Managing Director of EDC Investments Ltd, Paul Kofi Mante, has advised salaried workers to invest and explore other streams of income in order to attain financial independence.
According to him, depending solely on monthly salary will only manage poverty and will never help one achieve financial independence to live the desired life.
“Traditionally, this has been the thinking, find a good education, find a good job with some secure benefit, work till you are 60 and get a good pension, this thinking belongs to the old school, it doesn’t work in the year 2022 and beyond.
“In the year 2022 and beyond, the new way of thinking is you have to manage personal finances so that you are able to create wealth but ultimately the reason why you are creating wealth is that you want to become financially independent which simply means getting to that stage where you can sustain your desired lifestyle without salary,” Mr Mante said on the Effective Living Series on Citi FM Tuesday, January 25.
Speaking on the theme ‘Rebuilding Wealth Through Financial Planning’, Mr Mante added that “Salary is the medicine for managing poverty, it does not cure poverty only an investment or business cures poverty, not all of us can run a business but everybody can invest because if you don’t find a way to make your money work whiles you are sleeping you will keep working at the time you must be sleeping.”
The MD for EDC also outlined five key areas that one must deliberately plan around in 2022 which includes; Retirement, Housing, Children’s Education, Giving back and the High Life.
Mr Mante also stated that the God Factor and appropriate information are the two key factors that can help one achieve financial independence and create wealth.
According to him, the God factor gives you the financial resources and attracts ideas and opportunities while having the appropriate information in the financial sector helps one to “manage, multiply and preserve what you have.”
Mr Mante admonished students and young people yet to start work to seek financial literacy to properly put in place measures that will help them become financially independent before the age of retirement.
In case you need help to draw up a financial plan you can contact an official at EDC Ghana by clicking the WhatsApp link attached https://wa.link/dqr3zs
Latest Stories
-
Beating Messi’s Inter Miami to MLS Cup is feels amazing – Joseph Paintsil
9 minutes -
NDC administration will reverse all ‘last-minute’ gov’t employee promotions – Asiedu Nketiah
20 minutes -
Kudus sights ‘authority and kingship’ for elephant stool celebration
21 minutes -
We’ll embrace cutting-edge technologies to address emerging healthcare needs – Prof. Antwi-Kusi
54 minutes -
Nana Aba Anamoah, Cwesi Oteng to attend Philip Nai and Friends’ charity event
59 minutes -
Environmental protection officers receive training on how to tackle climate change
1 hour -
CLOGSAG vows to resist partisan appointments in Civil, Local Government Service
2 hours -
Peasant Farmers Association welcomes Mahama’s move to rename Agric Ministry
2 hours -
NDC grateful to chiefs, people of Bono Region -Asiedu Nketia
2 hours -
Ban on smoking in public: FDA engages food service establishments on compliance
2 hours -
Mahama’s administration to consider opening Ghana’s Mission in Budapest
2 hours -
GEPA commits to building robust systems that empower MSMEs
2 hours -
Twifo Atti-Morkwa poultry farmers in distress due to high cost of feed
2 hours -
Central Region PURC assures residents of constant water, power supply during yuletide
2 hours -
Election victory not licence to misbehave – Police to youth
2 hours