The importance of saving for a rainy day cannot be overemphasized. We live in a Volatile, Uncertain, Complex, and Unambiguous (VUCA) world today.
Right from the outset of the COVID-19 pandemic, through the ramifications of the Russia-Ukraine world, exacerbated by Ghana’s default on its foreign and domestic debts and generally unstable economic environment, you can never over-prepare for the future.
Many Ghanaians have their pensions and savings locked up in the National Pensions Fund (SSNIT). The DDEP revealed how exposed and concentrated public funds are to the government. In the unlikely event that the GoG defaults, pensioners may be found wanting.
For this reason, it is important to take your destiny into your own hands. To achieve that, I recommend you keep a private pension account. Several private pension fund providers in Ghana are worth investing with. They have well-diversified portfolios than the National Pension Provider and may prove to be more reliable in the future.
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To mention a few, we have the likes of Petra, Enterprise Trustees, Axis Pensions etc. These fund managers have proven over the years to provide consistent, stable, and appreciable results.
Recommendation
I recommend investing 5% of your salary or monthly earnings over time. Do the math for yourself. Assuming you are 30 years old and you begin investing towards your retirement at age 60, investing an amount of GH¢ 300 at a 2% interest rate yields over GH¢ 300,000. which is quite a substantial amount of money accrued for the future.
There is a popular saying about investments which goes like this: The best time to invest was yesterday, (however, you’ve missed it); the next best time is now – the present (you can’t miss this!). You have the opportunity to save your future today, Seize the opportunity now, for tomorrow never comes. Procrastination they say is the arrogant assumption that you will do tomorrow what God has ordained you to do today
This is it for Day 5. See you tomorrow #letsSaveMoneywithAccratimes