March 05, 2007 @ 12:58 pm

Russell Simmons Helps Houstonians Get Their Money Right

by: Henry Adaso

... and Mathew Knowles Helps Fans Get their Rumors Right

We're used to hearing rappers brag about their wealth, but how often do you hear them drop knowledge on financial empowerment? On March 3rd, 1800 young adults convened at Texas Southern University to hear a star-studded panel give advice on acquiring personal wealth. The 2007 Chrysler Financial/Hip-Hop Summit Action Network's "Get Your Money Right" tour kicked off in Houston, with the likes of Slim Thug, Solange Knowles, Monica, Chingo Bling, Bryan-Michael Cox, Congressman Al Green, and Bun B, in attendance. The summit was co-moderated by Free (formerly of BET's 106 & Park) and HSAN President Benjamin Chavis. Russell Simmons hoped the wealth of information offered by music stars and Chrysler Financial experts would serve as a supplement to the education youths receive in high school. "These are some basic laws that a lot of people don't know, and aren't taught in school," said Simmons. "They're taught Math and Science, but not how to manage their money." Simmons, who co-founded Def Jam with Rick Rubin in 1984, emphasized the importance of self-confidence. "The first step is to believe in yourself," he said. "If you believe in yourself and you put some work in, it's impossible not to succeed." "It's all about making a difference," offered the other Simmons, Rev Run. "People notice difference, not sameness. If you have a box of apples and one orange, the thing that stands out is the orange." For R&B singer LeToya Luckett, who invested in a Houston-based boutique three years ago, it took "sacrifice and dedication" to find her footing as a successful businesswoman as well as a chart-topping artist. LeToya attributed her success to having a spiritual foundation and tithing. Both Slim Thug and Bun B ignited the crowd with personal stories of squandering their income before eventually attaining financial empowerment. "I bought rims with my first big check - but my rims couldn't pay my bills when I was broke," Bun B conceded. At the end of the panel discussion, the 2007 HSAN Excellence Award was presented to Music World Entertainment founder Mathew Knowles for his family's accomplishment in the music industry. Mr. Knowles accepted the trophy on behalf of wife Tina Knowles and daughters Beyonce and Solange. He then complimented former Destiny's Child LeToya Luckett on her solo success, noting, "I know how hard it is to have a No. 1 album." Knowles later aroused cheers from participants when he returned to the stage to weigh in on widespread rumors of a breakup between Beyonce and Jay-Z. "If y'all thought something was wrong between Jay-Z and Beyonce, I wouldn't be wearing this Rocawear shirt," said Knowles, pulling apart his jacket to reveal a white Rocawear tee. The panel entertained questions from the audience before ending the two-hour summit at about 3:15 pm. Organizers armed students with a financial empowerment booklet which covers many of the topics discussed at the summit, including credit repair, debt control, vehicle financing, and homeownership. The 2007 "Get Your Money Right" tour will stop in Detroit, Mich., April 14; Toronto, Ontario in August; Greensboro, N.C., September 8; Washington, D.C., September 29; Miami, Fla., October 20 and Atlanta, Ga., November 3. For more info, visit The Hip-Hop Summit Action Network.

All photos by Henry Adaso

Article tags: Russell, Simmons, Helps, Houstonians, Get, Their, Money, Right 

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