and to shock it now. Aaron,
welcome to the vault. – Wow. I’ve never seen
a money pile like this before. – Now, what do you think
your net worth should be? – 50 million.
– 50 million? – Mm-hm.
– Okay. Here’s a rule of thumb that
a lot of finance people use. So let’s say that last year,
you made about a million dollars–
let’s just average it out. When you want to calculate
your net worth, you take a million dollars, you multiply it by your age,
which is 27. That’s 27 times $1 million.
That’s $27 million. Divide that by ten. That’s the rule. Your net worth right now
should be $2.7 million. And today,
how much do you have? – Nothing. – This is what $2.7 million
looks like. Now, other people
own this money. Promoters, managers, agents. Every time you hire somebody, every time you let somebody
do your booking for you, every time you allow
somebody else to do things because you’re an artist–
you don’t want to do it– that’s money you
just keep giving away and you keep pissing it away,
pissing it away, pissing it away. That’s what you’ve been doing.
These are like magnets. Everybody wants a part
of Aaron Carter ’cause you keep giving this
[bleep] away like it’s candy. “Hey, you should hire me on “’cause I want to be
your partner. “I really like
hanging out with you ’cause I like your music.” This is what you’ve been doing. Every time you let somebody in where you know you could’ve
done something for yourself, this is what you did. You just kept giving it away.
Enough of letting other people control your financial destiny. And it’s not your mother.
It’s not your father. It’s not Nick.
It’s not any of these guys. You let them get away with it. – I worked my ass off, and what
do I have to show for it? I have nothing,
and I’m publicly humiliated all the time because of this. – You’re a businessman now.
You don’t give this money away. Nobody takes something from you.
This is your future family. This is your future house. And if they don’t bring value
to the table, do not let them near the stack. Negligence,
not paying attention, not knowing your numbers
is what got you here. Paying attention,
knowing your numbers, is what’s gonna get you
out of this hole. Listen carefully.
I got homework for you tonight. You’re gonna create
a profit and loss, like a balance sheet for me. Basically means
how much money you’re making, how much money’s coming in,
“What are my expenses? What’s dropping
to the bottom line?” You with me? – Got it.
– That’s all I’m asking for. – You got it. You’ll have it.
– Okay. All right.
No more living in the past. Aaron’s 27 years old,
but he’s acting like a child.He hasn’t taken
responsibilities
for his finances…ever.The first step is for him to get
a handle on his numbers. If he can’t do that,
then he’s not gonna be ableto dig himself
out of this hole.