As a teen star, Usher was always mindful of his spending. Now, he uses his platform to teach financial literacy to young people.

In 1994, a 15-year-old Usher Raymond IV gained fame by releasing his debut album.

Raymond, who earns more money than most teens, could have spent his earnings on expensive items like clothes and jewelry, but he opted for a different course of action.

"Raymond reveals to CNBC Make It that he was never careless with his spending throughout his life. He only began to purchase depreciating items like cars and jewelry in his later years."

Throughout his career as a musician and performer, Raymond has experienced both financial highs and lows. However, he has learned to use these moments to reflect on his spending habits and make healthier financial decisions.

Over time, he has concentrated on building a healthy portfolio and allocating sufficient time to prioritize his future and generate what he hopes will be lasting wealth.

He desires for his kids to follow his path and achieve the same success.

Raymond aims to help not only his own children become financially literate but also teach other kids about being prepared, understanding money management, and utilizing it effectively.

In 1999, Usher founded a nonprofit organization, Usher's New Look, which serves as a mentorship program for high school and college students, with a major emphasis on financial literacy for the youth it serves.

Raymond says, "As a kid, I had the right idea. However, I eventually just started having fun without a clear plan."

"I consistently strive to determine the most effective approach to assist those individuals who could benefit from my available resources."

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