Managing Director of Ecobank Development Corporation Ghana Limited, Paul Mante, has disclosed that many salaried workers are living in what he describes as a financial emergency because they would be unable to sustain their normal lifestyle for six months if their salaries suddenly stopped.
Speaking on Springboard, Your Virtual University with host Pastor Albert Ocran, Mr. Mante urged individuals and families to conduct a midyear review of their finances, just as businesses assess their performance halfway through the year, to determine whether they are making progress toward financial independence.
According to him, anyone who cannot maintain their current standard of living for at least six months without a salary should treat the situation as an emergency and begin taking deliberate steps to change it.
“If you answer that question and you will not survive for more than six months, you are in a critical state. It is life-threatening. You need to see a financial doctor for an emergency surgery,” he said.
Drawing on more than two decades of experience in the financial sector, Mr. Mante explained that financial independence begins with changing one’s mindset about money. He said many people focus only on earning an income but fail to retain and grow it, leaving them financially exposed despite years of employment.
He identified three stages of personal financial management as receiving money, retaining money, and reproducing money through investments. While many people are taught how to earn an income, he noted that very few are taught how to preserve wealth or make money.
The Managing Director attributed the country’s low level of financial literacy to the fact that money management is rarely taught either at home or in school. As a result, many people enter the workforce without the knowledge needed to build long-term financial security.
He encouraged workers to increase their earning capacity by acquiring new skills, creating multiple sources of income, and investing consistently instead of depending solely on their monthly salaries.
He also advised individuals to invest at least 20 percent of their income and avoid allowing lifestyle changes to consume every salary increase. According to him, financial discipline today creates the freedom to make choices later in life based on purpose rather than financial pressure.
Mr. Mante further cautioned against procrastination and excuses, encouraging people to begin their financial independence journey immediately regardless of their current income level. “The best time you should have started your journey towards financial independence was years ago. The next best time is now,” he said.
Watch the full episode here… https://www.youtube.com/live/Bbg6-uDUr7k?si=xGzSWjP6UE3qf2JM
About Springboard, Your Virtual University
Springboard, Your Virtual University, is a weekly motivational and personal development broadcast produced by the Springboard Road Show Foundation and hosted by Pastor Albert Ocran. The broadcast airs every Sunday at 7 PM on Joy 99.7 FM and on Springboard Channel (YouTube) and at 9 PM on Joy News TV.
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