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Bringing Financial Literacy To Ghanaians In The Diaspora

Diasporan Teammates,

The time is now to invest your time in building and developing your financial IQ, level the information playing field and break down barriers that exist in our world. With April being recognized as the national financial literacy month, we thought we would share the top three ways you can boost your ‘financial IQ’ , particularly for the most marginalized among us. But before you head to the pointers, we deem it fit to highlight our very own


Dr. Hans Boateng is an investing tutor in the diaspora who has been an advocate for building wealth by teaching professionals with careers how to invest. Born and raised in Ghana, West Africa. He recognizes the lack of investment literacy in immigrant and minority households. When he discovered how rich families built their fortune using the stock market, he decided to become an investor. He is the most trusted investment tutor in the country. Do not forget to check out courses on his website and you might get access to a  free NFT class.

theinvestingtutor.com

Now, let’s deep dive into tips for Diasporan teammates with a growing appetite for Financial literacy

Use technology to your advantage

With the growth of podcasts and other digital media platforms there are more places than ever to get valuable information these days. Refocus your social media to stay current about money and how it works. While you’re scrolling through posts from friends or your favorite clothing brands, following finance-related Instagram accounts to read snippets of money concepts can help you build confidence in your financial future. Use your down time wisely by listening to a financial podcast instead of spending your free time watching Netflix. And if you are overwhelmed by Personal finance podcasts, here are a couple of choices to get you started:

  • “How to Money”
  • “The Financial Confessions”
  • “Beginner to Buyer”
  • “Robinhood Snacks”
  • “Marriage Kids and Money”

 

“If we leverage technology to help us meet our goals, they remove all the societal filters that prevent different races from achieving goals as the traditional financial system would,” says Maria Alcantara, money coach and author of “Millennial Money Queens.”

 

Meet with a financial advisor

A great way to improve your financial literacy is to meet with a financial professional who can assist you with planning, saving, retirement, paying down your debts, and more. Although this service may cost quite a bit up front, the wisdom you gain will pay itself off in the long-run. You should also not make the mistake of relying entirely on a financial advisor. 90% of financial advisors earn their salary from the money you invest with them. That being the case, it is crucial to research and understand money basics and investment strategies before meeting with an advisor. If in doubt, you can reach out to Dr. Hans Boateng to help guide your financial growth journey. Connect with him via LinkedIn on Hans Boateng and follow him on Instagram @ Dr. Hans – The Investing Tutor for more financial gems.

 

Start a budget, open a savings account and start investing

Start keeping a budget by tracking your spending otherwise all the financial guidance provided by advisors won’t mean much if you do not know where your money is going. Without a budget plan, you will be unable to control your spending and, as a result, may suffer if your salary or allowance ends. Make an effort to reduce spending so you can save any extra money you have to open a savings account to help you keep your money safe and secure. Most importantly, do not shy away from investing in the stock market because it has a proven track record for generating wealth and securing Americans a comfortable financial future. This is one aspect of education most Ghanaian parents failed to do. They always highlighted saving for a rainy day but failed to educate us on investment strategies. But trust me you need to take the risks and invest your money. If you are asking yourself, how do I start investing? – Leverage your retirement account, particularly your 401K, to reduce costs associated with investing with retirement accounts or open a brokerage account. Next you need to learn how to invest in ETFs, Index Funds & Stocks.

 

While not a cure-all, increased financial literacy can lead to improved financial wellness among Ghanaians in the diaspora, even those with relatively low incomes. Remember, empowerment in any discipline is rooted in knowledge and understanding. The more you understand about your finances, the better the decisions you will make at every stage of life.

– Just remember, it is never too late to start !!!!!!

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