The company you keep can make or break you, and artist Fat Joe found this out the hard way.
According to Forbes, Fat Joe shared that he once lost out on $2 million because of the large entourage he rolled with during an earlier part of his career.
“We fall into this trap all the time when we try to help everybody, and it’s detrimental to you and your finances,” Fat Joe told the outlet.
What’s more, the Bronx native revealed that on a day-to-day basis, he surrounded himself with over 30 people, all of whom he took care of financially.
However, Fat Joe’s commitment to his people would take an interesting turn when the chief financial officer (CFO) of a marketing company attempted to contact the “What’s Luv” emcee with an offer to promote a beer company. This offer would quickly fall short.
To close the deal, the executive planned to present Fat Joe with a $2 million check “with Fat Joe’s name on the ‘pay-to-the-order-of’ line,” Forbes mentioned.
Unfortunately, the business opportunity never reached the 53-year-old. While what exactly occurred was not disclosed, some of Fat Joe’s crew members allegedly blocked the CFO from presenting the check to him at the time.
Despite the missed chance, Fat Joe notes that he is extremely intentional about doing business, so much so that he expressed his love for supporting entrepreneurs by partnering with a newly launched Hispanic and female-owned haircare brand as they work to get their ideas off the ground.
“I’m into ownership,” he said to Forbes, explaining his role in Rewind It 10.
“I’m all about the entrepreneurs and you taking matters into your own hands,” Fat Joe continued.
According to the businessman, the partnership with Rewind It 10 consists of an equity deal, making him part owner of the company.
Today, Rewind It 10 is just one imprint under the rapper-turned-business owner’s portfolio, including UP NYC, a trio of sneaker and clothing stores he owns that are authorized to resell Nike and Jordan Brand shoes.
With Fat Joe’s music career and continued investments throughout the years, he continues to prove that one setback does not determine your financial future. According to Celebrity Net Worth, Fat Joe has an estimated net worth of $4 million.
