Imagine being able to type your name in a Google search, and the whole world can estimate how much money you have. That concept comes to life daily regarding influential people and their perceived net worth.
However, one often misconstrued fact about net worth is that it is a dollar-by-dollar depiction of how much a person has in their bank account. And when many high-profile people see their net worth amount or are asked about it, they often describe how the number is somewhat off base.
Los Angeles rapper The Game is on that list of people who say that what they have doesn’t line up with what the internet reports. And while no one knows their bag better than the person holding it, there seems to be misalignment in what net worth is versus how it is interpreted.
According to Forbes, net worth is the balance of a person’s assets and liabilities at a specific time. Certified personal finance counselor Elizabeth Keatinge broke it down in the Forbes report by saying, “Simply put, it’s what you own minus what you owe.”
Those who believe that net worth is the amount of money a person has on hand are not entirely wrong.
An accurate net worth calculation must include an inventory of every asset the person owns (money in the bank, investment and retirement accounts, and value of properties owned). They must also consider every liability they have and what money they owe (debt acquired such credit cards, mortgages, student loans, etc.).
“To complete a net worth analysis, start with the total value of financial assets and subtract the total value of the financial liabilities,” Keatinge said in the Forbes report.
And while some nuances can impact that number, like depreciating assets, actual property value, fluctuating interest, etc., the formula still fits.
On the flip side, the former G-Unit member is not the only celebrity who has contested their internet value. Vince Staples and DJ Khaled are all on record, noting discrepancies in what a quick Google search says about their earnings.
As for the outspoken rapper, The Game is standing 10 toes down on what he believes adds value to him as a person and businessman.
During a conversation on “360 With Speedy Morman,” The Game was asked about his $10 million net worth estimation.
“Yeah. That’s, that’s inaccurate,” he quickly responded.
“I got like a $2 million shoe collection, and I live in a $5 million home, and that’s just that,” The Game continued.
In a previous post from AfroTech, the 43-year-old referenced a time when he shared a screenshot of an account with $13 million. He then said all that money is gone now because he believes money is meant to be spent and not saved.
“I don’t believe in, like, saving your money. Like for what?,” The Game said. “And these days, money ain’t even money. It’s, it’s like on a phone. Like, I like cash, you know what I’m saying? Like I grew up like Scarface, like n-gga where you can see; New Jack City where you can see money.”
It’s unclear whether The Game’s spending habits negatively or positively contribute to his net worth. However, his approach to the conversation did leave social media users scratching their heads.
“It’s like I’m not a billionaire now cuz I just don’t want to be. But if I woke up tomorrow and I felt like going to be a billionaire, I would just go put the work in, and I would be a billionaire. It’s, it’s all about mindset,” The Game explained.