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Orman's latest book, “The Money Book for the Young, Fabulous, and Broke,” was given to attendees who purchased a ticket for the event.
The conference was aimed at 18-35 year olds to teach them about spending and investing.

Russell Simmons, “American Idol” winner Fanatasia Barrino, Lil Jon, Status Quo, Obie Trice and Common were among some of the panelists at the conference.

Common, Lil Jon and Jason Richardson said that with their first big checks they all bought a house or some piece of real estate.

Orman spoke to parents, young adults and teens and told them that having self-worth is the first important step.

“The first law of money is when you undervalue who you are, the world undervalues what you do,” Orman said. “The second law is that power attracts money and powerlessness repels it. Money can do nothing on its own.”

Orman used the young automaker Ralph Giles from DaimlerChrysler AG as an example when referring to value.

“He has made Chrysler millions of dollars from designing the 300C and didn’t even ask for a raise,” she said.

Orman pointed to a young girl in the audience and said, “You need money to get those blue nails and your hair done.”

Rev. Run of Run DMC said that it's a person’s ability to do something different that will make that person stand out and succeed.

“The most unbreakable law is your service. Give all you can. When you wake, decide what you will give, not what you will get,” Run said. “Be a giver and the world will give back to you.”

Master P opposed the idea of investing if a person has barely enough money to pay their bills every month, but he said that people have to do whatever they can to better themselves.

Orman suggests that anyone who plans on using their money within five years from the date of investing, they should invest in a CD (cash deposit) account or a money market account. Those interested in planning for retirement should invest in a Roth IRA account. A Roth account will allow you to not be federally taxed on money invested, however, penalties could occur if the money is withdrawn before 59 1/2 years of age.

Orman recommends the most important step is to find out your FICO score.

Secondly, develop a plan to pay off credit card bills with high interest rates. Negotiate with credit card companies to see if they will lower interest rates. Third, look to invest, and lastly, start preparing to buy a home. Orman suggests that any college students with loans consolidate before July 1, 2005, when interest rates increase.

“Student loans are the last thing you should pay off. String it out for at least 10, 20, or 30 years, so you can use your money for more important thing,” Orman said.

Dr. Benjamin Chavis, president/CEO of the Hip-Hop Summit Action Network, said, “What you see today is history in the making. We have the world's leading financial experts here talking to the hip-hop community. We are here to celebrate the freedom that comes with financial responsibility.”