Embrace being called ‘miser’ to build wealth, don’t wait for higher income

Financial experts have urged university students and young professionals to shift from a culture of wasteful spending to one of savings and wealth-building, insisting that wealth creation is not a function of high earnings but of disciplined sacrifice and intentional small beginnings.

In a refreshingly honest piece of advice that ignored popular social media trends and peer pressure, the experts urged the youth to ‘be willing to be called a miser to grow their wealth’ while on campus.

This clarion call was made during a financial literacy forum at the Wisconsin International University College (WIUC), where industry leaders challenged the prevailing culture of lavish social spending among young students on campus.

Investment Coach and Advisor at Ashfield Investment Management, Grace Quaye, delivered a foundational lecture on the mechanics of the capital market, urging students to reframe their relationship with money.

She defined investment not as a luxury for the affluent, but as the deliberate postponement of today’s consumption to put savings to work.

“Investment is about postponing consumption today to put savings to work. This is a necessary condition for creating wealth. You cannot be on campus as a student and be investing in your body, buying food and clothing, and expect to be rich soon. No, be intentional about putting some small amount of money into an investment fund somewhere for better yields,” she said.

She directly confronted the common student mindset of waiting for a first big paycheck, describing it as a trap that delays financial independence.

Miss Quaye demystified the capital and money markets, explaining the function of short and long-term instruments in channelling funds from surplus units to deficit units.

She also emphasised that starting small with meagre cash flow is not a disadvantage but the most effective strategy for long-term growth, provided it is paired with a clear investment strategy that balances expected returns against portfolio risk.

Head of Technology and Innovation, Black Stars Investment, Selorm Selawoka, presented a model for smart goal setting, using the example of purchasing a GH₵40,000 vehicle in two years. By quantifying the item and breaking the total figure down into a 24-month timeline, students can identify a specific, manageable monthly savings target rather than facing an abstract, insurmountable sum.

Collective Investment Schemes (CIS), he explained, offer a community that pools resources to access diverse investment opportunities. These schemes allow groups to pool resources, thereby accessing diversified portfolios that would be out of reach for an individual with limited capital.

“Together, you can achieve financial growth and stability. CIS, often known as investment funds or mutual funds, are ways for people to invest their money together,” he said.

Chairman of Council, WIUC, Justice Isaac Duose (retired), amplified the call for fiscal restraint, expressing his concern about what he perceives as a generational leak in wealth accumulation.

“Ghanaian youths are wasteful spenders. They spend a lot on clothing for weddings, funerals and other social occasions because they don’t even repeat what they wear. Savings must be made before consumption starts; otherwise, poverty is inevitable,” he said.

He expressed concern over the erosion of purchasing power by inflation but laid significant blame on consumption habits.

The forum also highlighted practical frameworks for students intimidated by large financial targets.

Dean of the WIUC Business School, Dr. Bright Gabriel Mawudor, advocated for Collective Investment Schemes (mutual funds) to be introduced on campuses as a vehicle for students’ savings.

“Investment is not for a select few; it’s for everyone and wealth creation is not accidental; it’s a decision backed by sound judgement and discipline. At Wisconsin, we don’t only teach theory; we blend it with practical industry experience,” he said.

While acknowledging that inflation remains a headwind, eroding real returns on savings, the consensus among the speakers was unequivocal: the consequences of saving nothing are far more dire than the effects of inflation on a small, growing portfolio.

The path to financial stability, they argued, begins with the courage to start small and the discipline to be called a miser today to be a capitalist tomorrow.

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