Nigerian music executive and record label boss, Michael Collins Ajereh, popularly known as Don Jazzy, has attributed the financial struggles of many young Nigerians to poor spending habits.

In a video sight led by New Telegraph, Don Jazzy, founder of Mavin Records, maintained that numerous young individuals spend considerable money on unnecessary possessions rather than focusing on long-term benefits and significant investments.

He emphasised that taking informed financial choices is essential for maintaining wealth.

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According to him, although he can afford luxury items like expensive cars or a private jet, he prefers to prioritize family obligations and thoughtful investments.

He emphasized the significance of personal development investments, providing his experience in forex trading as an illustration of skill acquisition that can lead to income generation.

Don Jazzy asserted that acquiring knowledge and investing in assets provide more significant long-term benefits than purchasing things that don’t generate 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.