In a recent interview, Jideonwo emphasized the critical importance of storing wealth in tangible assets that can provide security and stability during challenging economic times.
Drawing from his personal experience, he cited his decision to purchase a house at the age of 24 as a significant and prudent investment. This early foray into real estate, according to Jideonwo, exemplifies the kind of asset that can serve as a reliable store of wealth.
Beyond investments, Chude also stressed the necessity of adopting a practical and grounded approach to overall financial planning. Sharing an anecdote from his own life, he revealed that he owned the same car for a decade before finally purchasing a new vehicle. This demonstrates a philosophy of prioritizing essential needs and avoiding unnecessary or impulsive expenditures.
A key piece of advice from Jideonwo was a strong caution against making significant life decisions based on the often-curated and potentially misleading lifestyles presented by social media influencers. He astutely pointed out that the financial realities of these individuals may not align with their online personas, urging people to exercise critical thinking and avoid basing their financial choices on fleeting online trends. "In 10 years you might find out the person was broke all along," he warned. "Don’t make decision of your life based on followers that will not be relevant to your life in five years."
Jideonwo underscored the fundamental principle of financial prudence, advising individuals to never acquire possessions that they would be unable to replace immediately if lost or damaged. This rule serves as a crucial benchmark for affordability and responsible spending. "Never buy a thing that if you lose it you cannot replace it immediately. That means you cannot afford it," he stated emphatically.
Reflecting on his own financial journey, Jideonwo shared, “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. 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.”
Chude Jideonwo's insights offer a timely reminder of the importance of sound financial planning, prioritizing long-term asset building, and resisting the pressures of social media-driven consumerism in navigating today's economic landscape.