Whether you follow Master P’s music, his philanthropic efforts, or his straightforward approach to educating people about the game, there is no doubt you have picked up a few tips from the brilliant hip hop mogul.
During the “Assets over Liabilities Live” panel during the 2022 REVOLT Summit x AT&T on Saturday, Sept. 24, Master P revealed one of his most valuable tips: How to get any car you want for free. Co-panelist Rashad Bilal pointed out to the attendees buying cars and jewelry as a business owner is a liability. “Cars are a liability. Jewelry — a lot of the time — is a liability. It may make you feel good [and] it has street credibility, but it doesn’t have any real value in the real world,” he said. “So when we start to change our mindset, it becomes extremely difficult to spend money on liabilities. Once you’ve [become] educated on assets, you look at everything as an opportunity. So instead of spending that $1,000, [you start to think], ‘I could have invested that $1,000.'”
The 52-year-old mogul replied to Bilal: “Well, I am going to tell y’all something that might make a lot of sense that they don’t teach us — credit is so important. I want to show y’all that you might want that nice car, but let’s buy that car if it’s over 6,000 pounds, and let’s put that car in a company’s name or an LLC, so we can write it off and get that car for free.”
Master P continued, “You can get whatever car you want. Say, for instance, it’s a [Mercedes] Benz [or] it’s a Cadillac — it [doesn’t] matter. You can write these cars off. And guess what? We can lease it. We don’t have to own nothing. We can’t take it with us.”
He further explained to the audience that the tips he shared comes from communities outside the Black culture, and we need to start thinking intelligently. “The most important thing that I realize [is] I am keeping and saving my money while I am out here leasing these cars. I can get a new one every year,” Master P expressed. “And so we have to start thinking like that. They [have] been programming [their] cultures like that for years. We don’t understand that. And so [when] I go to a dealership and look for a car over 6,000 pounds, I am writing it off.”