Aliaune Damala Badara Akon Thiam, a Senegalese-American singer, popularly known as Akon, has freely shared financial advice on to stay rich.
The singer revealed the best way to stay rich is to stay stingy, stinginess is the key behind not going broke.
He revealed this during his appearance on the Impulsive Podcast, saying stinginess is the best way for a person to remain rich.
Akon, who has labelled himself as the stingiest person on the planet, suggested that being stingy is the key to maintaining wealth.
The Senegalese emphasized that in order to stay rich, one should prioritise financial discipline.
He recounted his own experience with owning a private jet, which lasted only six months due to the exorbitant maintenance costs, which exceeded the actual jet’s 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.
“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,” he said.
Akon further urged individuals to manage their money as if it had to last a lifetime.
He argued that this perspective would significantly impact the way people handle their finances.
“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 argued
The singer’s financial advice quickly stirred a debate on social media. While some praised his wisdom, others had differing opinions.