Managing Director of EDC Investments Ltd, Paul Kofi Mantey has advised workers to have multiple streams of income in order to attain financial independence.
According to him, it is good for one to have a salaried job but that is not enough for financial independence. “Salary is the medicine for managing poverty. Salary does not cure poverty. It is only investment or a business that could cure poverty. We can’t all run a business, but everybody can invest,” he explained.
Mr. Mantey said this on JoyFM’s Super Morning Show on Tuesday. The discussion was centred on how fervent listeners of the show are faring financially after the Christmas and New Year festivities.
Mr. Mantey clarified that, “when we talk about financial independence, we’re basically talking about getting to that stage in life where you can sustain your desired lifestyle without salary. It does not mean you don’t need to work. But you get to that point in time when you work because you want to work. If you don’t work, you’d still live the life you want to live.”
The Financial Expert shared the story of a teacher who earns less than GH₵4,000 but has been able to make extra money through ‘side hustles’ and investments.
“Two days ago, I got a call in the evening from a teacher who said look, our school had a retreat some five years ago and you came to talk to us and I took it serious. This is a teacher who is on a salary of about GH₵3,500 or GH₵3,800. When the man called me two days ago, his investment had crossed GH₵600,000.
“He says look, I’m a teacher. My salary is less than GH₵4,000. But at the moment, I am making monthly interest of GH₵8,000. So my monthly interest at the moment is more than double of my salary. But it has not been easy. I had to tighten my seat belt.”
Mr. Mantey further explained that, “he’s a teacher so he’s able to do some side jobs. He would teach one child here, teach another one there and he’s in a private school and the parents tend to pay better when it comes to extra tuition.”
The Financial Expert emphasised that if one’s job allows for ‘side hustles’, it is good to do something in addition.
“I know a banker who is also a DJ. If you cannot make extra money by a ‘side hustle’, then at least invest. Investment would give you some income in addition to your regular salary ,” he advised.
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