20 Oct 2023
Poverty is one of the biggest challenges the people of Ghana face in their native country. Do you know what this poverty stems from? Well, the primary cause is the rampant unemployment. Therefore, the people of Ghana travel abroad to earn a living.
They send money to Ghana from overseas to offer financial support to their families so that they can overcome the poverty they suffer from.
A report by the Atlas Of Humanity stated that about 4 million Ghanaian expatriates are living in foreign countries. Their primary purpose is to find better employment opportunities, but in addition to earning a living, seeking a good quality education is also another critically important reason why they travel abroad.
The 4-million-strong Ghanaian diaspora is making huge financial contributions to the country’s economy through the remittances they send back.
A report by the World Bank said that the Ghanaian expatriates sent back $4.66 billion in 2022 in inward remittances to Ghana. This amount gave the necessary boost to the Ghanaian economy, given that remittances serve poor economies as a financial lifeline.
Do you know what your expatriate life and earning a living in a foreign country ultimately boils down to? Is it only confined to your every instant money transfer to Ghana to offer financial aid to your family back home? Or does it serve any other purpose?
Well, think about it.
Don’t you think it is about attaining financial freedom so that when you return to your origin, you have something to fall back on in terms of finances for the rest of your life?
Well, the answer is obvious. Don’t you think?
But for you to achieve the objective of financial freedom, you need to travel to a country that can help you achieve this objective.
And what better country to travel to for this purpose than Canada?
With a robust economy, expansive job market, and an excellent work environment, Canada has always been the top choice for migrants from across the developing world, including Ghanaian migrants.
This blog will throw light on all the benefits that come with working in Canada. In addition to that, we will explain financial freedom and share some easy tips to achieve it. Let’s begin.
Working in Canada comes with the following few critically important benefits.
In Canada, you can get all the benefits that come with your job, and no employer can refuse you these benefits. The reason? Because various benefits are required by the law to be provided to the employees.
In Canada, the cost of living is relatively lower than in many countries in the West. It is a big financial comfort for you as a Ghanaian migrant. Because each time you send money to Ghana from Canada, you can add the amount you save.
Minimum wages in Canada are higher than in other countries. But these vary from province to province. Similarly, employers are required to pay you overtime. In most Canadian provinces, overtime pay is about 150% of the regular wage, while it is 200% in other Canadian provinces.
Learn here all about obtaining a work permit in Canada.
This economy can accommodate the job-seekers in every professional field. So, going to Canada can benefit you in terms of getting employed to earn a living. With high wages and low living costs, you can add to the financial aid and more so if you find the cheapest way to send money to Ghana from Canada.
Financial freedom refers to being in control of your money and finances. It means that you should be able to live the life that you have always wanted, regardless of your income. Remember that financial freedom does not come with the quantum of your income.
Simply put, financial freedom is not dependent on your wealth or having a lot of money. It is about your financial attitude.
It is also connected to selecting a remittance transfer service provider for your every money transfer to Ghana because some companies help you save a lot in your international money transfers.
The following easy tips will help you attain financial freedom.
Know where you stand currently and make an honest observation about it. This is the first step of the journey, but one in the right direction. It will determine where you need to go and in how much time. It helps you with your future planning.
Setting financial goals is extremely important. But what is more important than setting these goals is to ensure you set realistic goals. Otherwise, you are likely to go into overdrive in achieving unrealistic financial targets.
Record every expense you make. Keep an eye on your income and expenses and record what you earn and what you spend. You can use many digital tools for this purpose or can do so manually by using registers meant to serve the purpose.
Create an emergency fund and contribute to it regularly. This is the only way you can save money for the rainy days. It is a fallacy to save money by having a single checking account. Therefore, for savings, a savings account is essential.
We have always maintained that spending on needs is the key to savings. Because how many needs can you possibly have? Against this, spending on wishes and wants is a sure recipe for financial disaster. Try understanding the difference between needs, wants, and wishes and focus sharply on needs alone.
Make paying off your debts your top financial priority. Remember that you should consider paying off the bigger debts first so that with these debts gone, you will no longer be required to pay the fairly huge interest on top of the principal amount.
Never rely on one income stream. And as they say, you are just a step away from poverty if you have only one job or only one income. So, keep a passive income as a part-time job, which is easy nowadays with the availability of online jobs.
Calculate the risks in a certain investment plan and area thoroughly and make investments. Always remember not to put all your eggs in one basket. Make diverse investments instead, but after studying the pros and cons thoroughly.
You migrate abroad to earn a living and get monetary benefits. Right? One of the ways to do so is to choose ACE Money Transfer to send money online to Ghana to get live and market-competitive exchange rates, speed, safety, 24/7 service access, and much more for a low fee from one window.
Ghanaians travel abroad for jobs because they cannot find reasonable means of earning in their native country.
You should go to Canada for work because of the country’s robust economy, expansive job market, and benefits such as high wages, low living costs, multiple jobs, and legally sanctioned employee benefits.
Financial freedom is about gaining control of your finances. It is about managing your finances in a manner that allows you to live the life you want to live.
Financial freedom is important so that you have some financial backup to fall back on once you return to your native country after the time you have spent abroad as a migrant.
You can achieve financial freedom by setting realistic financial goals, knowing your current position, spending with care, tracking your expenses, creating more income streams, making investments, and paying your debts off.