Last year will forever be memorable for Jay-Z. Not only did he marry longtime love, Beyonce, but a few days earlier he signed a $150 million, ten-year recording, touring and merchandising deal with concert promoter Live Nation, according to Forbes.com. As part of that deal he receives $25 million upfront, $10 million per album, $25 million toward concert tours, and $20 million for publishing and other rights. Not to mention the $50 million going toward his new venture, Roc Nation.
Multimillion Dollar Lesson: Don’t just pursue your talent. These days, you’ve got to also understand the business behind your talent. “Younger Black millionaires have stopped being just the performer and started taking over the business opportunities available in their industries,” explains Hawkins.