Kandi Burruss, formerly of R&B group Xscape, is not going anywhere anytime soon. Thanks to some business knowledge she acquired in her teenaged years from her mother and LL Cool J, the singer/songwriter/talk show host/entrepreneur has a massive portfolio that will ensure her financial security for years to come.
In a recent interview with BlackEnterprise.com, Kandi discussed the advice she received at a young age, her future business plans, and the decision to get into some of the industries she’s currently in.
Excerpts from the interview are below:
On her first major purchase:
Our first check was not a big check, it was very small. But what I did with mine was go in with my mother and buy the house across the street from where we lived and kept it as a property. My mom always would tell me stuff like “good credit is better than money.” When I was a teenager I would balance my checkbook down to the penny. I don’t do that anymore, but I was very careful with every dime. I might have been better with money then than I am now.
On advice from LL Cool J:
When I was 19, I had the pleasure of being on tour with LL Cool J and he would give me tips here and there. One of the tips I held on to, was when I just bought my house that year. I bought my first house when I was 19. He said, always have one house and one car that you own. At the time I didn’t own anything, I just had a down payment like anybody else. But he told me with every check I get, put something extra towards the principal of the house. He said to pay the house off because you never know what may happen. You may have bought the house when you had checks rolling in, but if you’re in a 30-year mortgage, you don’t know what can happen later. So try to pay it off before the term of the loan ends.
On her current portfolio:
I have the music thing going, with songwriting and royalties. Then I have “Kandi Koated Entrainment” which has a production division and talent management division. I have multiple real estate properties, some are rentals, others I just have. I have two clothing boutiques in Atlanta. I have “Bedroom Kandi” which is my “adult luxury” line. I have my “Kandi Koated Spades” game on the iPhone. I have “Kandi Koated Nights,” my online radio show. I have my own TV show, “The Kandi Factory” on Bravo too now. Kandi Factory isn’t just a show either, it’s also a building I have for artist development. I’m also adding TV and video production into my portfolio, everything is going to the next level right now.
On the influence social media has on her brands:
When it comes to social media, when you stay engaged with the people who support you, they love that. People will support you if they see you are in tune with what’s going on. So I started doing Twitter, Instagram, Facebook and all my businesses are a part of that too. I think I might have been one of the first people to put together a “tweet and meet.” It was me, Rashidah, Diamond and some of my friends. I figured we could invite people to hear our new music. I just wanted to go to Dave & Busters or something. But the response was so overwhelming. There was a line out the door and there were people who flew in from the Bahamas just to see us. That’s when I learned how big of a tool it was. It’s even better if we are showing support among each other.
Read the full interview here.