Nigerian music producer and Mavin Records founder, Michael Collins Ajereh, popularly known as Don Jazzy, has recounted how he spent his first major earnings from music on extravagant celebrations before changing his approach to money management.
The music executive disclosed this during a recent appearance on the On The Grind podcast, where he reflected on his early financial decisions and the investments that followed.
According to Don Jazzy, his first significant payday went towards buying 50 bottles of champagne and spending money at nightclubs rather than building long-term financial assets.
He said he soon reconsidered his spending habits and began directing subsequent earnings towards business ventures, particularly investments in emerging artistes.
Don Jazzy attributed his current financial position to investments in record labels and other businesses, saying the returns have given him enough financial security not to depend on active work for a living.
He also encouraged young people to develop investment habits early, stressing that they should look beyond immediate gratification when they begin earning substantial money.
The producer explained that investing in the music industry is not a requirement, advising young earners to identify profitable businesses where they can commit their resources.
He said:
“The first big money I got from music I lavished it. I bought 50 bottles of champagne and went clubbing. But I quickly coordinated myself and invested in signing new artistes. Now I don’t have to work ever again.”
He added that young people should channel their earnings into viable business opportunities instead of excessive spending on luxury and entertainment.
“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,” he advised.
Don Jazzy’s comments highlight how his approach to managing money evolved from spending his early earnings on nightlife to investing in music talents and other business interests.
Editorial note: I have retained his statement about not needing to work again as his personal assessment, rather than presenting it as independently verified financial information.
