EDC MD shares biggest challenge in achieving financial independence

 
Managing Director of EDC Investments Ltd, Paul Kofi Mante, has shared his observations on why many find it difficult to attain financial independence.
According to him, many people fail to invest because of a flawed mindset that investing is impossible.
Speaking in an interview with YFM’s Rev. Erskine on the Y Leaderboard Series, Paul explained: “I would summarize it as a mindset issue. It is just a mindset where people think that it is not possible. One of the biggest things I keep hearing is the salary is not enough. I have met people who earn 40,000 Ghana Cedis and still say the salary is not enough. It is the mindset. We just need to believe that it is possible. We will build up little by little. It is not going to happen overnight”.
The financial expert advised that for one to be financially independent, one has to have a definite, consistent plan on how much he or she wants to make in the next years to come.
As a simple tip, Paul stated “It doesn’t matter how much you earn, I recommend a minimum of saving 20 percent of your salary”.
Paul Kofi Mante is the deputy head of Ecobank Development Corporation (EDC) Investments Limited. He is also the head of business development of the Asset Management business of EDC, and a board member of the EDC Ghana Balanced Fund – the biggest balanced fund in Ghana.
By: Alberta Dorcas N D Armah