Lil Nas X: From a Negative Bank Account to Millionaire
- Lil Nas X dropped out of his college at the University of West Georgia to pursue his musical career.
- Before his career took off, Lil Nas X had a negative bank account balance but used what little money he could get to purchase the beat for “Old Town Road.”
- The hit song, “Old Town Road” propelled his music career and turned him into a multi-millionaire.
We are all familiar with the grind and pushing toward your dreams. The two things that usually stand in the way of success are a lack of resources and money. Fortunately, the digital age has afforded many people the opportunity to make money and gain fame without spending too much cash.
Think of your favorite Instagrammer, YouTuber, or Podcast Host. Many of them built an empire with very little upfront investment such as the podcast hosts of Earn Your Leisure, Rashad Bilal and Troy Millings, who started with a budget of $150.
Lil Nas X is one of many examples of someone who has turned their internet promotion into a real money maker. During an interview with Nardwuar, the then twenty-year-old artist confirmed he had -$5.62 in his Wells Fargo bank account before releasing his hit single "Old Town Road." He stated, "I'm not with [Wells Fargo] anymore, but shout out to Wells Fargo, for making me broke."
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Effects of His Award-Wining Song
Only three months after its release, “Old Town Road” made its way onto multiple song charts and became the longest-running single at #1 on the Billboard Hot Top 100. Lil Nas X’s song remained #1 for 19 weeks, whereas the previous record holders, “Despacito” and “One Sweet Day,” were at the top for 16 weeks.
Despite the fame, there was also some controversy that followed. Lil Nas X’s popular song had made the country charts, but it was ultimately removed, with the reason being the song did not have enough elements to be classified as a country song. Although the song may have been removed from the country charts, it brought Lil Nas X a lot of fame and money to help propel his music career. According to Forbes, this rap song made the rapper $14 million, while Lil Nas X purchased the beat for "Old Town Road" for only $30. Talk about doing a lot with a little!
Career After Old Town Road
Lil Nas X gained international attention after his release of Old Town Road. To keep the momentum going, he released his debut album Montero on September 17, 2021. The album was a success, with the musical artists accumulating over four billion streams on Spotify alone. The huge success of Montero showed that Lil Nas X was not a one-hit wonder, as songs from the album, such as Industry Baby and Montero, both became #1 singles after their release.
Image Credit: Tinseltown / Shutterstock.com
Why Having an Adequate Bank Account Matters
Lil Nas X is one of the lucky success stories, but the fact that he had a negative bank balance and was barely able to afford the beat that made him famous shows that some people may not be as lucky as him, and these banking fees may prevent them from achieving success. According to the Consumer Financial Protection Bureau, US banks make $15 billion from overdraft and non-sufficient funds (NSF) alone.
The unnecessary fees that are charged to the account holder make it difficult for them to get out of debt. CapWay does not charge overdraft fees to its account holders, and there are no hidden fees, allowing customers to keep more of their money and bank smart.
When you sign up for a CapWay account, one of the popular features is the peer-to-peer lending feature where you can send money from one CapWay account to another. Another popular feature is Money Goals + HUMAN$, where you have the option to set money aside for a certain financial goal. You can also enlist help from other HUMAN$ to help you reach your goals.
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Although getting money is important, retaining it is the priority. Staying on top of your money is good for your financial health because then you can make smart decisions that will help improve your financial position. At CapWay, we offer financial literacy information to help people expand their financial knowledge, so they know how to make informed decisions.
The Money Wrap-Up
Lil Nas X is one uncommon example of becoming an overnight sensation. Music artists need years of dedication and hard work to get the success Lil Nas X received from his hit single. Typically, artists who typically come out with a hit song can find it difficult to maintain the same level of success with the subsequent music they release.
However, Lil Nas X remained a rising star, as he was able to produce more songs which brought him the same success as “Old Town Road.” Regardless of whether a person becomes an overnight sensation, the key is not achieving success but maintaining it. Therefore, the lesson that should be learned from Lil Nas X’s rapidly evolving fame is to stay dedicated and invest in yourself.
Main Image/Thumbnail - Editorial credit: Kathy Hutchins / Shutterstock.com