Did you know that the rappers Mackelmore and Lewis make between 60 and 70 cents for each song that they sell on iTunes? Mackelmore's net worth is $18 million and he still shops in thrift shops, as revealed in this NPR article. Check out this article from the Tampa Bay Times for more of Mackelmore's hints on personal finance. After reading the article, discuss how Mackelmore talked about how working hard helps to improve income. What good decisions has he made with money to save for the future?
SS.8.FL.1.5 Examine the fact that investment in education and training generally has a positive rate of return in terms of the income that people earn over a lifetime, with some education or training having a higher rate of return than others.
SS.912.FL.3.1 Discuss the reasons why some people have a tendency to be impatient and choose immediate spending over saving for the future.
For more Mackelmore Economics, check out his Thrift Shop video with embedded Econ Concepts, created by Brian O'Roark! Warning Note: Watch before you show to high school students. This was originally created for college students. Although the "bad" words have been edited out, students will still be able to read the lips. There are also myriad student-made videos on YouTube using this song to exemplify economic concepts.
Deborah Kozdras, Ph.D.