Nigerian music producer and Mavin Records founder, Michael Collins Ajereh, popularly known as Don Jazzy, has revealed how he wasted his first major earnings from the music industry on extravagant spending before changing his financial priorities.
The award-winning producer made the revelation during an appearance on a new episode of the On The Grind podcast, where he recalled spending his first substantial music income on 50 bottles of champagne and clubbing rather than investing the money in profitable ventures.
Don Jazzy explained that he soon realised the need to make better financial decisions and adjusted his spending habits. He subsequently began directing his earnings towards strategic investments, particularly discovering, developing and signing promising musical talents.
According to him, his investments in record labels and other business ventures have given him financial stability and independence, allowing him to reach a point where he no longer needs to work actively to sustain himself.
Sharing financial advice with young Nigerians, the Mavin Records boss encouraged them to develop an investment culture early in their careers instead of spending excessively whenever they begin earning substantial incomes.
He stressed that investing in a record label was not the only option, urging young people to identify profitable businesses that could generate long-term financial returns.
Recalling his early spending habits, Don Jazzy 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 earners should consider putting their money into lucrative businesses rather than wasting it on unnecessary luxury and entertainment.
Don Jazzy established Mavin Records in 2012 after the dissolution of Mo’ Hits Records, the label he co-founded with D’banj. Since then, he has played a significant role in developing several Nigerian music stars, including Rema, Ayra Starr, Korede Bello and Johnny Drille.
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