Joshua Opoku Agyemang President of the IoT Network Hub Africa and the Ghana Stem Network has educated members on the importance of developing a rich mindset and adopting corresponding practical steps in realizing financial freedom. The presentation formed part of monthly meet-ups which occurred at the Ghana-India Kofi Annan Centre of Excellence in ICT (AITI-KACE)
In a statement, he said “Now when we talk about financial intelligence it means the ability to understand or execute accounting principles. Money is a principle just like the principle that governs gravity”
He further went on to emphasize that understanding the principles of accounting and finances was a sure bet for handling money efficiently. Acknowledging the topic as a core component of basic life skills, he bemoaned the low level of financial literacy in our society.
Engaging the audience, he explained the importance of understanding markets and the science behind demand and supply and buying and selling. This underlying principle, according to him, explained why the Ukraine-Russian unrest affected prices on the global market. This understanding of global markets and trends is essential for financial knowledge.
Speaking on investments, he reiterated that learning to operate within the confines of the laws of investment rids one of the steep financial crushes. He gave the example of the issue of MenzGold, where the investor had transgressed financial investment principles set up by the state, and the consequence was dire. Proving his point he reechoed that the in 21st Century, Illiterate has been redefined as someone who cannot learn unlearn and relearn
Bottlenecks to financial freedom
He spoke extensively on practices that hamper financial success and what members could do to save the situation. He advised participants to keep off incessant and unnecessary borrowing, as this could become a habit and be detrimental to an individual’s financial growth.
Elaborating on mortgages, he pointed out that a mortgage can be one of the financial practices that can disrupt an individual in the long term. Bringing their attention to mortgages, he maintained that in cases where the flow of income of an individual is not frequent enough to pay off these mortgages, they tend to become generational burdens.
Talking about the protection of assets in the world of finances and also in the digital age, he put forward that members must ensure protection against identity theft and financial predators and secure retirement plans. He said the idea is to stay protected at all levels of one’s life: personal, health, and social. There was a need to understand risk management, insurance coverage, identity theft protection, fraud, and scams to master self- and family-financial protection in life.
He advised members to stay clear of loans if they do not have defined payment plans to pay them off and if the money taken would not yield consistent and significant income over some time. Reinforcing his stance he mentioned that money must be understood as a tool for generating sustainable income.
In his closing statement, he mentioned that financial literacy education is essential because it helps one make better financial decisions that guide the individual in differentiating needs from wants. Again, the knowledge gained will be important for managing money as a tool for accomplishing tasks and managing debts. Most importantly, financial literacy will help individuals cushion their future against poverty.