FinTec companies make it easier than ever to buy stocks, and Google can point you in the direction of, and educate you on the process to purchasing and maintaining your assets.
Property — is a common and tangible asset that we frequently give away. Don’t sell Nana’s house for the money. We should be gentrifying our own neighborhoods and communities. Property is a key element to wealth building and one of the easiest ways to pass down generational wealth. There are many programs out there to assist in the education and sometimes funding for real estate purchases. I used an FHA loan to put down 3.5% on a multifamily house. Not only can you buy part of the block, but you can provide safe and secure housing for other families in your community. Now that’s boss.
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Financial education is an often neglected topic that causes a ripple effect as it relates to our pockets. Attitudes toward wealth-building especially create an element of cognitive dissonance as we all want to build wealth but may not know how or worse, might not even believe ourselves capable of doing so.
While it is necessary to examine, acknowledge, and understand the barriers to success in wealth building practices, we must also learn how to navigate around those barriers in order to best position ourselves, our families, and our communities for the future.
Wealth building undoubtedly then must start in the mind as we:
- Eliminate feelings of guilt around the desire to acquire money (re: “money is the root of all evil”)
- Learn to get comfortable being uncomfortable (getting over the fear of success and failure while breaking generational curses)
- Pursue opportunities to learn about (and teach) wealth-building strategies
- Affirm and believe in our ability to build wealth and being deserving of it
With the media and pop culture pushing consumerism everywhere you turn, it’s easy to get caught up with the “Joneses” as we try to out buy, out wear, out eat, and out-compete our peers, friends, and followers all to the detriment of our bank accounts.
Changing our attitudes and beliefs about money is imperative not only as we navigate a global pandemic, but also as wealth transfer opportunities that can only be capitalized on through active investing exists. Focusing on the acquisition of assets over liabilities should become the mode and the mantra as we sing, dance, critique, or watch along to Cardi B and Megan’s WAP.
Wealth building practices from the outside in are discussed in detail in my book, “Financially Irresponsible,” navigating not only the practical aspects of investing, saving, and building credit but also the spiritual and mental relationships we have with money. This Amazon bestseller is the starting point you need to address mindset, strategy, and take action.
Understanding what assets are, what they are not, and how to acquire them is a blindspot for many of us as we often don’t know, don’t care to know, or don’t have the context to understand the wealth-building potential associated with the slow build and accumulation of them.
While we think about displaying our perceived wealth through wearables today, we neglect to realize the depreciation factor that renders those liabilities worthless in the future.
So the question is do you want WAP or do you want wealth, assets, and property?
Rahkim Sabree is a TEDx speaker, 2x author, and non-profit cofounder. He is active on Instagram/Twitter @RahkimSabree. Visit him at rahkimsabree.com.
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