Earlier today, one of Nigeria's wealthiest comedians revealed that he lost $3.7 million through forex trading in 2024. One interesting fact about this guy is that he was likely one of the first creators in Nigeria to have a monetized YouTube channel, and he is been doing so for over 15 years, amassing a vast empire of wealth in the process.
Over the years, he has accumulated billions of views and earned the title of "early adopter" in the field of content creation.
This means he made a fortune by being monetized on various social media platforms. He recently purchased a lavish estate with acres of land and has successfully compounded his wealth over the years.
One might expect a successful comic artist to be somewhat content. When I said "content," I did not mean that he would stop creating things and earning his "regular money."
Contentment Is A Skill That Can Be Mastered
He chose to expand, increase his wealth, and do other things that most wealthy people do, but he chose a difficult expansion path that could have taken him years to master.
Forex trading is one of the most complex moneymaking ventures available, and the truth is that more people lose than win. However, why do more wealthy people have a stronger attachment to forex? It is simple; it appears to be "low effort, more money", but what they forget is the amount of knowledge and education required to make a profit.
Apparently, this guy forgot Investing 101 for such a high-risk venture as forex trading.
Here's what I believe happened.
I believe this guy has a bro who is involved in forex, and he probably felt that all he needed to do was give this forex bro the money and watch as his wealth doubled, tripled, or probably x10'ed. Imagine owning more than $40 million without doing anything.
It is quite appealing to have a middleman with all the skills while you provide the financial power.
The reason I have this theory is that I believe there is no way this guy understands the risk involved in forex trading, and if he was doing it on his own, he would not be investing a significant portion of his financial resources in something completely different.
I might be wrong, but
.....He would probably lost a few small sums of money along the way, and if he would done everything on his own, he would have given up.
I have no doubt that the wealthy can easily earn more money. In fact, the quickest way to make money is to have disposable income, but this guy did not use it. He used "THE INCOME".
Greed is a two-edged sword.
....It has the ability to propel you while also destroying you. Funny enough, if this guy had put this money into BTC in 2022 or something, he would probably x48'ed his money, but he would have to wait 2 to 3 years to make it happen, whereas forex probably promised higher and bigger returns in a shorter period of time, so he probably chose forex because of the way it promises a lot of money.
With crypto, he would still need a lot of research, possibly four years of constant involvement and research before diving in. It demonstrates that most ventures that yield a large profit in a short period of time can easily become a trap.
Apparently, this guy had fantasized about how to build a wealth empire through forex trading, so he went all in, cards on the table, expecting a lot of money, and he got wrecked.
He talked about being depressed, having many people abandon him, making fake friends, and so on. It is a normal occurrence. When we lose in life, people leave, including friends.
They probably do not want to be associated with loss and failure, and whether your loss was caused by greed or natural causes, how the loss affected him will most likely teach him some serious life lessons about investing.
In reality, no one should give into the temptation to double their money without doing much.
Over the years, I have seen a lot of people push the forex trading narrative. I see self-proclaimed forex millionaires and professionals brag about their Ferraris, G-wagons, and extremely expensive lifestyles.
To be completely honest, these things do not move me.
The display of wealth is the most effective way to sell dreams to people, and most people fall for it like a pack of cards. In my neighborhood, GEN-Z kids approach me and ask how they can learn forex and make money.
Most of the time, I tell them that I would never get involved in something as dangerous as that. This is the dream that forex sells and why it has so much traction: the dream of making it big in such a short time.
Fortunately for this guy, he didn't go bankrupt. His YouTube channel generates a lot of revenue, and he has real estate investments. That is the benefit of being wealthy: you can afford to die without dying completely.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
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Greetings @josediccus ,
So enjoyed reading your post...It is so true.
The nature of reward is that you work for it...or at least I think that is still true.
I had to smile at your last line here.... 'That is the benefit of being wealthy: you can afford to die without dying completely.' ^__^
Kind Regards,
Bleujay
Yes, haha. I'm glad you completely agree with me. I think it's true. When one is wealthy they can afford to make a lot of mistakes because they other financial backup that can save them. This is what I truly intended with that statement.
Greedy in the highest order...I also heard about the news and how he attempted suicide, not too sure about the suicide, perhaps a rumor? Whatever but like you said, I also sensed he didn't do the trading himself otherwise he must have been transacting gradually and know when to back out if it's not favoring him just like my husband. Lol..why do you think my husband accepted to invest on hive? It's because he lost while trading forex...I told him but he wanted where it's happening..now he has embraced patience and started learning crypto ..
Good enough, this comedian is already made financially..so I believe he wouldn't die in depression over his predicament but start all over in accumulating funds, and probably choose a better investment this time.
I'm not sure he attempted suicide, if not who will be left to enjoy the estates he has?
I think we can say he was depressed which is normal for someone who went through loss. However, I don't pity him. He was already rich and comfortable. If it was someone that's struggling and needed money it could have been understandable, unfortunately he wanted to multiply his money without doing much and he paid dearly.
As a wise man that he is, he could have chosen the path of crypto.
I won't advise anyone to do forex unless perhaps they don't need that money, then they wouldn't mind losing the money.
!PIMP
@tipu curate
Upvoted 👌 (Mana: 14/44) Liquid rewards.
Thanks a million ser
Greed, and I’d add foolishness. But in the end, that guy bought himself some experience—though it cost him dearly, he’ll remember it for the rest of his life. That experience is priceless. Most of the time, we learn life’s lessons when we have to pay for them. If a person doesn’t pay for their lessons, they tend to ignore them and go in circles.
That guy had neither the theory of how it works nor the practice. If someone gets into something serious without theory or practice, it’s likely foolishness—and it will hurt. Practice without theory is dangerous; you’ll get bruises. And theory without practice is useless.
I agree. When we don't truly pay, then we hardly learn. Sometimes we pay with irreplaceable things, sometimes things that can be replaced. The lessons are hard when the loss is unimaginable and huge. He's had to learn the hard way and sometimes the hard way is always the best way to matter how cruel it can be.
I think if he had taken the time to learn, there's no way he'd be getting into that stuff with 3.7M, that's a lot of money on something you probably don't know how it completely works.
I think this year, the cryptocurrency market will be filled with similar cases. People will imagine themselves as market masters and start investing sums that are irrational for their circumstances. The guy in your story got off easy—he didn’t lose his last money, and he has the skill to earn more. It’s much worse when someone saves money for years at a hard job and then loses it in forex, cryptocurrency, stocks, or gambling—it doesn’t matter. That’s a problem of mindset.
You have interesting posts. May I ask, why do you publish them in a community where the language is Italian?
You're right. This year, folks will do a lot of crazy stuffs with crypto. However, I even feel that crypto will have lesser damage effects more than what this guy actually dipped his fingers into. He's a popular comedian in Nigeria and in 5 years, he'll probably make the money he has lost if he still has the relevance to do so.
He worked hard, but was just stupid to lose it in that way..
Oh, this is an Italian community truly, but it's allowed for me to post here. I know the folks here, and I like it here too. Plus, I'm using the Leofinance interface inleo.io to actually post.
It hurts but that is what happens when you delegate that responsibility to others. Unless it's a firm that has a great reputation and some legal recourse to get back your funds, I don't think it's worth it risking it on Forex. It also sucks to hear that he gambled with his income rather than disposable income. I guess we can just learn from the bad experiences that others got and make sure it doesn't happen to us.
I don't think he should have even delegated that responsibility to another person. There's no one that can better manage your money unless you. He made a terrible mistake by thinking money is easily multipliable.
One thing people fail to understand is the risks of chasing quick wealth, especially through high risk stuff like forex trading. The early people learn that financial success requires knowledge, patience, and strategic investments rather than falling for promises of instant riches the better. Thanks for this beautiful piece
Yes, forex is not a get rich quick scheme, but there's nothing wrong with chasing wealth, I just felt in this instance, it was a case of pure greed..
Greed coupled with impatient is a dangerous emotional state to be in. The person who sold him the dream of multiplying his money rather quickly is probably a genius in human psychology. Even those who've become wealthy haven't transcended basic human instincts.
I think this is true. However I believe wealthy people must've gotten through some essential financial and psychological life lessons on their way to building their wealth and most of them knows that much not to gamble with what has taken them years to actually build. However in this guy's case, I just think the dream he was sold was just too much to ignore for him
I do wonder why people get involve in forex, i can never try such. Its a dangerous deal. The fact is greed and impatience. If its that difficult i do wonder how people make it in forex
There's a lot of money involved, so. The people who has mastered the art are sadly the ones who makes profit
And that act can take decades to master
dividend titles are a certainty
Hahaha!! The fact is, Forex trading isn't a get rich quick play ground. Have traded Forex for 5 years now, I have died many times and resurrected. I will say; today am happy, I can bring up a complete beginner in to becoming a good trader. But the journey is not in a day.
No, but I once added some fiat (not much) to a trading platform where I could play with leverage and ended up not being able to withdraw my profits (or initial investment). Turned out they were crooks, but the platform seemed legit at first. So I guess that's worse than losing on Forex, but at least with small amounts. I both won and lost on Forex too in the past, btw, overall probably broke even.