The Head of Business Development at the Ecobank Development Corporation, Paul Kofi Mantey has advised Ghanaians to consider getting other sources of income.
He said it is not enough to earn a monthly income – a salary – and that workers should be able to create multiple streams of income without hurting their current job.
Contributing to a discussion on Joy FM’s Super Morning Show ‘Start Right’ on Tuesday, Mr Mantey who is also an author said it was alright to put on the suit and tie, but after that, getting one’s hands dirty with the aim of making more money will not take anything away from them.
“One of the challenges we have is when people think that ‘I’ve gone to school, I have a degree so I need to wear a suit and tie. Money is not in suit and tie, where the money is, is where you roll your sleeves and get yourself a little dirty.”
He cited an example of a colleague who although is an employee, owns a piggery.
“We were in a board meeting and he said today, you see me in a suit and tie in a board meeting when you are looking for me tomorrow morning, you won’t see me in a suit and tie, you’ll see me with my pigs. I will be feeding them. But Paul, the money that comes from piggery does not smell,” he recounted.
Mr Mantey agrees with his colleague. He said nobody requests for anyone’s source of income when they enter a shop to buy something.
“When you go to Silver Star and you want to buy a Mercedes, nobody is going to ask you whether the money is coming from a suit and tie or piggery.”
He emphasized that money is irrational. It does not seek the circumstances of people, so people need to position themselves to attract money.
He added that no rich person became rich by having only one source of income, they had multiples.
“There are opportunities all around us, concentrate on the problems closest to you,” he said, cautioning, however, “Don’t invest your money or time in any business you don’t understand.
“If we can get ourselves a little dirty, we can create multiple sources of income,” he added.
The Managing Director of Beige Pension, Richmond Kwame Frimpong who was also on the show said people can decide not to be poor by finding ways to earn other forms of income and not rely solely on their salaries.
For those who do not earn monthly salaries, Mr Frimpong advised that they found ways to identify where money is hiding and get it.
“If you are not earning anything, you must look for where your potential, talent, and gifting are and tie them to where they are relevant to people and the particular problems associated with them and come out with products that make sense with the gifts and potentials you have.”
He said there are so many problems that require solutions on a daily basis and it is the responsibility of the individual to identify these problems and come up with solutions that will create income for them.
He stressed that “Anywhere you can find people living, there is a potential door that gives you access to income. Where there are problems creates doors that give access to income.”
That, however, should not be the end. Once that single income stream has been identified, it must be broken down into tiers.
This can be done through the 70-30 principle, “Try and use 70 percent of what you earn on your needs, the 30 percent spend 10 percent on God if you are religious and put the other 10 in a savings or investment and then spend the other 10 on investing and improving yourself,” he said.
Head of ACCA Ghana, Doris Ahiati explained the two ways in which people can generate extra income.
She said first, they need to identify the need to create or have other sources of income and have the desire to do something about it.
“It is January and I’ve spent all money in December and I’ve got to do something about it so that come next year I won’t be where I am sitting,” she said.
Second, there is also the need to identify the options available to enable one to create multiple sources and that can be done through the passive or active methods.
The passive means investing in a credit corporation or invest in any of the investment products in any of the investment banking space or identify interesting saving products with banks.
“So while you go to sleep, it is growing in multiples.”
The active on the other hand requires that the individual is physically and actively engaged in the creation of the income.
“You don’t have to keep your eye on it, but it is generating income,” she added.