Veteran record producer and music executive Michael Collins Ajereh, better known as Don Jazzy, admitted that his initial big earnings from music were spent on frivolities rather than investments.
Speaking on the On The Grind podcast, Jazzy explained that he later realised the mistake and began channeling subsequent profits into new artists and other ventures.
He said that his investments in record labels and other businesses have made him financially independent, eliminating the need to work again.
Jazzy urged young people to prioritise investing as soon as they start earning, rather than splurging on luxuries.
"The first big money I got from music, I lavished it. I bought 50 bottles of champagne and went clubbing. But I quickly got my act together and invested in signing new artistes. Now I don’t have to work ever again," he told listeners.
He added, "You don't necessarily have to invest in a record label, but the money you are making in your youth, invest it in a lucrative business as opposed to wasting it on frivolities."
