Paul Kofi Mante, Managing Director of EDC Investments Ltd, has urged borrowers to focus on building wealth rather than borrowing to appear affluent.
Speaking on the Financial Wellbeing Series Episode 2 on Joy FM’s Super Morning Show on Thursday, he emphasised that financial freedom cannot be achieved by funding an expensive lifestyle solely to “look good.”
“You should never borrow to look rich. You borrow to become rich. So if you need a car, what kind of car do you need?”
The series is on the topic “Debt management in Ghana’s high-interest era”
Mr Mante advised that loans should be channelled into investments capable of generating additional income, ensuring that by the time repayment is due, borrowers have earned a profit.
“Is this loan going to help you earn more money, or is it going to take money out of your pocket?,” he asked.
He highlighted that this approach, rather than borrowing for consumption, is a more sustainable path to financial stability and growth
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Source: www.myjoyonline.com