Singer and entrepreneur Banky W has opened up about one of his biggest financial mistakes, revealing that he once spent $14,000 on a fake Rolex in a bid to fit into elite circles and gain validation.Speaking on The Mentality podcast with Ebuka Obi-Uchendu, Banky W recalled that an unnamed artiste questioned why he wasn't wearing a Rolex. After explaining that he preferred investing in real estate and other assets first, the artiste allegedly told him there were certain circles where he would not be taken seriously without a luxury watch.
The singer said he was eventually introduced to a seller and purchased what he believed was a genuine Rolex at what seemed like a bargain.
"I actually went through the process and bought a fake Rolex for like $14,000. Yes, I confess it," Banky W said.
According to him, the watch initially gave him the validation he was seeking, but within six to nine months, it began to fall apart.
"The Rolex started having k-leg," he said, explaining that parts of the watch started coming off and it gradually stopped functioning.
About a year later, the watch completely broke down, and he later discovered that the man who sold it had been arrested by police for dealing in counterfeit luxury watches.
Reflecting on the experience, Banky W said it taught him a valuable lesson about chasing status symbols and seeking approval from others, stressing that external validation is never worth the cost.
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