Renowned singer and Kovict label boss, Akon, has offered some financial advice during his appearance on the Impaulsive podcast.
The artist advised people to embrace frugality and not “blow off” their money if they aim to maintain their wealth.
Akon, who described himself as “very stingy,” emphasized the importance of being cautious with one’s finances to ensure long-term financial security.
“If you want to stay rich, stay stingy. I’m the stingiest guy on the planet,” he remarked.
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Furthermore, the musician cautioned fellow music stars and celebrities against owning private jets, citing the substantial costs associated with their maintenance.
“I attempted to own a jet, but it only lasted 6 months; I sold that thing so fast. Buy some hours and use it only when necessary, and most of the time use it as a way of negotiating; let that be a part of your strategy to the money, but whatever you do, never own a jet,” Akon advised.
He explained that owning a private jet comes with considerable yearly expenses for maintenance, often exceeding the initial cost of the aircraft.
“Owning a jet means you spend two to three million dollars a year just for upkeep. You spend more on maintenance than the actual jet cost,” Akon said.
“This is the advice I give everybody: the money you have now has to last you a lifetime. When you think about it like that, the way you manage everything will be different.”