Money Matters 2024 - The Humble Penny: Finding Financial Joy

The Humble Penny, founded by Ken and Mary Okoroafor, is dedicated to teaching people how to effectively handle their finances to attain freedom from money concerns. Having swiftly cleared their mortgage and achieved financial independence by Ken's 34th birthday, they opted to prioritise family time and pursue their passions. In this conversation, they delve into the concept of financial joy and share insights on how individuals can chart their path towards living a fulfilling life.

Ken and Mary Okoroafor from the Humble Penny and Financial Joy Academy reached financial independence at 34 and paid off their mortgage in 7 years. In their book titled Financial Joy, Ken and Mary share their detailed 10-week plan to help you get rid of debt, manage your money well, and reach financial freedom.

the past that shaped the present

Mary grew up in Hackney, East London, with her immigrant parents, who moved to the UK in the late 70s. Their simple home focused on family time rather than fancy outings. Mary learned the value of saving money from her parents and started earning cash early on by selling CDs and working various jobs.

Being the youngest of three siblings, Ken saw mistakes in handling money and decided to educate himself by reading about personal finance to build a better future for himself. Moving from Lagos, Nigeria, to the UK at 14 was a fresh start for Ken, but it came with its own set of challenges, including limited opportunities and established social circles.

“The financial part is about that journey towards building wealth towards one day becoming financially free. It’s what we want, but the well-being part is about what we need, and we all know that you can’t really have wealth if you’ve is you haven’t got well-being. A lot of people focus too much on the wealth journey, but actually don’t focus a great deal on the well-being that’s required to do that.”
— Ken Okoroafor

Ken prioritised education, studying economics and accounting before becoming a chartered accountant. After specialising in investments for 14 years, he became a chief financial officer for a venture capital firm. He and Mary, whom he met after the 2009 global financial crisis, founded the Humble Penny in 2017 to share financial knowledge.

During the COVID-19 pandemic in 2020, they faced challenges managing work, homeschooling their kids, and running their platform. Feeling overwhelmed, Ken quit his corporate job to focus on The Humble Penny full-time, following Mary's decision to do the same in 2019. This change allowed them more flexibility and control over their careers, starting a new chapter in their financial journey.

what is financial joy?

Ken and Mary talk about 'financial joy' and ask the audience to think about what it means to them. They share a bit from their book, describing a life where money worries disappear and money helps people follow their dreams and do good things in the world.

Fundamentally, financial joy is a mindset and approach that anyone handling money can embrace, regardless of income or spending habits. It goes beyond just wealth or financial independence; it centres on a life of abundance and well-being. It's about establishing a healthy relationship with money, aligning financial goals with personal values, and finding deep satisfaction and peace in financial matters.

Embracing financial joy means feeling confident and strong when making money decisions. It's about changing the way we think about success and what it means to be prosperous. It's finding happiness inside yourself, no matter what's happening around you, even when things are tough.

For Ken and Mary, financial joy combines working towards financial freedom and caring for your overall health. While becoming financially independent means saving money and aiming for freedom from financial worries, focusing on well-being reminds us how important it is to take care of ourselves. They believe that being healthy and happy is closely connected to being financially successful and that taking care of both is key to reaching our money goals.

figuring out what you want

Ken and Mary open the discussion to the audience and open up about what financial happiness means to them. The audience talk about the importance of having the freedom to choose and avoiding the trap of constantly upgrading their lifestyle, also known as "lifestyle creep," as key elements of financial satisfaction. One person shares the wish to support their family's needs and dreams without worrying about the future.

Money Matters 2024 - The Humble Penny: Finding Financial Joy

They remember a really important moment they call the "point of no return," highlighting how focusing on their financial well-being changed their journey to feeling fulfilled and free.

This moment stuck with them because it completely changed how they lived. For Ken, it happened during a long walk home from work on a rainy day. He was tired and feeling uneasy. As he walked, he started to wonder if this was the life he really wanted.

When he finally got home, Ken collapsed suddenly. It was scary for Mary to see. This moment made them realize how fragile their lives were and that they needed to change their path. It pushed them to think about what really mattered and to live more intentionally.

FINAL THOUGHTS

The couple’s journey to financial independence was marked by determination and smart decision-making. By focusing on paying off their mortgage and making wise investments, they paved the way to break free from financial constraints.

Ken and Mary's journey to financial happiness shows they value a balanced life, including wealth, emotional well-being, and fulfilment. Their focus on simplicity, saving, and living with purpose has made every day more meaningful.

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