Akon, the renowned music artist and head of Konvict label, has shared his insights on wealth management during a recent appearance on the Impaulsive podcast.
In his candid conversation, he emphasized the importance of frugality in maintaining financial prosperity.
Acknowledging his own penchant for frugality, Akon candidly stated, “If you want to stay rich, stay stingy. I’m the stingiest guy on the planet.” This assertion underscores his belief that prudent spending habits are crucial for long-term financial success.
Akon also issued a cautionary note to fellow musicians and celebrities regarding the ownership of private jets. Drawing from personal experience, he revealed that his own attempt to own a private jet lasted only six months before he decided to sell it. His advice to others in the industry was clear: “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.”
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He elaborated on this by pointing out the substantial costs associated with private jet ownership, emphasizing that it goes beyond the initial purchase price. “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 cautioned.
In conclusion, Akon emphasized the importance of adopting a long-term perspective when it comes to managing wealth.
He advised individuals to consider that the money they have at their disposal must last a lifetime, leading to a fundamental shift in the way they handle their finances. His insights serve as a reminder that maintaining financial success often requires discipline and wise financial choices.