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Household Income Boosters

With the gap between incomes and house prices in Ghana widening, you would do yourself a lot of good by finding legal ways to increase your household income or developing multiple income streams, to ever stand a chance of buying a home comfortably and/or building intergenerational wealth.

The smartest income earners understand that their long-term goals can't just be tied to the success of their employer's business or their own paycheck. You need to find ways to passively grow your wealth and create new wealth opportunities. Fortunately, the modern, digitally connected world is full of those opportunities and one of the more interesting ones is starting a business (either online-only or some other multiple income stream). We offer some useful actionable tips below.

For starters, your monthly salary shouldn't be your only household income.

 

NONE OF THE TIPS PROVIDED BELOW REQUIRES YOU TO SAVE OR INVEST MONEY WITH US. WE ARE NOT A DEPOSIT-TAKING LENDER.

 

Prudent Spending

To save towards a down payment for a house, you need to maximize your household income while minimizing expenses. The first immediate way to get you closer to your home ownership dreams is to cut down on all those useless discretionary expenses. Spend intentionally and cut unnecessary expenses.

Evaluate your spending and start by removing everything from your budget that you know you wouldn’t miss. Cancel unused subscriptions, stopped going to the happy hours, and stop buying outfits to wear to a single event.

 

High Yield Savings Account

Your normal savings bank account (current account don't yield any interest) may not give you more than 3% per annum, but at least you can take advantage of the y'ello save option on your mtn mobile money wallet that gives 8% per annum - a high yield interest account without any lockup of funds. One for the passive income range.

 

'Risk-Free' Investments

No investment is technically risk-free, but of course the probability of you losing your funds is almost negligible. You can buy Government of Ghana Treasury Bills from your phone (via the mtn mobile money platform or the ecobank mobile platform) with as low as just GHS5 (5 Cedis) !!

 

Staying Away From Ponzi Schemes / Get-Rich-Quick Scheme

Locked up funds with some gold dealership firm is obviously fresh on the minds of many. So many multi-level marketing schemes are sprouting around the country. Some of them have been asked to close down and yet hiding to operate. Run very very fast in the opposite directions of these bogus MLM schemes and never look back. Let nothing foolish separate you from your money.

Financial ignorance is so high in our country that people still believed that MLM and many of all those crap and a sure way to build wealth.

 

Get a Second Job

The more the merrier. Is it not interesting that people do multiple jobs in developed countries (where your relatives live and work mostly) and get enough to remit back home. If your 9 to 5 will allow it, get a job you can do after 5pm or over the weekend or an automated online business (that operates 24/7 even during your 9am to 5pm period). Your expenses could be paid by the job you're doing on the weekend (or outside your 9 to 5), and your full-time job 100% saved.

 

Multiple Income Streams

Look for ways to increase your income. Most people think of doing active multiple jobs when we mention multiple income streams - very erroneous. With advancement in technology, you can have four (4) or more income-generating jobs (mostly passive or automated) to shore up your income.

Luckily, there are a lot of options out there to make extra income. You just need to find what’s right for you. This may mean picking up over time at your current job, getting a part-time job, or even starting a side hustle and selling your own products or services.

 

New Opportunities

You may need to acquire valuable skillsets - Find a way to bring value and make money, and the world is yours. You may need to ask for a pay rise in your current 9 to 5, if the conditions are conducive, or may need to change jobs to a new one that pays better and or gives you enough free time (even if it pays less) to work on your side jobs which could compensate for the shortfall and even double it by several multiples. Define how you’d like your career to look in one year, five years, ten years, and figure out your next moves — design a career path, in line with your life goals and aspirations.

 

NONE OF THE TIPS PROVIDED ABOVE REQUIRES YOU TO SAVE OR INVEST MONEY WITH US. WE ARE NOT A DEPOSIT-TAKING LENDER.

 


 

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YOUR HOME (OR COMMERCIAL PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT - REPAYMENT ASSISTANCE PROGRAMME AVAILABLE FOR QUALIFIED CUSTOMERS. ALL APPLICATIONS ARE SUBJECT TO STATUS AND OUR LENDING CRITERIA - THIS MEANS THAT THE AMOUNT WE WILL LEND YOU WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES, THE TYPE OF PROPERTY AND THE AMOUNT YOU BORROW.

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