Renowned music executive Michael Collins Ajereh, widely known as Don Jazzy, has shared his perspective on why many young Nigerians struggle financially, pointing to poor spending habits as a major factor.
In a recent video, the founder of Mavin Records explained that while some young people earn substantial amounts of money, they often fail to manage it wisely. According to him, a significant portion of these earnings is spent on items that do not add long-term value.
He stressed that building and sustaining wealth requires deliberate and informed financial decisions, particularly the ability to prioritise investments over short-term gratification.
Don Jazzy noted that despite his financial capacity to indulge in luxury purchases such as expensive cars or even a private jet, he remains focused on more meaningful responsibilities and long-term goals.
“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.
Beyond financial investments, he highlighted the importance of personal development, noting that acquiring valuable skills can open up additional streams of income.
According to him, focusing on knowledge, growth, and asset-building ultimately provides greater long-term benefits than spending on items that do not generate returns.
