Managing Director of EDC Investment Limited, Paul Mante has shared insightful tips on how one can manage financial resources to their advantage.
In a conversation with Samuel Eshun, host of Happy Morning Show (#HappyHMS), he first broke down how one can overcome, the seemingly ‘endless’ January.
“It’s quite understandable for most Ghanaians to complain about the month of January simply because they spend a lot in December. Very few people undertake financial planning or budgeting. The money comes in December and it’s all gone,” he said.
To buttress his point, he indicated the lack of financial planning contributes to January looking like it is three months in one. He said: “We need to remember that the salary for the month is meant to be spent the next month. The money that comes in December must be spent in January, but because of Christmas festivities, we end up spending everything in December. Then January becomes 60 days or for some 90 days. You feel January alone has taken up to six months to end as you countdown to the salary.”
He encouraged Ghanaians to invest at least 20% of their income for financial freedom.
“If you understand the step by step approach of wealth creation and making your money work for you, you will live a peaceful life. Invest 20% of any income you receive. Learn to cut your coat according to your income not your size,” he admonished.
Poverty is one of the challenges that people living in Sub Saharan Africa including Ghana face, Paul Mante gave some nuggets on how to escape that vicious cycle of hand to mouth and create wealth irrespective of one’s income.
“If your salary is your only source of income, you’re a step away from poverty. Invest and create additional sources of income. Salary is only a medicine to manage poverty but not to cure poverty. Only a business or investment can cure poverty,” he stressed.
He gave five areas that people must plan for in 2022 for financial freedom.
“Planning for your future is important, statistics show that 53 percent of retirees earn around a thousand cedis a month, an amount not enough for their upkeep. If you plan for your old age, you will have it easier so plan for it,” he stated.
In addition to this, he spoke about providing a comfortable home for one’s family and ensuring children have quality education.
He also spoke about giving back to society and encouraged workers to also enjoy life once in a while.
“Spend some of the money you make on yourself. Go on a vacation or go to a good restaurant to eat once in a while”.
One can join the EDC family by walking into any branch of ECOBANK and needs a minimum of Ghc 50 to subscribe to a preferred policy.
