Filed under: Interviews, Professional Profiles, Celebrity News, Personal Finance, Dr. Boyce Money
My name is Egypt Sherrod and I am a television and radio personality, community advocate and editor of EgyptSaidSo.com.
What are the biggest misconceptions people have about celebrities and their money?
I believe the biggest misconception people have about celebrities is that we are all RICH! Child please... Many recording artists, actors, TV hosts, etc., are still living "rented" lifestyles. We have many of the same financial struggles as every other American. I was well into my twenties before I recognized the importance of residual and multiple streams of income.
What has been the funniest/ scariest moment of your career?
The best and probably funniest moment of my career occurred this week when PRINCE paid me a visit on my 107.5 WBLS radio show. Apparently he had been in the New York area preparing for his "Welcome To America Tour" at the Izod Center and Madison Square Garden. Management informed me that Prince was listening to my show and would like to do an interview with me. Now.... I was over at CNN about to talk on air to TJ Holmes about Prince's surprise visit to 'The View.' Imagine my surprise!!! I hauled ass back to the station to get ready for the interview of my LIFE!!!!!
Prince never does radio interviews. As a matter of fact, I was his fourth radio interview ever. I must say he was the humblest, most down to earth celebrity I've met. I thought he would be completely over the top diva-ish. But believe it or not, he didn't even bring security and stuck around for 45 minutes. Now if you think Sherri Shephard acted a fool on 'The View,' honeyyyy you should have seen the one handed somersault I did when Prince left. I was literally under the table --DEAD AND BURIED!! At least I maintained professionalism while he was there. The only thing better would be if Michael Jackson was resurrected and paid me a visit. I love that man even more now. Here's the link to the interview: http://egyptsaidso.com/interviews/exclusive-prince-talks-to-egypt/
What surprised you the most about the financial side of your industry?
The most surprising thing about the entertainment industry to me is the lack of financial planning. I've seen artist after artist go belly up because their spending habits exceeded their income. On a personal level, radio and television careers generally have no retirement provisions worked into our contracts. If you work in a union market then you may be entitled to a small pension. But for the most part, we are responsible for setting up our own retirement plan. A few years back I sat with financial advisers who taught me about SEP IRAs, ROTH IRAs, GMIBs and Annuities. Social Security will be extinct by the time our generation reaches retirement. So while we are enjoying the present, we must still plan for the future. This means stashing some loot away.
How has Twitter helped you in building your brand and run your business?
Do you remember when everyone would use the term "that's what is hot in the streets?" Well in my opinion, the Internet is "the streets" now. A few years back people were selling their products and building their names on a person to person grassroots level. Today the Internet is making millionaires. You literally have a group of people known as "Internet celebrities" because of their online popularity. So, the Internet being the streets means that social networking sites are neighborhoods. Right now Twitter and Facebook are the most equitable neighborhoods to live in. Owning a Twitter account with 100,000 followers is like owning a townhouse on the Hudson River. My Twitter followers have expanded my brand and my efforts far beyond what I could have done by word of mouth. I am grateful we have tools like this now. It allows us to create our own destiny.
Do you have any financial advice for aspiring celebs out there?
Well in addition to being a media maven, I'm also a credit specialist and licensed real estate agent. So I've learned the value of good credit and 'owning' versus 'renting.' My advice is this...
1. Live within your means.
2. If you can't pay it in cash, don't buy it... credit cards can be a trap if you don't learn how to use credit correctly.
3. ALWAYS sign your own checks and don't allow anyone else to run your bank accounts.
4. Pay your taxes. Uncle Sam will ALWAYS take his. Just ask Wesley Snipes (damn shame).
5. Be a business person, not just a talented person. Knowing the business side of your craft will keep a roof over your head.
Is there anything else you'd like to share with our Black Voices audience?
Yes, I'd like to thank them for reading this and sharing their time with me. I'd also like to remind them to keep a relationship with the man above. These are very tough economic times that we live in. Additionally, there is spiritual warfare happening around us everyday. The way to thrive in these times is to keep our feet firmly on the ground; know what we will stand for and what we won't; and to be compassionate to one another. If we stay centered in the chaos, then we'll stay balanced even when the world isn't.