Rap star Pusha T's 'favorite business' venture is surprisingly a US medical-based service company
While many celebrities channel their cash into business ventures as flashy as their lifestyles — think high-end liquors and swanky real estate — rap star Pusha T flipped the script by backing a relatively boring business a lot of people wouldn't even consider: medical transportation.
'This is my favorite business,' he revealed during an interview on REVOLT's 'Assets Over Liabilities' podcast in November 2023. 'We would get these vans and we would put in wheelchair lifts, and we would go pick up people who need rides, people who [are] elderly, [disabled].'
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It might not be glamorous, but he says the business has become a money-maker for him. Pusha T, whose real name is Terrence LeVarr Thornton, says Caring Hands Medical Transportation, which he started with a close friend, began with just two vans and now operates a fleet of 25 vehicles across seven cities in Virginia.
Thornton says the niche is often overlooked, but was a natural fit for him. He also appreciates that the business helps those in need.
'I've built so many great relationships with so many people behind this business,' he said.
Here's how you can follow the 'Nosetalgia' star's journey into medical-based investing.
America's population is aging. The number of people aged 65 and up is expected to surge 47% from 2022 to 2050, according to the Population Reference Bureau. The age group's share of the population will increase from 17% to 23%.
This shift in demographics is expected to boost demand for assistive care needed by seniors.
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In 2024, the global market for elder care services and assistive devices was estimated at $868.2 billion, according to BCC Research. The industry is expected to expand at a compound annual rate of 5.8% and reach $1.1 trillion by 2029.
For those looking to get a piece of this growing pie, investors may want to research these pure-play stocks.
LTC Properties (NYSE:LTC) is a real estate investment trust (REIT) that invests in senior care living or assisted living facilities through mortgages, sale-leasebacks, construction loans and other forms of financial arrangements. The firm's portfolio is split between senior housing and skilled nursing facilities. The stock offers an attractive 6.5% dividend yield.
Another player in this arena is AMN Healthcare Services (NYSE:AMN), a staffing company that helps hospitals and clinics hire nurses, doctors and other health professionals. The firm helped with over 125,000 job placements and generated over $3 billion in revenue in 2024.
DaVita Inc. (NYSE:DVA) is another company that is exposed to the aging demographics of America. It offers kidney dialysis services. An article published in the Geriatrics journal in 2021 suggests adults over the age of 65 are the fastest growing group with chronic kidney disease in the U.S.
DaVita is also backed by legendary investor Warren Buffett, which may raise the eyebrows of value investors. Buffett has nearly 2% of his portfolio dedicated to this stock.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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Miami Herald
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- Miami Herald
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Miami Herald
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Dave Ramsey warns Americans on 401(k)s, stocks
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4 Social Security changes Washington could make to prevent benefit cuts
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Its content is produced independently of USA TODAY. The $23,760 Social Security bonus most retirees completely overlook Offer from the Motley Fool: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets"could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. JoinStock Advisorto learn more about these strategies. View the "Social Security secrets" »
