Bankrate: On the face of it, it seems that music literally changed your life. Do you remember the moment that the light went on and you got a glimpse of what would ultimately become Def Jam Records?

Simmons: I don't think there was a "eureka" moment with Def Jam. The label's success was the articulation of a vision that Rick Rubin and I had shared for quite a long time. Remember, Rick had been releasing records under the Def Jam name (including the TLA Rock's classic "It's Yours") before I even met him. So when we hooked up, we were both already moving towards a real presence in the record business. I think the difference between Rick and I and the other entrepreneurs out there was that we had a very strong vision for what we wanted Def Jam to be. Whereas some of the other producers and managers might have been willing to change their artists' images to fit what was popular at the major labels, we refused to compromise what we were doing. We wanted to make music by the streets, for the streets, and weren't going to change our look or sound for anyone. And I think that strength of vision was what allowed a small independent label to become Def Jam.

Bankrate: How close to the bone were you living in the startup phase?

Simmons: We weren't living that close to the bone in the early Def Jam days. I had tasted a little success through managing Kurtis Blow and Run-DMC while Rick had done his thing with several groups, too. The time when I really struggled for money was when I first started off in the business as a party promoter. I was still in college and I sank all my money into a party in Harlem. No one came and suddenly I was broke. I asked all my friends for a loan, but no one could help me. So I had to slink back to my family's home in Queens and ask for help. My father was very disappointed in me -- he wanted me to focus on my studies, not on promoting music. But later that day, my mother came up to me and gave me $2,000 out of her personal savings. It was such a beautiful gesture of love and faith. And that cash infusion is what allowed me to stay afloat as a party promoter until I started managing Kurtis Blow.