In 1994, at just 15 years old, Usher Raymond IV, more commonly known as Usher, rose to fame after releasing his first album.
Earning more money than most teens, Raymond could have easily splurged on expensive things like clothes and jewelry, but he says he chose a different path.
"Surprisingly, I was never frivolous with my spending," Raymond tells CNBC Make It. "It wasn't until my latter years that I decided to buy cars and jewelry and things that would obviously depreciate."
Raymond admits that throughout his career as a musician and performer he's had "high valleys and low peaks" financially, but says he was able to use those moments to reflect on how to approach his spending in a healthy way.
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Over the years, he's focused on "creating a healthy portfolio and having enough time to prioritize my future and create what I'm hoping will be generational wealth."
His hope is that his children will follow in his footsteps and do the same.
But Raymond doesn't only want to help his own children become more financially literate. He's also teaching other kids about "what it is to be prepared and understand how to deal with money and what money is and how to make it work for you," he says.
Money Report
His nonprofit organization, Usher's New Look, which he founded in 1999, serves as mentorship program to aid students along their journeys throughout high school and college. There's a major focus on financial literacy for the youth that his organization serves.
"I had the right idea when I was a kid. Somewhere along the lines, I began to kind of just have fun," Raymond says.
"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."
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