Albert Carter, founder of AudioSwim, says his weakest financial moments involve sneakers because he grew up not being able to afford them. Photo: Albert Carter
Albert Carter, founder of AudioSwim, says his weakest financial moments involve sneakers because he grew up not being able to afford them. Photo: Albert Carter
Albert Carter, founder of AudioSwim, says his weakest financial moments involve sneakers because he grew up not being able to afford them. Photo: Albert Carter
Albert Carter, founder of AudioSwim, says his weakest financial moments involve sneakers because he grew up not being able to afford them. Photo: Albert Carter

Money & Me: ‘I was 11 when I started my first job'


  • English
  • Arabic

Albert Carter, a teacher and entrepreneur, moved to the UAE in 2016 but has been involved in the music business for more than 20 years.

He is the chief executive and culture shifter of AudioSwim.io, an investment platform for music non-fungible tokens that went live on April 1. Founded to build a community of musicians, fans, entrepreneurs and investors through collaboration, the platform enables people to invest in music tracks or other digital projects created by local and international artists. UAE-based AudioSwim also runs a digital music distribution platform and audio management service.

Before AudioSwim, the Philadelphia native founded Hip-Hop University, a non-profit organisation working with musicians and artists to uplift underserved communities through educational outreach.

Mr Carter, 37, is single and lives in Al Ain, in the emirate of Abu Dhabi.

Where did you grow up and how did your upbringing shape your attitude towards money?

I grew up in Germantown, a poverty-stricken neighbourhood in Philadelphia, Pennsylvania, in the US. I moved around a lot, especially in my teenage years, where I went to four different high schools, but that helped me develop a hustler’s spirit.

The area where I lived was called Haines Street, and my friends and I called each other the Haines Street Hustlers because we did what we needed to do to make money, whether fixing things around people’s houses, cutting grass, shovelling snow, pumping gas or cutting hair. Growing up with limited resources taught me to look for money and apply my skill set to make it.

At what age did you start working?

I started working at about 11 or 12 with my father, cutting grass. I would make about $50 or $60 a week at that age. To me, that was big money because before that I would get an allowance of about $5 per week. So that was a big increase. But imagine going to school at 12 years with $50 to $60!

What was the earliest lesson you learnt about money?

I was often told that money doesn’t grow on trees and that it takes time to get, so to make sure that you save or use it wisely. I experienced that for myself cutting grass.

You’re also a maths teacher. Does that go hand in hand with music?

I teach English now. I’ve been involved in music for the past 20 years. I started out rapping in my neighbourhood and later started a record label with my cousin, who was based in Atlanta at the time.

After that, I found a producer I worked with who I attempted to manage. I have since worked with artists in other places in the US and here in the UAE.

I reinvest my salary and any income I get right back into the business. When you have a dream, it’s important that you have your skin in the game
Albert Carter,
chief executive of AudioSwim

What capital did you need to start AudioSwim? How did you raise it?

I poured everything I have into the business. I’m more than $63,000 deep into the business at this point. I raised the money through a private investor, bootstrapping and a loan from one of my fraternity brothers.

I’m putting in thousands of dollars monthly into the business. I reinvest my salary and any income I get right back into the business. When you have a dream, it’s important that you have your skin in the game.

Do you own a home?

I currently do not own my own home. The only property I have is the one that my mother lives in; it’s in both of our names.

Who has been your biggest financial inspiration?

The biggest financial inspirations have been Jay-Z and Nipsey Hussle. I truly admire people who come from similar environments as I do. If you listen to their interviews or their music, they give you sort of a blueprint on how to navigate life.

What’s been your biggest investment, aside from the business?

My biggest investment – more than $90,000 – has been in education, including university and law school. It is constantly giving me returns and has allowed me to move to four cities in the US and come to the UAE.

What has been your weakest financial moment?

My weakest financial moments are with sneakers. I grew up not being able to really buy nice sneakers or afford them. So now, it’s one of those things.

What was your greatest financial challenge?

My greatest financial challenge has been starting AudioSwim with no mentors, no experience and bootstrapping.

I overcame it by networking, sharing and protecting my vision, and working out deals with people who shared that vision with me.

What’s the biggest money lesson you’ve learned?

It is to make sure to save money and invest in the right things.

What do you invest in?

I invest in music. I own some parts of Beyonce, Migos and Trey Songz catalogues. I also invest in cryptocurrency, mainly in stable coins, which I think are the future.

I also invest in NFTs and in the stock market as a way to diversify my investments.

What trading apps do you use?

For my stock market accounts, I use JP Morgan and E-Trade. For cryptocurrency, I invest with BitOasis and Binance, and for music I use AudioSwim.

How did the coronavirus pandemic affect your finances?

The coronavirus hit me with live events. I had a few live events planned that were cancelled due to the pandemic.

I also used the time to my advantage. I wrote a book called Life SUCK$, which is an acronym for Screw-Ups Create Killer Success, and was able to create AudioSwim. Since then, I’ve been focused more on investing and building AudioSwim.

Albert Carter saves about 10 per cent to 12 per cent of his salary in an interest-bearing savings account. Photo: Courtesy of Albert Carter
Albert Carter saves about 10 per cent to 12 per cent of his salary in an interest-bearing savings account. Photo: Courtesy of Albert Carter

Have you managed to become a millionaire yet?

I have not managed to become a millionaire yet, but give me about two to three more years.

Are you a spender or a saver?

I’m a combination of both. I spend money when I need to, but I also save for what I believe in.

I like to see the account build up, but usually I’m saving for something I want to invest in.

Where and how do you save?

I have an interest-bearing savings account. I like to save about 10 per cent to 12 per cent of my salary.

What is your most cherished purchase?

I try my best not to attach myself to material things.

What has been your proudest financial moment?

It has been believing in my brand and making sure I own 100 per cent of my business.

What financial decision would you change if you could live your life again?

I think I would apply for more grants for school. I think not knowing what I wanted to do coming out of high school kind of held me back.

How much do you have in your wallet right now?

I have about Dh2,000 cash. Pretty much all the time.

What car do you drive?

I drive a 2009 Jaguar XF. I brought it six years ago, when I first arrived in this country. I also have an older-model BMW X5 that I use from time to time.

What financial advice would you offer your younger self?

I would tell my younger self to do my research before jumping into something. Know the ins and outs of whatever you are getting into.

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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The specs

Engine: 2.2-litre, turbodiesel

Transmission: 6-speed auto

Power: 160hp

Torque: 385Nm

Price: Dh116,900

On sale: now

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

HOW TO WATCH

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May

1987

1954

1921

1888

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs

Engine: 2.9-litre twin-turbo V6

Power: 540hp at 6,500rpm

Torque: 600Nm at 2,500rpm

Transmission: Eight-speed auto

Kerb weight: 1580kg

Price: From Dh750k

On sale: via special order

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

england euro squad

Goalkeepers: Dean Henderson (Man Utd), Sam Johnstone (West Brom), Jordan Pickford (Everton)

Defenders: John Stones (Man City), Luke Shaw (Man Utd), Harry Maguire (Man Utd), Trent Alexander-Arnold (Liverpool), Kyle Walker (Man City), Tyrone Mings (Aston Villa), Reece James (Chelsea), Conor Coady (Wolves), Ben Chilwell (Chelsea), Kieran Trippier (Atletico Madrid)

Midfielders: Mason Mount (Chelsea), Declan Rice (West Ham), Jordan Henderson (Liverpool), Jude Bellingham (Borussia Dortmund), Kalvin Phillips (Leeds)

Forwards: Harry Kane (Tottenham), Marcus Rashford (Man Utd), Raheem Sterling (Man City), Dominic Calvert-Lewin (Everton), Phil Foden (Man City), Jack Grealish (Aston Villa), Jadon Sancho (Borussia Dortmund), Bukayo Saka (Arsenal)

While you're here

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Biography

Favourite book: Zen and the Art of Motorcycle Maintenance

Holiday choice: Anything Disney-related

Proudest achievement: Receiving a presidential award for foreign services.

Family: Wife and three children.

Like motto: You always get what you ask for, the universe listens.

Updated: April 17, 2022, 4:51 PM`