Former presidential aide Reno Omokri has said true rich people do not buy private jets, but those known as money miss road.

According to him, it makes no financial sense to own a private jet or a yacht because they are expensive to maintain.

Read his post below.



Truly Rich People Hardly Buy Private Jets. But Money Miss Roads Often Do!

Wealthy people hardly buy private jets or yachts. It is not a good use of money. Only people we call in local parlance 'Money Miss Road' buy them.

Except you are buying them to rent out, it makes no financial sense, because every day, whether you are flying or not, it costs thousands of dollars just to park and maintain a jet or yacht.

Please fact-check me: It can cost between $500,000 and over $1 million to maintain a private jet annually. And I am being conservative.

Now, for someone like Aliko Dangote, who runs a global empire that can require him to be in any part of the world at a minute's notice, it would make sense to own a private jet. That is for practical purposes, not for vanity.

And if you have ever flown in a private jet, of which I first flew in Terry WAYA's private jet in 2002, you will be spatially constrained. They are not very big. You would experience far greater comfort flying First Class on a good airline.

Wise people rent the latest and best private jets or yachts wherever they need them. That is the smart thing to do.
Even Aliko Dangote, the richest Black man on Earth, does not own a house abroad. Because, except you or your family lives abroad, or you are into commercial real estate, it is a dumb thing to do.

You are paying property taxes on a property you don't use, and the house can be occupied by squatters who you can only evict through a lengthy and costly legal process.

The prudent thing to do is rent a flat, house, villa, or Château or even stay at a luxury resort or hotel when you visit a place you do not live and do not plan to live in.

The wealthiest people in Nigeria are almost all my friends. One of the wealthiest persons (in the top ten) is even related to me by marriage, and I learnt invaluable lessons visiting him and my aunt as a child.

These folks do not buy what they can comfortably rent or lease, including Rolexes, Patek Philippe, luxury cars, and designer clothes.

The rich stay wealthy by only buying assets and then leasing liabilities.

And their definition of assets and liabilities is different from yours.

For example, you see an iPhone as an asset, but to the rich, it is a liability. To you, an asset is anything that costs money, but to them, an asset is anything that is almost guaranteed to increase in value over time.

An iPhone 16 will almost halve in value the day the iPhone 17 comes out, so it is a liability. However, stocks in the Magnificent Seven of the S&P 500 have consistently appreciated for the last twenty-five years (except during the #COVID19 lockdown), so they are assets.

I, for example, live off the monthly dividend from my mutual funds. That is how I maintain the jet set lifestyle I live. In the 68 years since the establishment of the S&P 500, it has consistently delivered profit, except when it is affected by a World War or a global pandemic. Outside of that, it is more consistent than a woman's period.

Therefore, they buy stocks and rent iPhones (yes, you can lease iPhones), while you purchase iPhones and do not buy stocks. Then you go to church to pray against generational curses keeping you poor, not knowing that it is generational causes that make you a pauper.

Do not see these wealthy guys in the latest cars yearly and think they buy them. No. Their practice is to purchase homes and lease cars in the cities and countries where they live. Whereas, if you look at the nouveau riche, they tend to rent houses and buy cars. Stupidity!

Cars are notorious for losing value the very second you drive them out of the dealership. Therefore, old money simply leases a vehicle for a year, and when the new version comes out, they trade their last year's lease for this year's model.

So, don't see private jet ownership as a sign of wealth. More often, it is a testament to stupidity!

ASA