While at the annual eMerge Americas tech conference in Miami Beach last month, Pitbull sat down with CNBC to talk about earning his first paycheck and how he spends his money.

“My first advance was $1,500. Funny story: When I went to go cash it, the check bounced,” said Armando Christian Perez on earning his first paycheck.

“I took $1,200 and bought my Mom a car.” It was a 1988 Mazda hatchback, says Perez, who saved the remaining $300 in the bank.

Pitbull received his second advance, which was $50,000, from TVT Records. Again, he spent it on cars. “I went to the chop shop. I bought three cars. I knew they would be get me from A to B, B to D, D to Z and Z back to A. That’s all I needed. I didn’t need rims. I didn’t need chains. I didn’t need none of that.”

He spent the next two years saving his money to invest in his first ever property.

When it comes to money bringing happiness, Perez says it’s simple. “You just got to give it away!”

“If you think money is going to make you happy, you are completely, completely confused,” adds Pitbull.

Watch the full interview above!