Paul Kofi Mante, Managing Director of EDC Investments Ltd, has urged salaried workers to prioritise building a practical first home before embarking on their “dream house.”
On the Financial Wellbeing Series on Joy FM’s Super Morning Show, he warned that many people on fixed salaries begin constructing ambitious homes, only to see projects stall and capital become tied up.
“Don’t go and build a dream house, do a first house. A lot of the young professionals, their whole confusion is that salaried workers are building dream houses instead of their first house.”
“Drive to Tema, drive to Adenta towards Dodowa, drive to Kasoa, you will see several huge uncompleted houses, and this is capital locked up, this is money locked up in properties that are never completed.”
Mr Mante explained that this approach undermines the path to financial freedom, stressing that a modest first house that accommodates the immediate family provides a more sustainable foundation.
“So if you want to build a house, my recommendation is that the house you are living in is not an income-generating asset, don’t go and build a seven-bedroom house when you have three children, three bedroom house is my recommendation. Dont talk about guest rooms,” he advised.
Read also: Quick loans are for emergencies, not lifestyle comfort – Kofi Mante
He encouraged workers to plan carefully and manage resources wisely, noting that building wealth requires strategic decisions rather than pursuing appearances or luxury prematurely.
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Source: www.myjoyonline.com