Akon Offers Valuable Financial Wisdom: “Be Stingy to Stay Rich”
In a recent episode of the Impulsive Podcast, the highly acclaimed Senegalese-American musician and record producer, Aliaune Damala Badara Thiam, more popularly known as Akon, shared some invaluable financial advice with his fans and colleagues.
The Grammy-nominated artist, renowned for his chart-topping hits, suggested that practicing stinginess is key to maintaining wealth, and he humorously claimed to be the “stingiest man on the planet.”
Akon’s perspective on financial prudence comes from years of experience in the music industry and business ventures. He emphasized the importance of frugality in preserving one’s affluent status. He particularly discouraged fellow musicians and colleagues from the idea of purchasing or owning private jets, asserting that this could significantly undermine their financial stability.
In Akon’s own words,
“If you want to stay rich, stay stingy. I’m the stingiest man on the planet.” His advice is rooted in the notion that excessive spending, especially on luxury items like private jets, can quickly deplete one’s wealth. He elaborated, “Whatever you do, do not own a (Private) jet. Bro, owning a jet is spending at least 2-3 million dollars a year just for upkeep [maintenance]. You spend more on the maintenance than the actual jet cost. This is the advice I give everybody. The money that you have now has to last you a lifetime. When you reason it that way, you are going to be very prudent.”
Akon’s counsel is particularly pertinent in an industry where ostentatious displays of wealth are commonplace. Notably, several Nigerian musicians have acquired private jets, with Davido being the first in 2018. While Wizkid is rumored to own one as well, many artists opt to rent jets for their travel needs, given the exorbitant costs associated with jet ownership.
Akon’s financial wisdom encourages individuals, especially those in the entertainment and music industry, to adopt a more cautious approach to wealth management. By advocating for fiscal prudence and a focus on long-term financial stability, he sets an example for those who aspire to attain and retain affluence in an ever-evolving economic landscape.