The Managing Director of EDC Investments Limited, Paul Kofi Mante, has said that people do not need a huge salary to build wealth, but must instead focus on steady income, consistency and time.

Speaking on Joy FM’s Super Morning Show during a discussion on compound interest and the benefits of starting early, Mr Mante said many people wrongly believe that only high earners can become wealthy.

“There is something about money we need to understand. And once you understand that, you don’t need super income to become rich. You don’t need a super income to take advantage of the power of compound interest. You need a steady income.”

He explained that compound interest rewards patience and discipline rather than sudden financial gains. According to him, the key ingredients are consistency and time.

“You need consistency, you need time. And we have said it over and over, it’s not going to happen overnight. You’re going to build up little by little,” he said.

Mr Mante said that wealth creation begins with the right mindset. He referred to what he called the “law of first creation”, which suggests that success is achieved first in the mind before it becomes reality.

“The law of first creation states that everything is created twice. First mentally and second physically. Without the first creation, you cannot have the second creation,” he explained.

Applying this to personal finance, he said major financial milestones must first be accepted as possible.

“Your first million Ghana cedis, your first million dollars will be created twice, first mentally and second physically. So let your mind accept that this is possible,” he urged.

He encouraged listeners to begin their investment journey, even if they start with small amounts. “Let’s start the journey little by little, we can get it,” he said.

Mr Mante also questioned the traditional belief that getting a good education, securing stable employment and working until retirement is enough to guarantee financial security.

“Gone are the days when the traditional thinking worked. Get a good education, find a good job with some secure benefits, work till you're 60, and you get a good pension. It belongs to the old school.”

He warned that such an approach “doesn’t work in the year 2026 and beyond”, saying there is a need for individuals to take active steps to invest and grow their money over time.