Earthquake recently stopped by Shannon Sharpe‘s “Club Shay Shay” and shared his personal experience of being $3 million in debt.
The legendary comedian began his impromptu financial literacy TED Talk by explaining there’s a difference between “being broke” and “being in debt.”
Broke just means you ain’t got no money.
Debt means even if you get some money you gotta always give it to another muthaf**kah.
Earthquake went on to explain how living above his means ultimately left him deep in debt.
After he got married, Quake purchased a house next to Oscar-winning actor Jamie Foxx.
Despite knowing it was out of his means, Earthquake’s plan was to pull a balancing act to maintain their lifestyle until he “blows up.”
But, that’s not what happened.
Quake told Shannon his then-wife was spending real heavy, which only strained their finances.
You gotta slow up on this spending, baby.
Once we blow, I’mma put us here and she never understood.
I’ll bring home a dime and she’ll spent eleven cents, dawg.
Earthquake went on to explain he had to stay on the road on “mule time” taking every show to keep money coming in rather than being at home making moves like a Clydesdale that would further his career.
He said one day he looked up and thought to himself:
I got $3 million of f**kin debt and it ain’t nothing that I can put my hand on that I personally bought for myself.
That’s when it changed and I said, ‘I gotta get up out of here. This muthaf**kah too expensive for me.
Watch the interview clip below.
Watch the full interview below.
I appreciate Earthquake’s transparency and I hope others will learn from his mistakes.
Financial literacy is the quickest route to financial freedom.