Hip-hop mogul Percy “Master P” Miller learned the value of entrepreneurship and hard work at an early age. In fact, he developed dreams of becoming a successful businessman–and the hustle to achieve them–when he was a young child sleeping on the floor of a three-bedroom apartment that he shared with 15 family members in the Calliope Projects, located in New Orleans’ Third Ward.
“I never said I was broke…I always said that I’m waiting on the check,” the rapper told BLACK ENTERPRISE in an exclusive interview last year. “When I was on that floor in the projects, I would say, ‘This floor is going to turn into [a] marble floor.’” He added that his entrepreneurial journey began at 6 years old when he would help the elderly carry their groceries and cut grass in exchange for a few dollars.
In the ’90s, he used $100,000 that he inherited from his late grandfather to launch No Limit Records label. The rapper and businessman then took the music industry by storm when he turned down a million-dollar deal to sell the record label, which ultimately became a multi-faceted empire and a testament to his business acumen.
Today, as a serial entrepreneur who reportedly boasts a $200 million net worth, the hip-hop veteran says he is keen on building generational wealth by instilling his values in his seven children. During an interview on “Daddy Duty 365,” a new podcast that explores fatherhood with celebrity dads, Miller opened up about the money lessons he shared with his children, who range from 12 to 30 years old and include rapper and actor, Romeo Miller. However, above all things, the businessman stressed the importance of building a foundation on faith and family.
“You have to teach them economics and banking at a young age,” said Miller about his children. “Don’t just be great entertainers and athletes. Understand economics and put your faith and trust in God.”
Rather than just giving his children an inheritance of wealth, Miller says he made them work for what they wanted and encouraged them to pursue their own passions. “I teach them integrity and I teach them how to be hungry,” he said. “If you want to be successful, it’s not about what I’ve done, it’s going to be about what you do with your career.”
The businessman added that empowering children of color to be financial literate and responsible is also important when it comes to closing the racial wealth gap between black and white families. “We are behind. These other cultures and races, they come from descendants of money. We just got into being able to build wealth. So if we are going to build generational wealth, [kids] need to be programmed,” he said.
At another point during the interview, the family man revealed that Bible study is the activity he enjoys doing the most with his kin. “We do Bible studies every Sunday,” he said about the tradition they started 20 years ago. “We talk about everything. We talk about life. So, Bible study is not just about reading the Bible.” The rap mogul also credited the one-hour weekly practice for keeping his family humble. “You have all of this stuff, but you can lose it one day.”
In addition to being rooted in his faith and family, Miller is stern about his children’s education. “I want my kids to be more than just athletes and entertainers,” he said. “That’s why I am more hard on them about their education because that’s going to take them a longer way in life.” Anything below a grade letter “C,” and he takes away their video games and other distractions so that they can focus, he said.
Launched on January 8, “Daddy Duty 365” is hosted by Emmy Award-winning TV show host and former BLACK ENTERPRISE correspondent Shannon LaNier. Topics include daddy dinners made easy, dads doing hair, breastfeeding from a dad’s perspective, and raising children with special needs.
“People need to know there are a lot of amazing and active dads present in their kids’ lives and this podcast shines a light on them while inspiring other fathers to play a more active role and navigate troubled waters and uncharted territory,” said LaNier, a father of three, in a statement.
In addition to Miller, actor Omari Hardwick, Pretty Ricky singer and entrepreneur Spectacular, and iconic singer Sting have appeared on the podcast.
“Daddy Duty 365” is available on all podcast platforms. You can follow LaNier and his daddy duty shenanigans on Instagram at @MrShannonLaNier.
Listen to Master P’s interview on “Daddy Duty 365” here or watch it below.