Money Music | 5 Song Lyrics That Can Teach Us

Blog post written by Eric Patrick, founder and chief educator at Black Market Exchange, LLC.

1. “You don’t even have a checking account, wasn’t thinking about no pension.” –Big Boi on “Slump” from Outkast’s Aquemini

money music - Big Boi

Many people in the world are “unbanked.” The FDIC (Federal Deposit Insurance Corporation) conducted a survey in 2013 to find out how many households were unbanked or underbanked. The result came back and it turns out that 1 in 13 households (roughly 8%) in the United States do not have bank accounts. That equates to over 9 million people. Additionally, 1 in 5 households (24.8 million people or 20%) were considered underbanked, which means they utilized financial services outside of traditional banks frequently. These services may be payday loans, pawnshops, and money orders among others.

A pension, in essence, is a means to generate income in retirement simply for being a previous employee at a particular company or agency, usually under the umbrella of the government. The thing is, we can even begin to think about our money in the future without protecting the money we currently have now and allowing it to grow. Without a bank account, your money will not generate that beautiful thing we call interest. Interest is the most fundamental principle when it comes to your money making money. Money expert Dave Ramsey is an avid advocate of compound interest, which is simply interest growing on top of interest over time. Looks like it pays when you’re “banked” with the right bank.

2. “Forget about the price tag.” –Jessie J. on “Price Tag” from Who You Are

money music - Jessie J.

Sometimes, we tend to buy, buy, and buy more leading us into a life of consumption. However, often those purchases can come back to bite us. Excessive shopping can lead to spending money we don’t have causing us to get hit with expensive overdraft fees. It is imperative that you have a bank account to take advantage of free money making opportunities like interest mentioned above, but also limit things like maintenance fees with checking accounts and overdraft protection costs. On average, banks charge consumers $32 billion in overdraft fees each year. This is a direct result of us not paying attention to the activity in our accounts. A banking lifehack is to make sure your bank allows for low balance alerts. If your account balance drops below a certain amount, you’ll get an email alert letting you know. Check with your bank to see if this opportunity is available or open up a free checking and savings account with a bank that provides no fee overdraft protection.

3. “I got the kind of money that the bank can’t hold.” –50 Cent on “Straight to the Bank” from Curtis

money music - 50 Cent

Each individual’s money in the bank is insured, but only up to set limits designated by the FDIC. The FDIC is an independent agency of the United Stated government. Its purpose is to “protect” or insure a depositor’s (that’s you) account. Most banks allow your account to be insured through the FDIC up to $250,000. Anything above that in an account and you may want to look into opening another account or distributing that money into other financial vehicles like the stock market and real estate. Accounts that are eligible for this insurance include checking and savings accounts, money market accounts, CDs (certificates of deposit), and bank IRAs (individual retirement accounts).

4. “Do you pay my automo’ bills?” –Destiny’s Child on “Bills, Bills, Bills” from The Writing’s on the Wall

money music

One can interpret this crafty lyric by Beyoncé and crew in two ways—it could be a reference to car payments on an automobile, but also about bill payment automation. Let’s discuss the latter today. An overdraft on your account is no bueno, but a missed payment on a bill you have is just as bad, if not worse. Late and missing payments on things like car and home loans as well as credit cards can drastically affect your credit score. According to myFICO, your payment history is responsible for 35% of your credit score. That’s more than a third! Your credit score is like your money report card; the higher it is, the more likely you are to get a loan you’re requesting, not to mention getting it with a low interest rate so you can pay it off faster. A low credit score can stop you from purchasing a car and even a home. Setting up your bills on auto pay by linking to your bank account can not only ensure prompt payment, but also build your credit at the same time. If you need guidance with understanding credit and credit repair, be sure to check out Ash Cash’s book What the FICO: 12 Steps to Repairing Your Credit.

5. “I got a bank like an investor.” –Rich Homie Quan on “Investments” from Still Goin In: Reloaded

money music - Rich Homie Quan

Rich Homie Quan Hit the Quan right on the head with this one. Many of us know about standard banking entities like Bank of America and Chase; or newer mobile banking platforms. However, many of us aren’t familiar with investment banking. Investopedia states that, “Investment banking is a specific division of banking related to the creation of capital for other companies, governments, and other entities.” Think of investment banking as high-level banking for corporations. Well-known investment banks like Goldman Sachs and JP Morgan Chase are responsible for conducting financial deals like company mergers and investment opportunities like IPOs (initial public offerings). Next time you hear of a new company joining the stock market, just know that an investment bank was behind the process.

BankMobile Contributor Bio:
Eric Patrick is founder and chief educator at Black Market Exchange, LLC. He has been deemed the “Hip-Hop Stock Doc” because of the way he incorporates music and modern media into investment education. He’s also a licensed pharmacist.

Website: | Twitter: @HipHopStockDoc | Instagram: @eric_bmex

All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.

The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.

All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.