Bilal Decoded: Preaching the Gospel of Money Management and Self Reliance

Bilal Sayeed Oliver – stage name “Bilal” – is what you’d call an “artist’s artist.”

An O.G. in the world of rhythm and blues – dropping his critically-acclaimed debut “First Born Second” 12 years ago to the praise of peers and frequent collaborators Common, Erykah Badu and The Roots – like them, the Philly singer has seen the music industry from every angle, in fat and lean times.

Bilal’s biggest business coup came when he was just 19 years old: the singer-songwriter signed his first and only major-label contract and publishing deal with Interscope, a contract that showered him with enough cash to buy a new car and remodel his mother’s home.

And like most young people who suddenly inherit large wads of cash, the Grammy nominee blew through the rest of it on jewelry, clothes and other material things – items that wouldn’t last.

He calls that period his first real lesson in financial risk.

“It’s not like before when I felt like I had to have that BMW truck or have nice jewelry,” the singer says about his life now that he’s 33 and married with kids. “Those are the things I did when I was young. Now I like the simpler things,” he says. “Scaling back has made me happier because I don’t feel like I have to keep up with the Jones’. I’m focusing on myself.”

That focus applies to his personal and professional lives.

Following a disagreement with Interscope over the distribution of “Love for Sale” – Bilal’s never-released, full-length sophomore album – he split from the label, which led to a painful nine-year hiatus from recording. Rather than give up on music entirely – which he seriously considered – the singer eventually opted to go the independent route, signing with Canadian imprint Plug Research Music to release his well-received 2010 offering “Airtight Revenge.” Though signing to an indie has had its advantages, he says, like the creative freedom to do what he wants, he admits that having to pay his own production fees, the cost of the band, travel expenses and a huge chunk of the marketing budget, can be tough.

“All these things costs money,” he says. “That’s where I start to feel the independent-label budget constraints,” he laughs, “because it all comes out of my pocket.”

It’s this hefty obligation, Bilal says, that keeps him working at securing a better financial future.

“I feel like I’m in the rebuilding stage of my career business-wise,” he admits of his modest, scaled-back lifestyle in New York City. “Success has many levels – there’s

personal success, and then there’s success in business,” he points out. “As an artist and a musician I feel like I’ve achieved many of my goals, though I’m always striving to improve. As far as success in business is concerned, well, I’ve made some decisions recently that will help me better reach my goals.”

He’s talking about his recent decision to let go of his longtime business manager. Though Bilal doesn’t go into what happened between them, he will say that another thing he’s learned over the years is to surround yourself with people you trust — but not lean on them too much.

“When I first started in this business I didn’t have the right people around me,” he recalls. “I learned I had to bring people around me to help me to show me how to manage my money, but then not rely on them to help save me. I learned I had to put a lot of that responsibility on my own shoulders.”

Self-reliance is especially important to him now that he is a father and husband.

“It’s all about my family now,” he says. “Most of my money goes to them: their  schooling, the roof over their heads –  their happiness.”

He also wants to set a good example for his children.

Bilal says if he could advise them or upcoming artists breaking into the industry, he’d give them these three financial tips.

The first — invest in something meaningful.

“I’d tell them to invest their money in something they can see themselves having 15 years from now,” he says. “If you’re going to spend your money on something, make it something you can see yourself using a lot or having a while. Long-term investments, not short-term ones,” he advises. “A house or some businesses. If you’re a musician, invest your money in a studio instead of clothing. Invest in studio equipment. Invest in educating yourself on how to use those instruments so you don’t have to hire people to show you how once you have it.”

Second, he says, choose your friends and associates wisely.

“I’d tell them to be wary of the people who show up as your friends but always have their hands out,” he says. “Be leery of the people who come around you and the first thing they say is ‘we’re family,’ because most people like that are sheisters,” he says. “You can’t trust them.”

“Also, keep family and the people who work with you separate,” he adds. “Make sure the people who work for you are doing their job. Keep your eye on them.”

And lastly, don’t underestimate how the simple things in life can bring you pleasure.

“I look back at the way I use to live and smile,” he says. “Unlike then it’s the small things that make me happy nowadays. You know, things like working out, spending time with loved ones, being able to treat them to nice things once in a while. Living a lavish lifestyle doesn’t always bring you the joy you think it will — sometimes it’s the simple things that do that.”

As for his own financial goals, Bilal’s got a lot of them.

“Right now I’m collecting equipment for my studio,” he says. “Living in New York, my studio is very small. In the future I’d love to have a room where I can throw everything in it… make it my “office” so to speak.”

“I’m also looking to have a place to go as an artist. Living in the city I’d love to have a place to go where I can clear my head –  like out of the country. Maybe buy a villa in Morocco. Villas outside of the country don’t even cost that much, which is right in my price range!”

Bilal’s third, long-awaited album, “A Love Surreal,” drops February 12, 2013.