Kanye West is starting to sound a little like Warren Buffett.
If you’ve ever read The Millionaire Next Door, you’re aware a strange truism: the person who looks like a millionaire frequently isn’t, while the person who you’d never suspect is sometimes the actual millionaire. That unassuming saver that drives a Buick and quietly runs a business is tentimes amassing a sizable bank account, instead blowing it on Ferraris and McMansions.
Now, Kanye West seems to be taking this lesson to heart. After claiming to crawl out more than $50 million in debt, West is quietly investing in long-term assets. That includes large land purchases in lower-cost states like Wyoming. “So I invest in land in middle America,” West explained to Jimmy Kimmel last night. “I have 12,500 acres land in Wyoming right now.”
West is also mentoring someone who could probably use his advice right now: New York Lottery winner David Johnson. Earlier this year, Johnson claimed $298.3 million in winnings, which is as much a curse as it is a blessing. Incidentally, Johnson was only paid $114,091,248 after claiming the lump-sum payment option, thanks to massive tax withholdings and other fees (though, the word ‘only’ here is relative).
Johnson was in attendance at the Kimmel show, donning a flashy Gucci jacket among other high-priced attire.
“So when we think about where we’re spending our money, I saw the Gucci jacket and I was like, ‘OK, that’s nice’,” West said. “When we present ourselves on TV we always have to show this luxury.”
“I got a cheap-ass hoodie on and I’m a billionaire.”
It should be noted that Warren Buffett — a multi-billionaire and one the richest human beings on the planet — drives a $45,000 Cadillac. Buffett reportedly refuses to pay more than $3.17 for breakfast and never upgraded from his first home.
Mark Zuckerberg, also a multi-billionaire, pushes an Acura TSX because it ‘isn’t too ostentatious’.
As for West, his mentorship Johnson could go a long way.
Lottery winners are notorious for becoming broke in just a few years, with less money, lower long-term security, and fewer friends and family connections than before winning their prizes. West said that being black makes the challenge even harder.
“So I want to show you, the… crowd applause] …and sorry I said, ‘ass’, my Christian scorecard is lowered for today. But to really sit down and talk, because when I first got money I didn’t have a CFO and people who could really show me. And I feel especially, we’re blacks, we need to show each other information about what to do with our money, how to design, how to bring the families together more applause].”
“And I’m not saying this just to call out blacks but we are orphans in this country. So we have no fathers that can really show us the way to maintain who we are. So now that I’m in this position — I’ve been to the hospital, I’ve been canceled, and I’m here standing right here…”