Mary J. Blige says she learned the hard way how important it is to understand her finances

Mary J. Blige has revealed she learned the hard way the importance of understanding her finances. Speaking on the IMO podcast, the singer recounted her early days in the music industry, when her mother signed her music contract on their washing machine. Blige admitted she knew little about the business side of music at the time and people around her took advantage of her lack of financial knowledge.

She said she has since learned from the experience and no longer fears asking questions or seeking help. Blige explained that she and her mother focused on getting out of their impoverished living conditions, unaware of the financial implications of their contract. She expressed concern that people around her were benefiting from her ignorance.

Her perspective shifted around 2001, after the release of her album "No More Drama", when she decided to better understand her business and take responsibility for her mistakes. Blige now seeks advice from her lawyers and trusted individuals. She advises others to obtain education in finance and business. Blige herself has faced financial difficulties, including owing hundreds of millions in unpaid taxes, but she is now debt-free and has gained the financial wisdom to manage her money more effectively.