Meet the Nigerian-born Briton set to Retire at age 34.

Nigerian-born Briton set to retire at age 34[/caption] As millions around the world battle with retirement issues, a London Accountant, Ken Okroroafor, is set to retire at age 34 after carefully managing his spending. The Nigerian- born Briton, went from a Top Shop Assistant to a debt-free chartered accountant in less than 10 years. Mr. Okoroafor started saving in 2006 on a 26,000 Euro per year salary and says anyone, no matter their current wage, can do same with a few lifestyle changes. He and his wife, Mary, cut down cost to a minimum by using an electric car and shopping in Aldi.

In an interview with MailOnline, he said: ‘In terms of numbers, I’d typically tell people to aim to save 25 times their annual expenses to achieve financial independence. They should aim to put away 50 per cent of their wage every month. I started using that technique in 2009 when I met my wife. Then they need to start thinking big picture. Where do they live? Can they move somewhere cheaper? I had to move out of London to Dartford because we could buy a cheap house and work on paying off the mortgage. Anyone looking to save needs to be ready to cut out luxuries like that. I drive a second-hand 2013 Nissan Leaf, which is electric and very low cost. We charge the car at home and have a limit on our electricity every month, so we don’t overspend. Before making any big purchase – like a car- try think ahead. Try to plan the big purchase about a year in advance so that you can budget for it. Buy a car that’ll last you for years. And don’t get it on finance, make sure you’re not increasing your monthly expenses.’

The thrifty spender is happily married to his wife of seven years, Mary, and the pair have two young sons – Joshua, five and Elias, three.  Mr Okoroafor grew up in the bustling City of Lagos and moved to London as a 14-year-old. He said his humble beginnings taught him to appreciate money and do without luxuries.

He added:  ‘I learnt to save through values passed on by my parents. My mother and father were immigrants and we were forced indirectly to save, to make sure we had enough to get by the following day. I think modern society makes people think they need the latest car or phone. But the truth is they don’t. We feed our family-of-four on £50 per week. We shop at Aldi. Kids can be notoriously expensive but we don’t have iPads and other electronics in the house.

Whilst working at Topshop, Mr. Okoroafor studied Economics and Accountancy at City, University of London, to pay off his student fees.  He acknowledges that the cost of studying nowadays is higher than when he was in education, he however,  advises students to work alongside their studies.

‘I didn’t take student loan when I was at university. Even at that young age I knew I didn’t want to be in debt. I got a part time job at Topshop where I’d work at the weekend. It paid for my £1100-a-year study fees.’

Whilst we are totally impressed with Mr. Okoroafor’s achievement, it is going to be difficult for young people of today to stay frugal in the light of major technological advancement, and constant pressure from social media. We can, however,  pick a thing or two from Mr. Okoroafor to secure our financial freedom.]]>