Music executive Michael Collins Ajereh, also known as Don Jazzy says poor spending habits are behind the financial struggles of many young Nigerians.
In a recent video, the founder of Mavin Records, Don Jazzy, said many young people spend large portions of their income on non-essential items instead of focusing on long-term value and meaningful investments.
He emphasised that making wise financial decisions is key to building and sustaining wealth.
According to Don Jazzy, although he can afford luxury items such as high-end cars or even a private jet, he chooses to prioritise family responsibilities and strategic investments.
He also highlighted the importance of investing in personal development, pointing to his study of forex trading as an example of gaining skills that can generate income.
He added that building knowledge and investing in assets offer greater long-term value than spending on items that do not bring returns.
“Most young people go broke after making a lot of money is because they spend on irrelevant things and things they don’t need. I’ve been blessed enough for a long time to be able to afford any car that I want or even to buy a private jet or whatever but I have more important things to take care of, I have family to take care of… I’d rather invest in other things.
“There’s nothing that beats investment, including investing in your own self, including going to acquire knowledge of something you can charge people for. Even the Forex I’m learning now, I’m investing in myself,” he stated.