5 areas to deliberately plan for in 2022 - EDC's Paul Mante champions financial literacy
The Managing Director of EDC Investment Limited, Mr Paul Mante has urged the working class to actively take steps to plan for 2022, citing five key areas they should focus on.
He urged workers to strategize and think through their finances, noting where they find themselves now and where they want to see themselves in the future. “Planning for your future is important and these are the five areas you need to plan for.”
First and foremost, the financial planner explained that per statistics, 53 percent of retirees earn around a thousand cedis a month or less, an amount not enough for their expenses. With this in mind, he advised the working class to plan for their old age and retirement. “If you plan for your old age, you will have a different plan so plan for it,” he stated.
With shelter being an important need for all, the money man cautioned workers against investing all they have in their dream homes. “Housing is an important basic need but don’t make the mistake of building your dream home as your first home. Your first home must be comfortable for you and your family but it shouldn’t be a dream home.”
As every parent seeks to provide the highest quality of education for their wards, it is always important for one to plan for that. Paul Mante intimated that with proper planning right from the birth of one’s child, parents can take active steps to invest in their children’s educational future, taking into consideration the schools they want them to attend. With the aid of a financial planner, “you plan for both the child’s basic and college education. It is quite simple, just divide the child’s annual fees by 12 and contribute that amount monthly and that way you will not have any headache in paying their fees.”
A strong believer in giving, Paul Mante posited one must always make it a point to give back to society by using a part of their income to embark on charitable causes.
Sharing these insights with Samuel Eshun on the Happy Morning Show, he emphasized that workers must also make it a point to enjoy the ‘High Life’. “Spend some of the money you make on yourself. Go on a vacation or go a good restaurant to eat once in a while.”
Ecobank Development Corporation (EDC) Ghana is the securities, wealth and asset management subsidiary of the Ecobank Group in Ghana.
EDC’s flagship fixed income fund is the biggest fund in Ghana and has grown to over Gh₵2.7 billion ever since its inception in 2012. With over 80 percent of the fund invested in government and quasi-government securities, investors are assured of the security of their funds.
One can join the EDC family by walking into any branch of Ecobank and needs a minimum of Gh₵50 to subscribe to a preferred policy.