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Although I call the UK home, living here sometimes frustrates me 😤. The mindset here is my biggest problem. Aspiration is punished. Most people live paycheck to paycheck even on decent incomes. When I turn on the radio, I hear nothing positive. People don't like people who have any wealth. Progress isn't as celebrated as it should be. Scarcity mindset is deep-rooted! Mary and I are parents with children growing fast weekly and don't want to repeat this pattern. On a recent train journey, we reflected on 5 practical ways parents (and aspiring parents) can teach their children to develop an abundance mindset: 1. USE POSITIVE LANGUAGE 🗣💸 Words build and destroy. Replace “I can’t afford that” with “How can we afford that?” e.g. can they buy and resell something (e.g. trainers) and use profits to do something they want to do? 👉🏾This changes their perspective from scarcity to opportunity and teaches them entrepreneurship. 2. TEACH THEM INVESTING 📈 Open a small investment account early, co-invest with them and let them watch their money grow. They’ll see firsthand how wealth multiplies over time! 👉🏾It shows them that creating wealth doesn't mean taking a piece of the pie away from someone else. 👉🏾Read my previous post, for example: https://lnkd.in/eitqxCSv 3. MODEL GENEROSITY 🤝🏽❤️ Show them how giving—whether time, money, or skills—creates more connections and fulfillment. 👉🏾They’ll learn that helping others enriches everyone 😊. 4. ENCOURAGE PROBLEM SOLVING 💡 When they face a challenge, ask “What’s another way we could solve this?” This shifts their thinking from limits to endless possibilities. 👉🏾It also helps them to think of a world beyond the glass ceiling. 5. CELEBRATE EFFORT OVER OUTCOME 🙌🏾✨ Whether it's schoolwork or a hobby, focus on how they did it, not just the result. 👉🏾It teaches them that growth matters more than perfection. CONCLUSION It’s about equipping them with the mindset (and tools) that the world (yes, think global) is full of opportunities if they just know how to look for or create them! 💪🏾 Plus, if someone else gets an opportunity or progresses, that does not mean that something is being taken away from them. 👉🏾What else would you add to our list of 5 tips? 😀 Comment below ⬇️ ♻️ Share this to help others and their children improve their mindsets. 🟢 Follow Ken Okoroafor for more. I'm an award-winning Financial Coach, Entrepreneur and Sunday Times Bestselling Author of Financial Joy https://lnkd.in/eDYjKjGq #financialjoy #abundancemindset #parentingtips #growthmindset #mindset #personalfinance #money #finances #financialliteracy #financialeducation #financialfreedom #investing

Just 1 hour to go until our episode of 'Rich Holiday Poor Holiday' airs on Channel 5 (and eventually on Netflix) 😀😍 The idea of the show is that two families exchange holidays to see if money really does buy happiness. Can we practice what we preach and survive on a tight budget? 🤔 👉🏾It starts at 8pm BST Today (Sunday, 15th September 2024) on Channel 5. You can also replay on My5. 👉🏾Use this post to react live and drop comments as you watch. This should keep things fun! 😀 We did the "poor" holiday and the experience of swapping holidays for 1 week with another family taught us SO much! On a personal level, we wanted to prove that we can still stay happily married on little money. Not gonna lie, Mary and I are excited but nervous and hope the episode goes down well 😅 👉🏾Heads up, Mary does not like creepy crawlies! We hope you enjoy it and it also gives you lots of food for thought. P.s. Remember, this show will focus on entertainment!! and we don't get to share any of our expertise on the show, but instead, we're learning the reality of living life back to basics on a super tight budget for 1 week! Enjoy 💛 ♻️ Share this with others to watch too. #richholidaypoorholiday #financialjoy #financialwellbeing #financialwellness #money #finances #personalfinance #financialfreedom #financialindependence #travel

Mary and I are super excited and petrified to share that we're on the latest series of Rich Holiday Poor Holiday on Channel 5 and eventually on Netflix 😀😍 The idea of the show is that two families exchange holidays to see if money really does buy happiness. The family that is used to nice holidays go to a low-cost location with low-cost experiences, while the other family gets a taste of a luxurious holiday. We did it to see if we could still live a financially joyful life and remain happily married with little money 😅. Given our love for travel 🌎, this was tough! 👉🏾Can we survive on a severely restricted budget? 🤔 👉🏾 Watch the 60-minute episode on Sunday, 15th September 2024, at 8pm BST on Channel 5. P.s. Remember, this is a lifestyle show, and we honestly don't know what to expect. We don't get to share any of our expertise on the show, but instead, we're learning the reality of living life back to basics on a super tight budget for 1 week! Enjoy 💛 ♻️ Share this with others to watch too. #richholidaypoorholiday #financialjoy #financialwellbeing #financialwellness #money #finances #personalfinance #financialfreedom #financialindependence #travel

Sometimes, I wonder how my life would have turned out if I hadn't gotten into Uni via Clearing to do a degree I hadn't planned to do 🤔 I was meant to study Medicine at uni, but I didn't get accepted. I was disappointed 🙃. So I went through Clearing and got accepted to do Bsc Economics and Accountancy having no knowledge of either. Little did I know that this was God's plan 🙏🏾. Recently, on holiday in Santorini, as I took this photo of our book, Financial Joy, I realised that this was meant to be part of our destiny. The disappointment years ago has led us here. I hope this encourages someone out there. Things might not be working out at this stage of your life, but it's likely preparation for the best that's yet to come 😊 Happy Sunday ✨️ P.s. thank you to everyone who continues to DM us pics of our book in interesting places around the world 🌎. ♻️ Share this encouragement with others. 🟢 Follow Ken Okoroafor to help you create a life of Financial Joy 💛 #financialjoy #money #finances #personalfinance #financialfreedom #financialindependence #financialliteracy #financialwellbeing #inspiration

Here are 5 small things that will bring joy to your life and finances this weekend 😀 1. Treat Yourself Mindfully ☕️ ↳ Money should be enjoyed. Allow yourself a budget-friendly treat or experience like a coffee shop visit with a friend. This is good for your mental health too! 2. Create a Holiday Photo Book ⛱ ↳ Look back at a holiday you loved and re-live the moments. Better still, create a photo book for each holiday and keep it in your living room. I love doing this! 😊 3. Review Your Financial Goals 🎯 ↳ Reflect on your life dreams and what you really want. Choose a small, achievable financial goal for the coming month. e.g. Invest £500. 4. Do Life Admin 🗂 ↳ Wealth building is about doing admin. Get a better insurance deal, open that investing account, review your bank transactions, check your credit score, etc. 5. Buy Good Quality Food 🥗 ↳ Health is everything. A small amount of good food is better than a large amount of junk food. Look after your health. 👉🏽 What would you add to this list? Comment below ⬇️ Happy Friday ✨ ♻️ Repost if this inspired you or gave you food for thought. 🟢 Follow Ken Okoroafor to help you design a life of Financial Joy 💛 #financialjoy #money #finances #financialwellbeing #financialwellness #personalfinance #financialliteracy #financialfreedom #financialindependence #lifedesign

Debt can be used to build wealth 💷 but most people are controlled by a system designed to keep them indebted ⛓️ almost for life. Here are 10 ways the system of debt controls our lives and how to break free 😀: 1. Culture of Minimum Payments 🪙 ↳ Paying just the minimum amount on credit card bills keeps people in perpetual debt, as interest compounds faster than the principal is reduced. 2. Easy Access to Debt ↳ Want a credit card? You can have it. Same with payday loans, store cards, etc. This deepens the debt trap. 3. Out of Control Interest Rates 📈 ↳ A committee of 9 people control what happens to the UK base rate, which then affects household budgets for a lot of people. 4. Sky High Mortgages 🏡 ↳ These keep most of us working for most of our lives, even in frustrating jobs whether we like it or not. 5. Debt Discriminates ↳ Poorer households have a significantly higher ratio of debt to assets, leading to the cost of servicing debt often being a hindrance to building wealth. 6. Good Credit vs Bad Credit 📊 ↳ If you have bad credit, the cost of borrowing is more expensive. 7. The Growing Culture of what I call 'Buy Now, Think Later' 🤷🏽♂️ ↳ Everywhere you look, things are being advertised to us with the message that you can flex your monthly payments with Buy Now Pay Later. 8. Economic Booms & Busts 📉 ↳ When the economy is doing well, we feel good about life and the future, so we borrow to sponsor our lifestyles. Some continue to borrow during bad times too. 9. Cashless Society 💸 ↳ The move to make us cashless changes our behaviours and makes us spend more easily by removing friction. This could also easily lead to more borrowing. 10. Unpaid Debt ↳ Unpaid debts can lead to legal actions, including court judgments and additional costs, further deepening money problems. Serious topic right? 🙆🏽♂️ There is a gradual way out... HOW TO BECOME DEBT FREE 💪🏽 Debt freedom is possible but comes down to: ✅ Facing the facts of your situation ✅ Changing your habits & behaviours ✅ Creating a debt-free plan ✅ Taking small actions ✅ Remaining disciplined ✅ Living below your means ✅ Managing cash flow There is also the support of debt charities if your situation is complex. 👉🏽 But never feel ashamed about debt 🙏🏽. A lot of people are in debt for reasons outside their control. Everyone is on a debt journey. 👉🏽 Remember: A life of Financial Joy declares war on 'bad debt' but uses 'good debt' responsibly to build wealth. 👉🏽 Which of the 10 ways the system of debt controls people spoke to you the most? 🤔⬇️ p.s. Hope you enjoyed your Summer hols! Mary and I are thankful for the time off in August and back sharing ideas to help you move forward financially. ♻️ Repost if your goal is to become debt-free 🟢 Follow Ken Okoroafor to help you design a life of Financial Joy 💛 #money #finances #financialwellbeing #financialwellness #debt #personalfinance #financialliteracy #financialfreedom #financialindependence

"It's something they give old people when they're retired" 😆. This was our 11-year-old's response when our now 9-year-old asked what a pension was. A few minutes earlier... Mary and I called our sons together and asked them: would you like some free money? THEM: YESSS! 😁 US: You know how we've had your Junior ISAs since birth? We also want to open another account called a Junior SIPP. THEM: What is a SIPP? US: Self Invested Personal Pension. Younger son: What is a Pension? Older son: It's something they give old people when they're retired. US: Anyways, here's the deal. The government give you free money if you open a pension as a child even if you don't work! THEM: WHAT? How? US: If we invest up to £2,880 a year, they give you £720 a year FREE. That's a total of £3,600 a year (£300 a month). The £720 is 20% of the £3,600. THEM: 🤯🤯 "free money!" US: The good news is, we'll start you both with £250 lump sum each (This will get you £62.50 free money). Then, gradually work our way up to the £300 a month above. THEM: OMG! 😁😁. REALLY? US: Let's show you what this could mean for you 50 years from now with a compound interest calculator (assuming an 8% average return). ✅ £250 lump sum with £300 a month invested will lead to a portfolio of a whopping £2,408,851 each! ✅ £2,228,601 will come from compound interest! THEM: 🤯🤯🤯🤯 ((THEY WENT NUTS)). We'll be millionaires!?? US: Potentially, yes! But you need to keep investing for years and carry this on yourselves when you're 18 and working. THEM: But 50 years is too long!!! 🙄 US: Yes, but you'd end up with no money worries. THEM: OMG, how can we increase the "interest" (i.e. return)? US: It depends on what you invest in. We'll start with the S&P 500 📈 THEM: Why didn't you tell us about this when we were younger??? We could have started this ages ago even with our own money! US: You have money in Junior ISAs. At least you're starting a pension so young! We started our pensions in our late 20s! 😅 CONCLUSION ✅ Our sons went on to open their Junior SIPPs themselves guided by us. This will transform their future retirement outcomes. ✅ They kept playing with the compound interest calculator assuming they added some of their own money or got a higher return. ✅ This dialogue and exercise improved their financial literacy. 👉🏽 I hope this encourages other parents to not only talk about money and investing with their children but also consider investing for them no matter how small (as early as you can) 😀. ♻️ Share this post and Follow Ken Okoroafor for more. I'm an award-winning Financial Coach, Entrepreneur and Sunday Times Bestselling Author. #money #finances #financialliteracy #financialjoy #financialliteracy #financialeducation #personalfinance #pension #financialfreedom #investing

"The Treasury announced its plan to apply VAT to private education would come into force on January 1" 😲 The above is according to the FT. This is bad news for many as they enjoy the Summer and a few months later, will have to pay for unplanned VAT on fees. So what can you do now? 1. PRE-PAY FEES 💷 If you can afford to, some people have done this. However, note that rule changes (effective 29th July) could mean that this could be disputed and you will need to pay VAT if paid after this date. if you had arrangements in progress, they may be valid. 👉🏾Most people I know can't afford to prepay as they're literally hanging on by making monthly payments from their salaries. 2. GIFTING 🎁 For those with grandparents, gifting could help especially if it was part of their inheritance tax planning. You can usually give away up to £3,000 per tax year inheritance tax free. Plus, you can also carry any unused annual exemption over to the next tax year. 3. SAVING & INVESTING 📈 This is likely the path for most parents. Use a cash ISA and use up all savings allowances. Use a Stocks and Shares ISA (especially if thinking years ahead) and invest in globally diversified index funds and ETFs. S&P 500 Investments have been doing very well, for example. But remember your capital is always at risk if invested. Naturally, of course. Make sure you have adequate emergency funds in accessible cash. 4. BARE TRUSTS 📝 Grandparents can use a Bare trust to make an irreversible gift to a beneficiary, your child, who isn't employed but has the same tax allowances as an adult. So there will be little to no tax to pay on that money. Please seek advice first! 5. LEAVE PRIVATE EDUCATION 😳 This will have to be the sad reality for a lot of people. Some people I know are already trying to leave for State school places but can't get in as there are no places. Some others are moving their children to cheaper private schools in more remote areas in the countryside. CONCLUSION Winter is coming! Stressing now won't help. Ignoring it won't help either. 👉🏾 Enjoy your Summer (within budget), relax, reflect and plan well. Life is about to get more expensive and this is before the other expected tax rises on 30th October! 🙄 What are you or those you know planning to do? 🤔. Comment below ⬇️ ♻️ Follow for more and Share these tips with others who need it. #money #finances #personalfinance #privateschoolfees #financialwellbeing #financialwellness #ukeconomy #financialindependence #education #familylife

Here is a summary of what the UK General Election 2024 means for your finances. I've summarised key points from the manifestos for Labour, Conservatives, Lib Dems, Reform and Green 😀 🔴 LABOUR - Want to deliver 'change' and present themselves as the party for Wealth Creation - They won't increase income tax, VAT or NI for "working people" i.e. "people who earn a living, rely on our services and don’t really have the ability to write a cheque when they get into trouble” - BUT this appears to exclude diligent savers or investors trying to build wealth 🫣 -  VAT & Business Rates to be levied on Private School Fees 😳. Very divisive proposal! - Raise revenue from closing further non-dom tax loopholes and investment in reducing tax avoidance. BUT, some of these non-doms (and high earners) are leaving the UK anyway 🤷🏽♂️ -  Maintain State Pension Triple Lock - Cap corporation tax at 25% - Build 1.5 million homes over the next 5 years 👉🏽 Although unspoken, expect more taxes. e.g. pensions tax-free lump sum could be raided. Capital Gains Tax (CGT) could be aligned with income tax. Frozen personal allowances could be extended beyond 2028, etc. 🔵 CONSERVATIVES - 2p off National Insurance from 8p to 6p. Someone on £35k salary will be £449 better off per year. - Protection for pensioners with Triple Lock Plus – so the State Pension is never taxed. - Promised not to increase income tax and VAT. - Maintain the 25% tax-free lump sum and maintain tax relief on pension contributions at their marginal rate. - Pledged to build 1.6 million new homes - Raise threshold for child benefit payments from £60k to £120k assessed on household basis (not individual income) 👉🏽 Overall, these sound good but people are fed up. A little too late? 🤔 🟡 LIB DEMS - CGT at 20% for gains up to £50k, 40% on gains between £50k and £100k and 45% for gains over £100k - End gender pension gaps. - 380,000 new homes a year, with at least 150,000 being social housing. - Free personal care for the elderly and disabled in England. 🟢 GREEN PARTY - Introduce annual Wealth Tax of 1% on assets above £10m and 2% above £1bn. - Introduce Rent Controls. - Align dividend tax with income tax. - 150,000 new social homes every year 🟣 REFORM - Raise minimum income tax threshold to £20k - Raise the 40% higher rate tax threshold to £70k - Scrap stamp duty on properties under £750k - Inheritance tax to be abolished for estates under £2m - Abolish IR35 rules - Scrap Interest on student loans 👉🏽 A lot of radical ideas! 🤯 BUT, how will it be funded? CONCLUSION No matter who wins tomorrow, one thing is guaranteed, we'll pay more taxes 😅. Some parties have made it clear and others have kept it quiet. 👉🏽 Mary and I also don't expect any change but more of the same with the rich getting richer, the middle squeezed and the poor sadly, poorer. What do you think? 🤔 #ukeconomy #ukgeneralelection #finances #money #personalfinance #ukelection #wealth

This is a whole new level 😍. We received a call from not just one, but two global Financial Services companies to deliver a joint Financial Literacy workshop to employees at Macquarie Group and S&P Global. Yesterday, employees from the two companies joined our Financial Literacy workshop in-person in London and online. The feedback was absolutely incredible!!! 🤯. There was so much praise from all the attendees. Macquarie and S&P Global went one step further to improve employee financial well-being by together ordering 150 copies of the Financial Joy book for all attendees 👏🏾👏🏾👏🏾👏🏾 People were so inspired and didn't want to leave afterwards. They stayed for networking and Q&A. Mary and I are so thankful for the opportunity and cannot wait to deliver more workshops like this at other companies 😊. Love to Erica Nyoni and Charlene McIntosh who both look after the Black employee resource groups. The hospitality was incredible ❤️ 🟢 If you'd like us to do similar workshops at your workplace, please DM me. We've also done them at Netflix, Expedia, Gousto, Ogilvy, etc. #financialliteracy #financialwellbeing #financialwellness #money #financialjoy #finances #personalfinance #financialfreedom #financialindependence #financialjoy