Media personality Chude Jideonwo has shared valuable insights into managing finances and making smart investment decisions.

In a recent interview, he emphasised the importance of storing wealth in assets that can be relied upon during difficult times.

He cited his experience of buying a house at 24 as a significant investment decision.

Chude also stressed the need for a practical approach to financial planning, sharing his experience of owning the same car for 10 years before purchasing a new one.

He cautioned against making life decisions based on social media influencers, emphasising that their financial situations may not be what they seem.

According to Chude, financial prudence is key, and individuals should never buy something that cannot be replaced immediately if lost.

He said: “I bought my first house at 24. I got one big money and I went to buy a house in Lekki. I just bought a new car last year. I had the same car for 10 years until the car was crying. 

“I’ve never thought of car as a store of wealth. You have to store wealth, so that in time of trouble, you won’t land on the floor. Look, don’t make your decisions based on an influencer. In 10 years you might find out the person was broke all along. 

“Don’t make decision of your life based on followers that will not be relevant to your life in five years. Economy is down, cost of living is up and perception is also up. Social pressure is a very powerful thing. But it is a problem. Never buy a thing that if you lose it you cannot replace it immediately. That means you cannot afford it”.

[TheNation]