The 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 would only help one to manage and would never help a worker to achieve financial independence to live a desired life.
Speaking on the theme ‘Rebuilding Wealth Through Financial Planning’, on Effective Living Series in Accra yesterday, he said, creating wealth required effective management of personal finances.
“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 financial independent which simply means getting to that stage where you can sustain your desired lifestyle without salary,” Mr Mante said
Salary, he said, only sound investment or business could help address poverty adding that “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 while you are sleeping you will keep working at the time you must be sleeping.”
He further outlined five key areas including Retirement, Housing, Children’s Education, Giving back and the High Life which one could deliberately plan around in 2022.
Mr Mante also stated that appropriate information in the financial sector was a key factor that could help one achieve financial independence and create wealth as well as ensures helps people “manage, multiply and preserve what they have.”
He admonished students and young people yet to start work to seek financial literacy to properly put in place measures that would help them become financially independent before the age of retirement.
He reiterated the readiness of his outfit to help individuals draw up a financial plan.
CLAUDE NYARKO ADAMS