Media personality Chude Jideonwo has provided helpful ideas regarding managing funds and making wise decisions about investments.
In a recent interview, he underlined the necessity of preserving capital in assets that can be relied upon during difficult times.
He mentioned his experience purchasing a home at the age of 24 as a noteworthy financial choice.
Chude, who shared his experience of owning the same automobile for ten years before buying a new one, also emphasised the need of taking a practical approach to financial planning.
He emphasised that social media influencers’ financial circumstances could not be what they appear to be and advised against basing life decisions on them.
According to Chude, financial prudence is key, and individuals should never buy something that cannot be replaced immediately if lost.
He said: “I bought my first house at 24. I got one big money and I went to buy a house in Lekki. I just bought a new car last year. I had the same car for 10 years until the car was crying.
“I’ve never thought of car as a store of wealth. You have to store wealth, so that in time of trouble, you won’t land on the floor. Look, don’t make your decisions based on an influencer. In 10 years you might find out the person was broke all along.
“Don’t make decision of your life based on followers that will not be relevant to your life in five years. Economy is down, cost of living is up and perception is also up. Social pressure is a very powerful thing. But it is a problem. Never buy a thing that if you lose it you cannot replace it immediately. That means you cannot afford it”.
