Rap Wisdom: 4 Wealth-Building Tips We Can Use to Hustle Like Nipsey Hussle

As we approach the birthday of the legendary Nipsey Hussle on August 15th, it’s fitting to explore the financial wisdom he imparted through his music. Over the course of his career, Nipsey emphasized the significance of building wealth, leaving a legacy, and leveraging time. Here, we’ve pulled four powerful lyrics to illustrate his teachings and how they can be applied in our lives.

1. “Don’t Waste Your Time, It Don’t Make You Rich”

Maximize Your 24 Hours

Every individual is allotted the same 24 hours in a day, but it’s how we use these hours that defines our future. Nipsey highlighted the value of time, stating its worth surpasses even monetary riches. Consider the two shifts in your life: the 9-5 and the 5-9. While your 9-5 may cater to immediate needs, the hours after open a window to ventures that can lead to financial freedom. Side hustles, continued learning, or investments – the 5-9 is where dreams can become reality. Maximize it.

2. “Instead of trying to build a brick wall, lay a brick every day.”

The Power of Consistency

Building wealth isn’t a sprint; it’s a marathon, a sentiment Nipsey embodied both in life and in his lyrics. Instead of seeking immediate results, focus on consistent progress. Whether it’s saving a fixed amount each month, making steady investments, or methodically building a business, every little step adds up. Over time, those bricks you lay daily become a formidable fortress of financial stability. So, don’t be daunted by the magnitude of the end goal. Celebrate the daily wins and remember that progress always trumps perfection.

3. “Open trust accounts deposit racks… Million dollar insurance on my flesh…”

Smart Financial Planning

Trust accounts aren’t just for the super-rich. They offer a tool to manage, protect, and distribute your assets as per your wishes. Nipsey also emphasized the importance of life insurance, a powerful instrument to secure your loved ones’ future, even in your absence. Beyond just accumulating wealth, smart financial planning ensures your hard-earned money is protected, grows, and benefits those you care about.

4. “We playing the long game; we don’t want the money to stop when we go or when we can’t work no more. We want it to outlive us, we want it to be generational.”

The Vision of Generational Wealth

One of Nipsey’s most enduring messages is that of generational wealth. It’s not just about the here and now but ensuring that your prosperity impacts generations to come. This might involve investing in assets that appreciate over time, building businesses that can be passed down, or simply cultivating a financial mindset in the next generation. The dream isn’t just to live well but to ensure future generations thrive too.

In conclusion, Nipsey Hussle’s lyrics are a testament to his profound understanding of wealth and legacy. As we remember him, let’s also remember the financial lessons he shared and strive to integrate them into our lives. Building wealth, like life, is indeed a marathon – and every step counts.

For more wealth-building tips, sign-up for our newsletter and download the FOLA app.


The U.S. Accountant Shortage IS REAL

The Importance of Financial Accountants and Advisors for Your Business

As businesses grow and financial complexities increase, the demand for skilled financial professionals is skyrocketing. However, the supply of qualified accountants seems to be struggling to keep up with this rising demand.

The Accountant Shortage: Unraveling the Challenge

The shortage of accountants is not a new problem, but its impact is becoming increasingly severe in recent years. The reasons for this crisis are multifaceted:

  1. Economic Growth and Complexity: As the global economy expands, businesses have to navigate complex financial regulations, tax laws, and reporting standards. These complexities demand specialized expertise from financial professionals.
  2. Aging Workforce: The baby boomer generation is reaching retirement age, resulting in experienced accountants leaving the workforce. The number of graduates and new entrants into the accounting field is not enough to fill this gap.
  3. Technology Advancements: Automation and artificial intelligence are reshaping the financial landscape, automating repetitive tasks that were once done manually. While technology streamlines operations, it also calls for accountants with advanced skills in data analysis and interpretation.
  4. Changing Education Trends: Fewer students are pursuing accounting degrees, leading to a decline in the number of qualified professionals entering the industry.

When and Where Do You Need Financial Accountants and Advisors for Your Business?

Now that we’ve explored the accountant shortage, it’s vital to understand when and where your business needs the expertise of financial accountants and advisors. Here are some critical scenarios:

  1. Startup Phase: When you’re launching a new venture, having a financial accountant is invaluable. They will help you set up your financial systems, create budgets, and provide insights into financial projections.
  2. Tax Planning and Compliance: Tax laws can be complex and ever-changing. A financial advisor can help your business navigate tax regulations, minimize tax liabilities, and ensure compliance.
  3. Financial Reporting: Whether it’s monthly, quarterly, or annual reports, having an accountant to prepare and analyze your financial statements ensures accuracy and provides valuable insights into your company’s financial health.
  4. Business Expansion: When your business is growing, you need strategic financial planning to manage cash flow, assess investment opportunities, and optimize financial resources.
  5. Mergers and Acquisitions: During business acquisitions or mergers, financial accountants and advisors play a crucial role in conducting due diligence, valuing assets, and assessing financial risks.

Download Your A-Team Checklist

To ensure your business has the best financial support, download our exclusive A-Team Checklist. This checklist will guide you through the essential qualities to look for in financial accountants and advisors, helping you build a solid financial team that drives your business forward.

Click here to download the A-Team Checklist and secure your business’s financial success!

The accountant shortage poses a significant challenge to the financial industry, but businesses must continue to thrive despite this obstacle. By recognizing the importance of financial accountants and advisors, businesses can make informed decisions, stay compliant, and achieve long-term financial goals. Thank you for reading, and we’ll be back soon with more valuable insights from the world of finance!

Screenshot 2023-06-30 at 2.52.44 PM

FOLA’s Q3 Financial Checklist for Financial Success

FOLA is committed to helping our Fam with Financial Organization for Long-term Achievement, so we put together a checklist to help you get organized and stay on track of creating financial success.
FOLA is committed to helping our Fam with Financial Organization for Long-term Achievement, so we put together a checklist to help you get organized and stay on track of creating financial success.


What is a Profit and Loss statement?

Analytical profit and loss documents.

Owning a business comes with a lot of responsibilities. You may find wondering sometimes how do you know if your business is growing? How do you calculate how much you are bringing in your company? How do you report the financial operations? There are three main financial statements you need as a business owner, a cash flow statement, balance sheet statement, and a profit and loss statement. Today, we will be focusing on the profit and loss statement.

What is a profit and loss statement? A profit and loss statement is a financial summary of your company’s operations from a certain period of time. The main operational transactions are revenues, expenses, and net income. The formula for the profit and loss statement is subtracting the total expenses from the total revenues then the difference will identify the net income of the company.

Equation visual of profit and loss statement.

The revenue is the sales generated from what your company sells such as products or services. Then, you have your expenses. The expenses are what you subtract from the revenue that your company makes. The expenses include the cost of goods sold and operating expenses. They are the variable and fixed expenses that manufactures the company’s products and services production. The expense also includes the taxes, interest expense from loans, and other periodic payments. 

After subtracting the expenses from the company’s revenue, you finally have your net income. This will help measure the results of how well your business is performing financially from a certain period of time. Is your company earning profit? Is your company actually losing money? How can your company perform better financially? A profit and loss statement will help identify and analyze your finances. 

Woman on her laptop at a coffee shop reviewing her net income statement.


Business Financial Fundamentals

  1. Business structure:

Every business needs to form a business structure. There several types of business structures such as sole proprietorship, partnership, corporation, nonprofit, limited liability company (LLC), and limited liability partnership (LLP). They all have different income tax implications so be sure to understand the difference and which resonates more with your business. 

  1. Cash Flow vs Profit:

Cash flow and profit are both financial metrics that are always used in every business but they are very different from each other. Cash flow analysis is understanding how money is being moved in and out of the business to areas such as operating, investing, and financing activities. Profit is the money that is left over after expenses.

3. Three critical business statements and how it affects your business:

A balance sheet is a summary of the financial balances of an individual or organization. It will help investors to see where the funding should go and help manage. 

An income statement is one of the financial statements of a company providing the company’s revenues and expenses during a particular period. It helps to see if your business is making profit or if there’s somewhere that needs to be fixed.

A cash flow statement is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents that come in and out of the company.This helps organize the money that the company is putting in and brings, and analysis what needs to improved.

4. Types of Business Insurance: 

Professional liability insurance “covers a business against negligence claims due to harm that results from mistakes or failure to perform”. This will help cover any legal expenses that you may encounter.

Property insurance covers equipment, signage, inventory and furniture for any fire or theft emergencies.

Workers’ compensation insurance should be added to a business’s insurance policy when hiring new staff members. In case of any emergency, it helps cover medical expenses or lost wages in the job. 

General liability insurance covers and protects your business from claims such as property damage, copyright infringement, or any other injuries.

Product liability insurance covers your business manufacturing products from claims and damages.

Business interruption insurance will help cover for the income loss from a disaster or catastrophic event that does occur which affects the business.

5. Proper policies, Agreements, and Contracts when hiring new staff: 

When hiring a new staff, it is important to let your staff know their rights and benefits. It protects the business from any lawsuits and complaints that may happen. Most of these documents also help manage how much money to withhold from employees’ wages for state income taxes. Here are important documents when onboarding new hires:

  • Form I-9
  • W-4
  • State new hire tax forms
  • New hire reporting
  • Offer letter
  • Employment agreement
  • Employee handbook acknowledgment
  • Direct deposit authorization

High-Yield Savings Accounts: 4 With Over 1.50% APY

Did you know there are several ways to let your money make you money? Including, putting your money into a high-yield savings account. Yes, that’s all you have to do, is just put your money into an account that will pay you to keep it there. You can literally make money while you sleep! 

A traditional savings account is a great way to save your money and earn more over the years. However, most of the traditional banks require you to pay high fees but have low interest rates. The average rates from traditional banks goes from 0.01%-0.07% annual percentage yield (APY). With this type of rate, you are paying more for fees than interest earned on your traditional savings account.

Bar graph with online banks and traditional banks average APY.

Is there a better savings account where you can receive more money? Yes! high-yield savings accounts are online banking with higher annual percentage yield for consumers and have lower or no fees. They offer safety, growth, and ease of use. With a high-yield savings account your emergency funds can grow fast with over 1.50% APY.

A graphic of the benefits of high-yield savings accounts

While you are searching for a high-yield savings account, make sure you are looking for the ones that are insured with FDIC to protect your deposits from bank failures. Also, compare the rates and requirements that each one offers. Once you find the best one for you, complete the application online, deposit money, and begin saving! If you download the online bank app and turn on alerts for notifications, you can see how much you are saving each month!

Here are 4 high-yield savings accounts with over 1.50% APY, insured with FDIC, and $0 of monthly fees as of July 14th, 2022:

  1. BrioDirect          = 1.80% APY 
  2. CitBank             = 1.65% APY
  3. Bask Bank       = 1.61% APY 
  4. LendingClub     = 1.52% APY