Earning salary only manages poverty – Paul Mante

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 will only manage poverty and will never help one achieve financial independence to live a 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 this on the Effective Living Series on Citi FM.

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 while you are sleeping, you will keep working at the time you must be sleeping.”

The MD for EDC Investments Ltd. also outlined five key areas that one must deliberately plan around in 2022, which are; 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 attract the 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.