DJ Khaled on why he doesn't trust accountants
DJ Khaled doesn't trust anyone but himself to pay his bills after hearing "crazy stories".
With a net worth of more than $75-million, one would expect DJ Khaled to have a team of accountants and financial advisors handling his money.
However, the 47-year-old rapper says he doesn't believe in money managers. DJ Khaled gave his fans an inside look into how he manages his finances in a recent interview with Shannon Sharpe.
The 'Wild Thoughts' hitmaker says he personally pays all of his bills so he can keep track of his spending.
"I pay the grass, the car wash man, the guy that's cutting my hair, the electric bill, the car note, the mortgage," he said.
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DJ Khaled, whose real name is Khaled Mohammed Khaled, says his banker has to get verbal approval or speak to him via a FaceTime call before big purchases are approved.
"Because there's AIs out there now. You gotta see me," he said. "I have a rule, if you pay for everything yourself you notice you are paying too much for stuff... if I let somebody else pay the bills, you are not going to notice in real time [and] it gives you a harder time to fix it."
The rapper added that he loves taking care of his family financially, including his mother, but it is also a reminder to keep working hard.
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DJ Khaled's fans applauded him for being wise with his money.
"This the realest s*** ever bro. I pay every single bill my self every time! No accountants/business managers, no auto pay on NOTHING. Makes u feel the money leave your account so you don’t get comfortable," one Instagram user wrote.
Another user commented: "I remember when Biggie said 'Phone bill about 2 Gs flat...no need to worry my accountant handles that'. I knew then he was getting robbed. Bro, who calling for your phone bill to be that high? His accountant was definitely lying to him."
DJ Khaled says he is cautious with his money because he has heard a lot of "crazy stories". Several stars have lost millions due to financial managers mishandling their money.
Rihanna nearly went bankrupt in 2009 after losing millions. She filed a lawsuit against her accounting firm in 2012 over gross mismanagement.
Court documents revealed that she had $11-million in cash at the start of 2009 but by the end of the year, she was down to $2-million. The losses were allegedly due to poor business decisions.
Rihanna has since recovered from the financial setback and is now worth a whopping $1.4-billion, according to Forbes.
Other stars who have sued their finance managers include Sting, Billy Joel, Elton John, and Nicholas Cage.
Watch DJ Khaled's full interview with Shannon Sharpe below.
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Main image credit: DJ Khaled during an interview with Shannon Sharpe/ YouTube (Club Shay Shay)