Many financial experts proffer universal strategies for wealth creation, ranging from saving a percentage of cash inflow for a period to investing in income-generating assets in a bid to attain financial independence. But for R&B singer Akon, his strategy for financial stability is staying stingy. He describes himself as the world’s most stingy person.
Akon explained that as a rule, he is incredibly careful with money. Even though individuals of his stature typically travel on private jets, his own attempt to own one lasted only six months before he swiftly sold it.
Speaking on Logan Paul’s “IMPAULSIVE” podcast, Akon said he flies commercial with his team whenever traveling.
He indicated that if he is to offer any advice to individuals of his caliber, he will suggest they rent the jet for a specific purpose instead of owning it. According to him, it is more expensive to maintain a jet than to buy one. He explained that, annually one is likely to spend between $2-3million dollars in maintenance costs.
For Akon, if people prioritize financial stability, they would have to learn how to view their current wealth as a lifetime resource. He stressed that this perspective would lead to more careful and sustainable money management. Even with a relatively modest sum like $100,000, he recommended treating it as if it must last a lifetime to avoid financial hardship.
Akon recently asserted that if African Americans invested in Africa, they could potentially become millionaires, emphasizing Africa’s abundant opportunities and needs. He encouraged them to leverage their discipline, knowledge, and resources for mutually beneficial outcomes.