In a recent episode of the Impaulsive podcast, Akon, the popular singer and Kovict label boss, shared his financial advice with the audience. He recommended that people should practice stinginess with their money if they aim to maintain their wealth. Akon described himself as a “very stingy person” and emphasized the importance of savings as a critical factor in achieving financial stability. His advice encourages individuals to be mindful of their spending habits and focus on building their wealth over time through thoughtful financial planning.
“If you want to stay rich, stay stingy. I’m the stingiest guy on the planet.”
Akon cautioned music stars and celebrities against owning private jets because of the high maintenance costs.
“I attempted to own a jet, but it only lasted six 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 for the money, but whatever you do, never own a jet. “Owning a jet means you spend two to three million dollars annually just for upkeep. You spend more on maintenance than the actual jet cost.
“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.”