Senegalese-American veteran artist, record producer and entrepreneur Akon has revealed his secret to maintaining his immense wealth... stinginess.
The 50-year-old boldly claimed to be, "The stingiest man on the planet" highlighting being stingy is the key to maintaining wealth. Something he feels is the biggest financial discipline.
"If you want to stay rich, stay stingy, I promise you I'm the stingiest man in the planet," the 'Don't Matter' crooner casually said while speaking during an episode on the impaulsive podcast much to the dismay of the podcast hosts.
The hosts asked if his wife flew first class to which Akon replied saying it is mainly because people in his calibre don't fly anything else.
Akon maintained he was talking about the other extravagant things like owning a jet which technically didn't make sense, especially from a financial point of view.
Speaking from his own experience, Akon revealed he used to own a private jet, but only stayed with it for six months due to the exorbitant maintenance costs, which when added up actually exceeded the jet's buying price.
He advised anyone contemplating owning a private jet or any other expensive property to refrain from doing so and instead rent these properties only when needed.
“You have no idea! I attempted to own a jet and it lasted only 6 months... I sold that thing very fast!
With that whatever you do, do not own a [private] jet. Upkeep cost! 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,” he said.
Akon went on to advise people to learn to use the money they currently have as if it is supposed to last a lifetime without any more income from anywhere.
"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,” he casually said.
According to Celebrity Net Worth the musician's estimated wealth currently sits at 60 million dollars.