Today we want to take a step back in time to 2013, a time where headlines gave insight into an excessive amount of money being spent by Drake in Cameo Nightclub.
Successful celebrities in the entertainment industry can amass a huge fortune. In America and the capitalist world, this is a part of our life and we live with the mindset that if you earn your money, you can spend it how you want. In our current pop culture – hip-hop and fashion industries are making bank!
Drake, the focus of our case study today, is worth an estimated $100,000,000 (100 million) in 2017!!!
Overall, we agree with this philosophy of our culture with the caveat that wealth has a moral aspect to it. Those who obtain huge kingdoms by their talents should indeed give back to those who are less fortunate; there isn’t a rule for this, more like an expectation. There are examples of these types of people we can model our life after, such as Warren Buffet or Bill Gates. It is because of these great people, we see the absolutely despicable act of wasting 50K in one night when instead we have the opportunities to help people. People work for 365 days and receive less than 50K (the median income is around this) into their life.
Drake works hard for his money. We understand that, and we also understand that 50K is 0.0005 percent of his total net worth. In other words, it isn’t even worthy to call it pocket change. This is a perfect case study on how to better use your wealth for society. Let’s dive into the story, the statistics, and alternative uses of his expenditure.
The background story:
In 2013, Drake and his friend Blue Davinci “made it rain” at Cameo Nightclub in Charlotte, North Carolina. Drake literally brought in “a cardboard box full of 1$ bills, which he threw in the air…with glee until the floor was nothing but a sea of greenbacks.”
This isn’t his first time doing this type of spending and I’m guessing it won’t be the last. In some people’s eye, our culture actually admires this type of behavior and hopes to obtain the lifestyle. At Duke of Dollars, we hope to help those who want financial freedom and financial stability to grow their lives, then the lives of those around them instead.
Statistics – Let’s look at a few crazy numbers to demonstrate 100 million:
Counting to 100 million:
- It would take you at least 2,300 days to count to 100 million
- According to Math Forum, it takes 23 days to count to one million.
Using Piggy Bank Coins
- Quarters: 400,000,000 – 400 Million
- Dimes: 1,000,000,000 – 1 Trillion
- Nickels: 2,000,000,000 – 2 Trillion
- Pennies: 10,000,000,000 – 10 Trillion
How many times could 100 million miles go around the Earth?
If you had a 1,000,000 million mile long rope, you could loop it around Earth 4,0222 times!
- According to Space.com, Earth is 24,860 miles around
Could we visit the moon with 100 million miles?
NASA or SpaceX could venture to the moon 209 times (round trip) or take a one way trip to the Sun
- According to Space.com, Earth is 238,855 miles away and the Sun is 92,955,807
Can Drake retire?
If Drake could keep his spending below 4 million dollars per year, he could retire today (using the 4% withdrawal rule).
What if Drake Invested 50K into the stock market in 2013 instead of in Cameo’s revenue?
If Drake invested into an S&P index fund, he would have seen a gross return (adjusted for inflation) of 48.039% before taxes/fees.
In 4 years, Drake could have turned his $50,000 into $74,195!!
- Using this S&P Return Calculator
How much philanthropy could have been done with 75K (50K + 25K returns)?
- Drake could award an annual $3,000 scholarship utilizing the 4% withdrawal rate
- If Tony Robbins is feeding 50 people with each $15 purchase of Unshakeable, then Drake could feed $250,000 if he donated all 75K to Feeding America
- Shoes in America have an average cost of $65 per pair – drake could give 1,153 shoes to those in need
Drake is a great artist and many rappers do participate in charity. We just hope to influence future artists to do the same, giving back to our communities leads to great reward. The children that need help, get it, use it, and go on to achieve their dreams.
As you grow your Kingdom and reach your goals, we hope to inspire you to give back and enrich the lives of others. We created this blog to enrich others and hope to grow our own philanthropy efforts based on its success. Entrepreneurs like Lewis Howes or Tony Robbins have shown how we can impact the lives of others, one of the greatest gifts of life!