Bow Wow, who made his debut on the music scene at the young age of 13 with his album “Beware of Dog,” recently opened up about his journey in the entertainment industry.
During an interview with RealLyfe Street Starz, he revealed that he couldn’t access his money until he turned 18, as mandated by the California Child Actor’s Bill, also known as the Coogan Law. This law requires parents of minors in the entertainment business to put 15% of the child’s income into an account that they can’t access until they turn 18.
Bow Wow shared that not being able to touch his money until he was 18 was a gift. He stated that he was more into the power than the money when he first started his career. If he had been able to access his money earlier, he probably would have tapped out of the game. He was thankful for this delay as it gave him time to mature and develop a better understanding of the entertainment industry.
“If I would’ve came in the game at 19 or 18, I probably would’ve tapped out the game. ‘Cause I would’ve been like, ‘This is crazy that I’m seeing this type of paper and I get to touch it as soon as I hit.’ So I was kind of thankful for that,” Bow Wow added.
The rapper went on to credit Jay-Z and Diddy for being role models and inspiring him to handle his finances and business independently. He recognized them as the first rappers in hip-hop to prioritize the business aspect of their careers. Bow Wow acknowledged that he had learned a lot from those who came before him and that he would not have been able to navigate the industry without their guidance.
“That’s why I never disrespect those who came before me in this business because if it weren’t for them, I would have no guidance, no GPS, no navigation to get to where I’m trying to get to, Bow Wow said.”
Currently, Coogan Accounts are mandatory in California, New York, Illinois, Louisiana, and New Mexico, according to SAG-AFTRA. The law ensures that minors in the entertainment industry are protected and their earnings are secure until they come of age. Bow Wow’s story highlights the importance of financial literacy, especially for young individuals in the entertainment industry, and the significance of role models and mentors to guide them through the complexities of the business.