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Kandi Burruss' Best Financial Advice Came From LL Cool J
The Atlanta Housewife recalls the wisdom the rapper once shared with her.
If you're looking for some financial advice, you might want to ask LL Cool J. Real Housewives of Atlanta star Kandi Burruss credits the rapper-turned-actor with some of the best bit of advice she's ever received about investing in her future.
"When I was 19, I was still in Xscape then, we were on tour with R. Kelly and LL Cool J," she recalled to Essence. "I remember he was like a big brother, always sitting down and talking to give 'the younger kids' advice. I had just bought my first house right before we went on tour and of course, I had a mortgage. He sat me down and said, 'Look, whatever you do, you need to try and pay off your house as soon as possible.' He said, 'You always need to have at least one car and one house that you own because in this business, you could be making money and the next thing you know, you're broke and canít afford it.'"
And Kandi didn't dismiss that piece of wisdom from the legendary rapper. In fact, she put his words into action and realized it's better to pay off your bills, bills, bills than it would be to delay them.
"I remember him saying, 'Every time you get some money, throw a little bit extra to the principal. If you get a $1000, put an extra $50 towards it. If you get a big bulk of money, put down an extra $5000! Then you will knock years off of your loan'," she said. "I listened to him and as soon as I went home on our little break, I got my little mortgage payment out and I figured out how many years it was going to take to pay off my house. I realized that he was right. If you put down a little extra, a 30-year loan can be paid off in 10 years. That was my best advice."