Shortly after rapper Ace Hood signed his first major record deal at age 17, financial planning wasn’t exactly at the front of his mind. He leased a new Cadillac Escalade and decked it out with 26-inch rims. He rented a three-bedroom condo in South Florida for $3,000 per month. And then there were the shopping trips.

“It was $1,500-$2,000 every time I hit the Gucci store,” he says, lounging poolside at the Dream Hotel in Manhattan. “I splurged and lived life how I wanted to live it. But anytime you don’t have a record out there that’s bubbling and you’re not doing much of anything, money runs low.”

[Read more here]