Lil Yachty is known for having a lot of expensive toys and extravagant jewelry. This tendency to blow money on things he wants has created a mountain of bills that he works hard to maintain.
Lil Yachty is known for his extravagant purchases and lucrative earnings, but he also has a lot of expenses. Sitting down with the “Million Dollaz Worth of Game” podcast, the “Oprah’s Bank Account” rapper said he pays over $50,000 monthly in recurring bills and revealed how he’s learned to adapt to his growing overhead expenses.
“You have to have things set in line for a rainy day, which we don’t do,” Yachty said around the video’s one-hour and 16-minute mark.
The 23-year-old continued by saying that the COVID-19 pandemic “opened a lot of artists’ eyes” about how to make money through other avenues when touring was no longer an option.
“A lot of people realized that they’ve got a lot to maintain,” he said. “Like me personally… every month I’ve got $52,000 in bills. Monthly, you know what I’m saying? And I have to work… Let’s say I got $13 million in the bank, right? If my overhead is $52,000 every month because of my houses, my staff and cars and insurance and all these things I take care of and all these people, that $13 [million] will run down. Because that’s just the bills.”
“I still like to live. I’m still a rapper. I still wanna go to nice dinners, fly my girl out, go to see my girl. We still wanna do all these things,” he continued. “You have to be making money while you’re sleeping. Never just have one source of income. Even if it’s six figures. N**** could be making $200[,000] a show six shows a week, but that still should not be the only bag.”
Late last year, Yachty partnered with the cryptocurrency platform Fyooz to create his own cryptocurrency called “YachtyCoin.” During the interview, he said he’s glad things like investing in stocks and cryptocurrency have gained popularity with the younger generation.
“I think it’s so dumb if you just let the money sit in the bank account,” he said. “That’s dumb. ’Cause it’s just sitting; it’s just there. It’s yours, of course, but it’s not going up unless you make it go up. It’s so many things you could do to make that money double, triple while you sleep, while you snoring, while you working for the other job.”
Fortunately for Yachty, he’s one of the most recognizable figures in rap. He’s monetized his music, partnering with brands like Reeses and Reebok, as well as turning lifestyle choices—like painting his nails into a purchasable product. Although his outside business ventures help keep him afloat and generate wealth, Yachty still loves to make music.