Since he dropped his first self-titled album in 1994 at age 15, Usher has been no stranger to stardom – and the wealth that comes along with it. But rather than allow himself to get “Caught Up” in the perils that can come with making a lot of money at a young age, the “U Got it Bad” singer has had done his best to stay in control.
Usher, whose net worth is reportedly somewhere in the neighborhood of $180 million dollars, recently told CNBC that he’s had “high valleys and low peaks” financially throughout his career. But now, the 45-year-old father of four says he’s focused on the future, creating generational wealth for his family – and he wants to help put other young people on a path to success.
In 1999, Usher and his mother created the nonprofit Usher’s New Look, a unique 10-year leadership program with a mission to give disadvantaged youth all of the tools they need to overcome the systemic barriers that can prevent them from reaching their full potential. Beginning in eighth grade and continuing through high school and college, Usher’s New Look helps young people identify and nurture their passions, while stressing the importance of education and teaching important life skills like networking and financial literacy.
Information like that is more important than ever to help close the racial wealth gap that grew even wider during the COVID pandemic. According to the Federal Reserve’s Survey of Consumer Finances, although median wealth increased by $51,800 between 2019 and 2022, the racial wealth gap increased by $49,950.
For his part, Usher told CNBC he wants to help the next generation learn how to make their money work for them.
“I’m always trying my hardest to figure out the best solution to be able to help those people whom I know could benefit from what access I had,” he said