Audio By Carbonatix
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
-
Vice President calls for strict compliance with rules after North Industrial building collapse
4 minutes -
Ibrahim Mahama has offered 100 jobs to Ghanaians evacuated from South Africa – Ablakwa
37 minutes -
Our priority is to rescue victims – Lind Ocloo on North Industrial Area building collapse
1 hour -
One confirmed dead in building collapse at North Industrial Area
1 hour -
Is Ashanti Region being punished? – Minority raises political bias concerns over delayed hospital operations
1 hour -
Nurses join KATH strike as pressure builds on Health Minister to reverse CEO suspension
1 hour -
Call off strike immediately – NLC orders KATH doctors
2 hours -
Reinstate KATH CEO now – Minority caucus blasts suspension as political scapegoating
2 hours -
Canada bans Texas cattle over flesh-eating screwworm outbreak in US
2 hours -
Gov’t reaffirms commitment to tackling flooding as heavy rains devastate communities
2 hours -
Africa’s reliance on charcoal and firewood drives forests under pressure, study warns
2 hours -
Africa struggles to align forest governance as climate, biodiversity and land degradation policies collide
2 hours -
Africa’s forest foods under threat as traditional knowledge fades
2 hours -
Lebanese general among three soldiers killed in Israeli attack on car
3 hours -
US stocks slump as fears over Big Tech shake Wall Street
3 hours