Welcome, friends! Today, I want to discuss how I’ve stayed debt-free for 36 years. Living without debt has brought me peace and freedom, and I hope my journey inspires you to do the same.
Start with Prayer
Prayer is foundational to my life and finances. I may not shout my prayers, but I pray regularly and with intention. Through prayer, I seek God’s protection and wisdom to avoid financial pitfalls, poor decisions, and unexpected misfortunes.
Prudence and Frugality
One key to staying debt-free is prudence—being careful with resources and cautious about risks. I avoid hasty financial decisions and never feel pressured to buy or achieve certain things by a particular time. Instead, I practice patience, willing to make smaller gains in exchange for peace of mind.
Living Below Your Means
“Fake it till you make it” is a mindset I firmly reject. Rather than increasing my spending with income, I invest. The less I spend on unnecessary things, the more I can reinvest for the future.
Buy What You Need, Not What You Want
Many people are drawn to the latest gadgets and fashions. But often, these purchases aren’t necessary. Instead, I focus on fitness for purpose. For example, my affordable phone works just as well for recording videos as a high-end model. Simple things, when chosen thoughtfully, serve us better in the long run.
Avoid Complexity and Embrace Simplicity
A simpler life is easier to manage. This principle has kept my financial life stress-free. When thieves come to steal, they’ll find little of value in my home—just basic furniture and necessities. Complexity leads to unnecessary expenses and stress, but simplicity is manageable and fulfilling.
Avoid Harmful Habits
A few habits can severely drain finances:
- Extravagant lifestyle – Living flashy often comes with debts and stresses that aren’t worth it.
- Overeating – Excessive spending on food, drinks, or snacks adds up over time.
- Expensive fashion – Stick with simple, functional attire; flashy clothing won’t add value to your bank account.
- Unnecessary travel – Before spending on trips, evaluate the benefit. Most of my travels were funded by my children, and I never traveled solely for show.
Delayed Gratification and Gradualism
Investing in the future has been a cornerstone of my financial freedom. I don’t believe in instant gratification; instead, I take a step-by-step approach. For example, I built my house gradually, buying tiles and doors years in advance, without ever feeling rushed to complete it all at once. This gradualism has ensured that I don’t borrow and am financially secure.
Prompt Payments and Cooperative Membership
Avoid accumulating debts by paying bills promptly, whether for school fees, rent, or suppliers. When I couldn’t pay a large bill at once, I would pay in manageable installments. I also encourage joining cooperatives for better loan rates and financial management.
Productivity and Multiple Income Streams
Being productive and having multiple streams of income have provided me stability. With several small ventures, I create steady revenue and reduce my financial risk. Selling things like plantain chips or broilers may seem small, but it adds up and contributes to my financial stability.
Know When to Borrow
Borrowing isn’t always bad, but it should be done carefully. For example, buying distressed property at a fraction of its value is a reasonable reason to borrow if you’re confident of a good return. However, avoid bank loans and credit cards that come with high-interest rates, especially if your income is limited.
In conclusion, financial freedom comes from a combination of prayer, prudence, delayed gratification, and wise spending habits. Share this wisdom with others, and if you’d like to learn more, join my upcoming webinar on maximizing your life, ministry, and finances on December 6th and 7th. Together, let’s continue to live debt-free and financially independent.
God bless,
Dr. Charles Apoki
