13 Ways To Be Rich & Holy – Prof. Stephen Adei

On Springboard Your Virtual University programme hosted by Pastor and Executive Coach, Rev. Albert Ocran, Prof. Emeritus Stephen Adei shared his 13 golden ways to be rich and holy to help people to be financially independent.

According to the eminent Professor of Economics, it pains him that many people are needlessly poor.

Writing on Facebook, the host stated that,

“Prof. Stephen Adei shares 13 practical keys to financial independence that a regular salaried worker can use to raise a million in investments and not retire broke. Very compelling.”

Here are the 13 secrets of financial independence by Prof. Adei:

#1. Financial Vision

Clearly define something you want to achieve in the next 10, 15 or 20 years.

#2. Smart Financial Goals

Break your vision down into time bound financial goals.

#3. Investment Guide

Save and invest using the 10-10-80 principle. For the religious, pay God 10%, pay yourself 10% and pay your bills with 80%. Increase the percentage invested as your income grows.

#4. Consumer Debt

Avoid consumer debt like a plague.

#5. Earning Interest

Let your money work for you. Don’t let your money stay idle without interest or work for financial vampires.

#6. Investment Vehicles

Invest where money grows in relative safety like mutual funds, provident funds and tier-3 pension funds.

“The average person only has to save GHc100 a month, which, invested in a mutual fund at 17.5%, can make them a million in 30 years. I challenge my teachers to invest GH¢300 and achieve it in 20 years.”

– Prof. Stephen Adei

#7. Get Rich Slowly

Only thieves, corrupt people and some Ghanaian politicians get rich quickly. Genuine wealth is attained slowly.

#8. Unsustainable Interest Income

Avoid anyone who promises you investment interest that is more than twice the 90-day treasury bill rate. Anything above 50% of what T-Bills offers is a red flag.

#9. Avoiding Setbacks

Protect yourself from sudden financial reverses by creating an emergency fund, buying basic life insurance and preparing a will.

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#10. Patient Growth

Be patient and let time, consistency of investment, good returns and the power of compound interest work for you.

#11. Limit the Price

Limit the price of financial success. Getting rich at the expense of personal integrity, a good marriage, family life, fellowship, friendship and eternal life makes you a rich fool.

#12. Start Today

Start an investment plan today. The best time to start investing was yesterday, the second best time is today, and the worst time is tomorrow.

#13. Have Faith in God

For it shall not profit any person to gain the whole world and lose their soul. Ultimately it is God who will bless your efforts with favour and prosperity.

There you go with the 13 practical tips on financial independence. Imbibe them and practice them to get the full benefit.

What do you have to say about these tips? Share your views.

Watch the full interview here:

References:

1. Notes from all 13 tips were taken from Springboard Road Show Foundation.
2. To buy the book and read the details of the 13 tips, visit https://stephenadeibooks.com/.