You may know him as a rapper or an actor, but Master P defines himself differently. “I consider myself an entrepreneur, a businessman, [and] most importantly, a philanthropist.”
He’s made what he calls “generational wealth” by not turning his money over to professional managers to invest in other companies, but by owning his own companies. At one time or another he’s had stakes in gas stations, a Foot Locker, a travel agency, a jewelry line and a shoe brand, but he’s not interested in trying his hand in the stock market, which he considers “gambling.”
Do what you know
On the stock market, Master P told Yahoo Finance’s Jen Rogers on My Three Cents, “I know a lot of guys that, at the end of the day, it took them out. Respect it, but it's not something that I know. So when you come from poverty, you realize that you got to do what you know. You got to do what you love. I tell people in business, don't work for money. To me, when you're in the stock market, you're trying to make some money or do this for the money. And I like to do what I love.”
Bezos “is incredible”
That said, Master P knows a good entrepreneur when he sees one. Amazon’s Jeff Bezos, the world’s richest man, is one he admires. Bezos “is incredible,” Master P said. “I feel like he took a part of something that can't be duplicated. You know, they came from nowhere. Nobody seen it coming. And those are the types of things that I like to do.”
Master P’s latest endeavor is the movie “I Got the Hookup 2,” which is in theaters now.
Jen is an anchor for Yahoo Finance. Follow her on Twitter @JenSaidIt.