How to avoid generating debt like Kanye West

If you’ve been using Twitter over the last weekend, there’s no doubt that you’re somewhat aware of the highs and lows of Kanye West’s timeline. After a stunted rollout of his seventh album, The Life of Pablo, Yeezy announced on Twitter that despite loving what he’s doing, he’s in a tremendous amount of debt.

After a grandiose album release party in Madison Square Garden, Kanye didn’t release the album for a day or two, much to the frustration of fans worldwide. He then took to Twitter to share how he’s in over is head financially – $58 million to be exact.

Kanye is currently riding the high of an amazing album launch and the low of crippling debt. He’s turned to Mark Zuckerberg to bail him out and keeping funding his vision but what can we learn from this?

Here are four ways to avoid generating debt like Kanye West.

1. Merge your finances with your spouse

Kanye himself admits that he’s personally rich but it’s his invested wealth that’s struggling. So why not borrow some cash from Kim? The woman literally prints money and it’s not below anyone to take advantage of the reality TV market. Especially if it means we get another Kanye West album as soon as possible.

2. Invest wisely

If you were wondering why Kanye was in a perpetually terrible mood between late 2012 and 2014, it’s because the man was trying to jump into the fashion industry and was repeatedly getting stuck at the door. It doesn’t help that the rapper lost tens of millions of dollars from rookie mistakes. The lesson here is to do the training, learn the industry and then start to invest.

3. Reap the benefits of your skills

The music sphere has changed for the better. No longer do rappers have to be pigeon-holed as just rappers. The leading voices in the hip-hop and soul industry have always had the entrepreneurial mindset (Sam Cooke/Diddy/Jay-Z/Common) so why not use it for the better? If Kanye lost $50 million trying to reinvent the fashion industry, he should buffer himself with profits in the realm of music and film.

Kanye is, I think, one of the greatest visionaries of the 21st century, it’s time for him to use those outside skills to jump himself out of debt.

4. Keep your cards close to your chest

Good advice, if you’re in debt, don’t tell anyone. In recent Tweets, Kanye bemoaned the corporate fat-cats trying to use his debt to control his artistic vision. But maybe they wouldn’t have tried to manipulate West if he hadn’t announced that he’s in debt in the first place – food for thought, Kanye.