On July 28, Lil Yachty took to social media to clarify his financial status amidst speculation about his wealth. Following the release of his new track “Hate Me” with ian, fans reacted to his bold lyrics, which included a line asserting his wealth compared to other rappers.
In response to a tweet that compared his net worth to that of other artists, Yachty stated, “I made $8 million in my first eight months of rapping in 2016. On God.” He emphasized that the internet often misrepresents reality, urging fans to understand that his financial situation is different from what they might think.
Lil Yachty, whose real name is Miles Parks McCollum, burst onto the music scene in 2015 with his hit singles “Minnesota” and “One Night.” His unique style and catchy tunes quickly garnered him a massive following. By 2016, he had released his first mixtape, which attracted attention from various producers and artists eager to collaborate with him.
Since then, Yachty has made significant strides in his career, working with major brands like Sprite, Target, Adidas, and McDonald’s. He was even appointed as the creative director for Nautica in 2017. His business acumen has allowed him to diversify his income streams, which include live performances, features, and endorsements.
Quality Control Music’s Pierre “P” Thomas once claimed that Yachty earned $13 million in just 16 months, highlighting the rapper’s rapid rise to fame and fortune. Much of his income has come from live shows and brand partnerships, which have solidified his status in the industry.
In June, Yachty released a joint project with James Blake titled “Bad Cameo,” which featured tracks like “Save The Savior,” “Midnight,” and “Woo.” The project showcased a different side of Yachty, as he explored new musical territories alongside Blake.
Despite his success, Yachty remains grounded and aware of the financial responsibilities that come with his lifestyle. He has openly discussed his monthly expenses, which he estimates to be around $52,000. This includes costs associated with his homes, staff, vehicles, and other personal expenses.
Yachty believes in enjoying his wealth while he can, stating that he sees no benefit in hoarding money in a bank account. He prefers to spend on experiences and maintain a luxurious lifestyle, which he feels is part of being a successful artist.
To sustain his lifestyle, Yachty has focused on diversifying his income. He understands the importance of having multiple revenue streams and has expressed the need to earn money even while he sleeps. He has ventured into cryptocurrency and has partnered with brands like Reeses and Reebok to expand his financial portfolio.
Lil Yachty’s journey from a young aspiring rapper to a millionaire in less than seven years is a testament to his hard work and determination. He has built a brand that resonates with fans and continues to evolve as an artist. His story serves as an inspiration to many, proving that with talent and perseverance, success is achievable.
As he continues to navigate the music industry, Yachty remains focused on creating new music and exploring innovative ways to grow his brand. His financial savvy and commitment to his craft will likely keep him at the forefront of the rap scene for years to come.
Source: Complex, Wealthy Gorilla, Forbes
