4 Money Lessons From Rapper Dee-1

by NerdWallet | In Financial Tips | 25 October 2016 | Updated on: June 21st, 2023

If you haven’t seen Rapper Dee-1’s recent music video for the song Sallie Mae Back, look it up. The team at MPOWER loved watching it – we recognize that getting rid of lingering college costs can be challenging. In Sallie Mae Back, Dee-1 tackles the challenge of paying off student loans and becoming debt free head on with some excellent lyrics. Courtesy of NerdWallet, we’re happy to share some other helpful tips from Dee-1 about being financially savvy.


Most musicians give lousy financial advice. Whether it’s Madonna’s “Material Girl” or Puff Daddy’s “It’s All About the Benjamins,” many give the impression that cash is for showing off, not saving up.
So when New Orleans-based rapper Dee-1 dropped a music video about paying off his student loans, it made headlines. Paying “Sallie Mae Back”, as the song is titled, is a worthwhile goal for the roughly 43 million Americans with student loan debt. And the middle school teacher turned rapper has teamed up with the auditing, tax and consulting firm PricewaterhouseCoopers to help students around the country gain financial literacy.

NerdWallet asked Dee-1, whose given name is David Augustine Jr., for some of his best money advice. Here’s what he had to say.


1. Have an emergency cash stash

It costs $8,558 per year to drive and maintain the average sedan, according to a 2016 report by AAA. If you live in a city with commuting alternatives, consider saving money by using public transportation or biking. And if wheels are a necessity where you live, buy a used car. Check out Consumer Reports list of the most reliable used car options that cost less than $25,000.

2. Be smart about borrowing

Augustine’s path to becoming debt-free wasn’t easy. He defaulted on his student loans, tarnishing his credit score, as he describes in the song. Part of his partnership with PwC involves visiting high school classrooms to share what he’s learned.

“I’m not telling them about how I make it rain in the strip club,” he says. “I’m talking about college prep, how they’re going to pay for college and how they’re going to choose a career.”

He urges students to fill out the Free Application for Federal Student Aid, or FAFSA, which can qualify them for scholarships, grants, work-study dollars and student loans. He’s also sharing a tip approved by many financial aid advisors: You should only borrow as much in student loans as you expect to earn in your first year working after college.

3. Save for retirement

Setting aside a portion of each paycheck in a 401(k) is one of the best ways to save, especially if your employer offers a match. As an entrepreneur, Augustine doesn’t have an employer-sponsored retirement account, but he still contributes to his retirement savings every month.

“A certain amount of money comes out of my checking account and goes into an IRA,” he says. IRA stands for individual retirement account. Anyone younger than 50 can contribute up to $5,500 per year to one — and if you’re 50 or older, you can contribute up to $6,500 in most cases.

Depending on the type of account you choose, you’ll get a tax break when you invest the money or when you withdraw it.

4. Make more out of less

Augustine went more than two years without a steady paycheck when he was launching his full-time music career. That period involved eating a lot of ramen noodles and McDonald’s dollar menu items, but Augustine says some of his biggest savings came from driving a 1998 Honda Accord instead of a fancier ride. He writes about it in his song, “No Car Note”: “Even if you make more than me, I save more than you. I make more out of less and gross what I net. / I own this you can never repossess.”

In addition to saving, Augustine uses the money he earns to make more music. Although he’s found success as an artist, he says paying Sallie Mae back is still one of his proudest accomplishments. He treasures a printed screenshot of the email informing him that his loans were paid off.

“When I buy my first house,” he says, the email is “gonna have its own room.”

Teddy Nykiel is a staff writer at NerdWallet, a personal finance website.
Email:teddy@nerdwallet.com. Twitter:@teddynykiel.
Image: Dee-1 visits students at Cardinal Hayes High School in Bronx, New York. Courtesy of PricewaterhouseCoopers.

The article 4 Money Lessons From Rapper Dee-1 originally appeared on NerdWallet.

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1 Comment

  1. Nosa Iyare says:

    I was really inspired by the song. Comical too

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