Ken and Mary Okoroafor: ‘We believe wealth isn’t reserved for the privileged few’

“Our dream is wanting to change the face of wealth,” says Ken Okoroafor, co-founder of the finance blog The Humble Penny, with his wife, Mary. “We believe that wealth isn’t reserved for the privileged few, it’s also for people who are willing to make small, consistent changes as a way for them to build financial security and wealth over time.”

And they are a case in point. “We’ve shown it in our own lives, becoming financially independent in our 30s, becoming mortgage-free in seven years. We’ve done it, having started from very humble beginnings.”

Having written the smash hit, Financial Joy, their new book, The Wealth Habit, is all about how you implement those small habits and put systems in place to help your bank balance thrive. “This book is basically a habit, mindset system that makes building wealth effortless, inevitable and sustainable for life,” says Mary.

“How do you actually create a life like that? What do we need to put in place for that to become possible?” And you genuinely don’t have to be loaded to get started.

“It doesn’t really matter how much you earn. Yes, that plays a role, but in our line of work, we have met people on a modest income who, because they’ve adopted certain habits and systems, have been able to grow a decent-sized investment portfolio and a personal pension,” says Mary. “We’ve also offered coaching to couples earning over six figures, and they are living paycheck to paycheck, because they haven’t put certain systems in place.”

You don’t need to have won the lottery either. “Wealth is not built in big leaps. It’s built in layers,” says Ken. “If you look at the neuroscience, psychology and economic research, all of it points to small changes, repeated consistently, and the compounding effect of all those changes.” That’s what helps build your coffers.

Changing your mindset

“The ideas we’re sharing makes wealth-building inevitable,” explains Ken, and that starts with a mindset shift, backed up by developing the right habits. “Wealth, in our opinion, is a personal journey of identity. It’s a shift from, ‘I used to live pay cheque to pay cheque. I used to be in lots of debt,’ over time, to, ‘Wow. I’m a confident investor. I have a good relationship with money. I have confidence about the future,’” says Ken.

Mary says you can still have a wealth-building mindset, and call yourself an investor, even if you still have debt, for instance. “If you believe in that identity, you’re more likely to follow through, whereas if you continuously see yourself as, ‘I’m constantly in debt, I don’t know how to make money,’ it’s like a self-fulfilling prophecy, and you end up self-sabotaging before you can even begin to build wealth.

“It’s not about wishful thinking or ignoring the reality, but it’s about rewiring your brain to see the possibilities, opportunities and resources [available], even when circumstances are tough,” she adds.

Although The Wealth Habit is not a get-rich-quick-scheme, the Okoroafors say there are some quick fixes we can all put in place today to help us towards our financial goals. “Automation is a quick fix that can be done literally today,” says Ken. For instance, opening a new investment pot and setting up an automatic monthly payment into it. “Reshape the words you refer to yourself with. That’s something you can do in the first 10 minutes of reading the book, for example, affirming that: ‘I’m a wealth-builder, I’m an investor. I am able to live below my means, and I am able to put the excess I have to work.’”

You can also start benefiting from the laws of compounding. “There’s some research in Canada in Gen Zs, and how their financial confidence improved by applying a simple 1% technique (the idea that tiny 1% gains are more effective over time) of watching a five-minute financial education video per day,” says Ken. “Just watching that five-minute video per day had this huge impact in helping shift their financial confidence.”

It’s never too late

You do not have to be Gen Z to make the most of the Okoroafors’ system though. “You don’t need a decade, you need direction,” says Mary. “Wealth multiplies when your money earns, compounds and grows, even when you’re not watching it. But the key thing is, if you’re directing it correctly, even if you’ve started late, there’s still time and hope for you to build wealth.”

Celebrate the small wins

The wealth habit isn’t about becoming a Scrooge, joylessly squirrelling away cash. “Celebration is really important because it helps cement a habit,” says Ken. “When our mortgage went down from six figures to five [after we made a habit of making overpayments], we took a trip to the Algarve.” A high-five, a celebratory hug or a sweet treat will do the trick too.

“It’s easy to go through life achieving certain things, but we don’t even have the time to reflect and celebrate those small wins,” agrees Mary. “But it’s important, because when you do that, you’re practising gratitude, and you’re telling your brain that what you’ve done here – saving more than usual each month for instance – makes you feel good, and you’re more likely to repeat it.”

The Wealth Habit: Small changes that will make you rich by Ken and Mary Okoroafor is published in paperback by Quercus, priced £16.99. Available now.