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Hip-Hop Summit on Financial Empowerment: Get Your Money Right!
Nas recently stated that Hip-Hop is dead. Regardless of your opinion on the matter, one fact remains sure - Hip-Hop culture has created a bond that will never break regardless of any extraneous doubters’ beliefs. Hip-Hop Summit founders Russell Simmons and Dr. Benjamin Chavis have established a powerful and culturally enriching program that enlightens and uplifts the Hip-Hop community.
The title sponsor and partner of the tour was Chrysler Financial, whose theme was focusing on financial empowerment. The “Get Your Money Right” National Tour, now in its third successful year, brings together the powerful combination of Hip-Hop stars and Chrysler Financial experts to speak to students and community members about the importance of financial literacy.
ARtv provided the official media coverage for the Summit, making calculated moves to each venue through Motor City Detroit in the 2007 Grand Cherokee SRT-8 and the 2007 Jeep Sahara Wrangler. The message of financial awareness began late Friday morning at Detroit City High School. Dr. Chavis, along with Chrysler Financial and local radio personalities held an interactive discussion with 200 students regarding financial literacy. Saturday’s star-studded panel discussion was the Summit’s main event held at the Max Fisher Music Center. Joining Russell Simmons and Dr. Chavis were Ciara, Doug E. Fresh, M.C. Lyte, Remy Ma, Canadian rapper Belly, Detroit’s own Trick Trick andCongresswoman Carolyn Kilpatrick (D-MI). Hip-Hop television personality, Free, co-moderated the Summit with Dr. Chavis.
 The Hip-Hop Summit on Financial Empowerment is a grassroots effort to help engage young people in discussions about the importance of personal finance. Doug E. Fresh shared his passionate experiences regarding his trials and tribulations to obtaining financial security. “When I was young getting my money through Hip-Hop I was often audited by the IRS. It was hard for them to understand how a young black man was able to have the savings and possessions that I had without being a drug dealer or criminal of sorts. I learned early on to save all my receipts and properly file financial documents. I was audited so often that one female auditor had become more familiar with my wife and kids than some of my own family members,” joked Doug E. Fresh.
Songstress Ciara shared financial tips with the young audience that have enabled her at an early age to accurately account for her earnings, and shared several simple investment tips. Remy Ma stressed the importance of knowing your credit score and ways to avoid having your score senselessly decreased. “Don’t go out here and apply for every credit card you see. Each time you apply for credit cards your FICO (developed by Fair Isaac & Co. Credit) Score goes down!” the female rapper exclaimed. Chrysler Financial experts broke down realistic lifestyle scenarios for the young adults of the crowd in attempt to explain how to avoid financial ruin.
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 Dr. Benjamin Chavis stated during the media briefing/red carpet announcements prior to the panel discussion, “We are gathering to provide young people throughout the United States with important financial-related information and opportunities for economic advancement and economic empowerment.” Russell Simmons explained in a one on one interview with AR’s president Kimatni Rawlins, “We take our resources and give them back to the Hip-Hop communities. Chrysler Financial is an inspiration, being that they see a tremendous opportunity in our communities. Hip-Hop has a voice that represents a lot of people that normally do not have a voice. Chrysler Financial sees this need and allows us to open the platform.”
The Summit panel discussion covered various subjects such as: Building Credit and Repairing Bad Credit; Building Wealth and Asset Management; Home Ownership; Auto Financing; and Entrepreneurship. The Hip-Hop Action Network, through the generous support of Chrysler Financial, continues to brighten the futures of tomorrow’s leaders and further educate the youth of Hip-Hop culture via their concerned community efforts.
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