Financial freedom is something many people struggle to attain well into adulthood, with many working overtime or juggling multiple jobs not only to meet daily needs but also to secure financial independence for the future. While the number one formula is saving – regardless of how much you earn – for many, it’s easier said than done. Others choose to postpone saving until things get better. However, for Lynnette Khalfani-Cox, known as The Money Coach, a U.S.-born personal finance expert and author, there are different ways to achieve it. Everyone has to find their own path but it must be done. Khalfani-Cox and her husband Earl Cox, who is also her business partner, have dedicated their lives to travelling the world, teaching individuals how to achieve financial freedom, and advising organisations on how to provide high-quality financial education products, services, apps, and tools to individuals and families. Over the past week, Khalfani-Cox, who is also a television and radio personality, has been giving interviews from Kigali, Rwanda, speaking about the impact of the recently announced U.S. trade tariffs on the global economy. The New Times caught up with Khalfani-Cox, author of 16 books, and her husband Earl, to gain insight into their work in Rwanda and their perspectives on achieving financial independence at a time when global economies are grappling with inflation and uncertainty. Khalfani-Cox and her husband say their mission in Africa is to connect with entities that want to teach people how to earn more money, save effectively, manage credit and debt wisely, and plan for the future. ALSO READ: Personal Finance: Live within your means “My husband, Earl, and I own a financial education company in the U.S., and increasingly, we’re looking to expand globally,” says Khalfani-Cox, who, together with her husband, founded their business 22 years ago – and they’re still going strong. Before marriage, Khalfani-Cox managed to work her way out of credit card debt. Together, the couple has built something that has become a great source of joy, because they understand how deeply money matters affect people’s lives. Drawing from their own experiences and their professional expertise, they help others learn to manage their finances better. Beyond money management, Khalfani-Cox emphasises the importance of other aspects of life, including family, health, and building the right support systems to help one live a happy and fulfilling life. “I feel like the riches I have in life are not just monetary; it’s really about a great support network – friends and family who love me, and whom I love in return,” she says. Books and background Khalfani-Cox has written 16 books, including a New York Times bestseller called Zero Debt: The Ultimate Guide to Financial Freedom. By sharing her own life story and experiences, she hopes to transform other people’s lives. “I tell people honestly that, in my early adulthood, I was a hot mess financially. I did not have it together at all. I was raised very poor. My father was a shoeshine man from Harlem,” she shares. “My mother was a cashier and a secretary. After my parents divorced when I was about seven, my mom had to raise the five of us – five girls by herself. She struggled a lot. There were times when we didn’t have enough food—not that we literally starved, but certainly not as much as we would’ve liked,” she says. Growing up, Khalfani-Cox says there were times when their electricity was disconnected and her mom couldn’t pay the rent, but all of that helped shape her into who she is today. She grew up in Los Angeles, California, a state with a lot of socioeconomic inequality – living in a predominantly Black area that was low to moderate income, adjacent to wealthy white neighbourhoods. Often, she would travel by school bus to visit friends who lived in large houses with swimming pools, while she lived in a two-bedroom apartment – one for her mother and the other for the five daughters. “Seeing those economic differences planted the seeds for what I do now – helping people with their money so they can have options and not feel limited in life,” Khalfani-Cox says. Returning to Rwanda This is the second time Khalfani-Cox and her husband have visited Rwanda, and this time, they hope to establish roots and acquire a property here, as they are sure they will return. “The reason we came back, honestly, is that we fell in love with Rwanda. We had the good fortune of visiting four African countries in February 2025 – Ghana, Kenya, Rwanda, and Tanzania,” she says. “When we returned to the U.S., we felt different. We reassessed our lives – our business, our family and our obligations. We’re empty nesters now; our youngest daughter has gone off to college. So, we asked ourselves, ‘What’s stopping us?’ And the answer was: nothing.” “We knew we loved Rwanda and wanted to explore more of the country. What brought us back was an emotional connection. Every time we thought about where we wanted to return, Rwanda kept coming to mind,” she adds. Their business is structured in a way that allows them to work remotely, which supports their financial independence. “We don’t have to be in any one office or place. If there’s a meeting, we can go – or fly there,” they explain. First impressions of Rwanda “When we first arrived, we were amazed. Of course, we’d heard about the events of 1994, but we came with open minds. As my wife said, we visited Ghana and Kenya, before arriving in Rwanda, and then Tanzania,” says Earl. “As soon as we landed and drove into the city, we were like, ‘Wow. This place is so nice, so clean, and so beautiful.’ I compared Kigali to some of the cleanest cities I’ve seen – and it held up.” The couple also took time to visit the Kigali Genocide Memorial to better understand Rwanda’s history and gain deeper insights into Africa as a whole – much of which they hadn't known before. It’s been a journey of learning and unlearning, especially regarding myths, stereotypes, and misconceptions about Africa, and Rwanda in particular. “People talk about a lack of infrastructure or technology, but everything here is advanced, sophisticated, organised – and yes, clean. We felt perfectly safe,” he says. Having traveled extensively, the Coxes do not buy into fear-based narratives about traveling abroad. For them, Rwanda feels safer than parts of their own country. “Honestly, we feel safer here than in some areas of New York City. I grew up in the Bronx in the late ’70s, and ’80s – when it was once labeled the murder capital,” says Cox. “I’ve also lived in places like Philadelphia and Washington, D.C. So, we’re not too concerned with ‘what people say’ – because when you live somewhere, you get the real story.” Wealth, habits, and the secret to financial success Through their work with people from all walks of life, the couple has discovered that, despite varying financial circumstances, there are universal truths about money. “At the end of the day, there are only four things you can do with your money: spend it, save it, invest it, or donate it,” explains Khalfani-Cox. “In the U.S., with all the consumer debt, the focus tends to be on spending and the accumulation of stuff – which often leads to more debt. I’ve been there. I had massive debt as a young adult because I didn’t understand those four basic principles,” she shares. ALSO READ: Personal Finance: Live within your means She encourages people to think of their money in “buckets” – different categories for use, and to be intentional with how they manage it. This advice applies regardless of income level. “Some people say, ‘It’s easy for you to say, but I can’t afford to save.’ I tell them: every little bit counts. Saving is a habit, a discipline, and a mindset, it’s not just a financial act,” she explains. “If you only have a little to save, save it anyway. Thanks to compound interest and consistency, a little grows into a lot over time. Don’t focus on the amount – focus on building the habit,” she adds. Travel as an investment The couple spends a fortune on traveling – not because they have excess resources, but because they view it as an investment in itself, and as an opportunity to connect with their roots in Africa. “Travel often seems like spending, but we view it as learning – like paying tuition for a lifelong education. We're reconnecting with our heritage, learning new cultures, and gaining ideas to bring back and share,” Earl says. “Yes, airline tickets can be costly, but once you’re here, expenses are often lower. We consider travel an investment in ourselves – just like paying for a gym membership or getting a degree,” he explains. To make it work, the couple travels smart – using airline points and miles, discount deals, traveling on off-peak days, and finding ways to cut costs. They also purchase goods directly from their destinations. “We don’t spend mindlessly. Before our first trip to Africa, we started ordering clothes from American retailers and online shops like Amazon.com. Now, before a trip, I don’t shop in the U.S. – I think, ‘I could get this handmade for less,” Earl says. Two weeks before traveling, they avoid dining out, opting instead to cook at home and save money. “We also practice intermittent fasting – eating one main meal a day. That’s a saving too,” he adds. Teaching children about money early The couple believes it’s important for parents to teach children about money early and instill a culture of saving, so they grow into it naturally. “We’ve always talked openly about money with our kids. As entrepreneurs, there are feast-and-famine periods. We taught them to distinguish between needs and wants, and to evaluate their choices accordingly,” Earl explains. Economic challenges and global impact From Kigali, Khalfani-Cox has been interviewed by global networks, including CNN, on the potential impact of trade tariffs announced by President Donald Trump on global economies, particularly those in developing countries. She notes that these are economically challenging times, especially for developing nations like Rwanda, and she has written about it on her blog, AskTheMoneyCoach.com. “The tariffs affected many countries. The largest African tariff was on Lesotho at 50 per cent. Rwanda’s is 10 per cent, which is still significant. These barriers impact jobs, small business viability, and activity at ports. There’s a global economic reordering happening,” she told the publication. The role of leadership Khalfani-Cox says leadership plays a pivotal role, especially if countries are to achieve economic independence – this in light of President Trump scrapping USAID, which many African countries had relied on to fund sectors such as health and education. She cites Rwanda as an example of a country striving to achieve self-reliance amid global shocks, while building on a difficult past. “I’m really impressed with Rwanda’s leadership and commitment to independence. That’s a true source of strength, both economically and morally.” “It’s unifying, and it’s a powerful reminder that resilience and self-sufficiency are possible, even in the face of global challenges,” she adds, emphasising the importance of thinking long-term. “You can’t control what others do. What you can control is how you react, how you plan, and how you shape your future. Independence should always be a primary goal,” she says. The same principle applies to the scrapping of USAID, which Earl sees as an opportunity for African countries to find solutions among themselves. “If you’re forced to deal with the pain of losing a source of aid or support, then let that push you toward innovation. Use your ingenuity to figure out how to survive, and thrive – so that one day you can look back and say, ‘I didn’t need that. Why was I relying on it in the first place?’” he says. “If you don’t let them feed you, they can never starve you. That’s the mindset we need. It’s not always easy, especially given the historical reliance on NGOs or other forms of external funding,” he adds. ALSO READ: How US’s new tax reforms could impact Rwanda Earl argues that when countries or communities become accustomed to certain types of aid, they lose the opportunity to become self-reliant. No matter how helpful the aid is, it remains aid. Khalfani-Cox adds that this challenge presents a silver lining, an opportunity for countries to become more creative and to use their available resources to fill the gaps and reach their goals on their own terms, “standing on our own two feet economically.” “One day, this will just be a distant memory – something we remember as a turning point,” she says. Settling in Rwanda In the meantime, the Coxes are now looking to grow their international ambitions and scale their business to reach other countries across the continent and the world – starting in Rwanda. “Being here in Rwanda is very intentional. We believe that there should be strong financial inclusion globally. We’re aware of Rwanda’s Vision 2050 plan and the country’s aspiration to become a middle-income nation, and we fully support that,” says The Money Coach. “We believe financial literacy, financial education, and a growing financial services ecosystem are key to helping all Rwandans achieve financial security and a better standard of living,” she adds. Khalfani-Cox says she sees a lot of promise here, for Rwanda and for her company, and they are currently looking for ways to support, serve, partner, and share their knowledge. For the financial power couple, being in Rwanda and Africa is not just about giving, it’s also about learning. “It’s a two-way street,” she says. “The U.S. might have a more established financial system, but I’ve learned so much from Rwanda – from community savings programmes to Umuganda. “It’s clear that success here is built on cooperation, kindness, and a strong community spirit. People have been so welcoming. Doors have opened for us,” she notes, with her husband adding that their journey now is to build bridges between the U.S. and Rwanda. “We want to bring other professionals we know, people who do work similar to ours in different capacities, and create knowledge exchanges. That connection is long overdue,” Earl says. Ever since they traveled to Africa, Earl says their network has expanded, building connections in all the countries they’ve visited. “My WhatsApp is full these days! I was texting someone while traveling to Ghana, then chatting with someone else on the way to Kenya. I’ve got this whole group going,” “If you look at the Bible, messages spread through travel – through people sharing ideas across places. That’s how change happens,” says Earl, who is also a publisher and a techie, with proficiency in Artificial Intelligence (AI). “My wife has written 16 books on personal finance. I’m a publisher, and I've worked in that space for nearly 30 years. I can take anyone’s idea and turn it into a book. That’s part of what I bring to the table,” he says. Reconnecting with their heritage Beyond their work, the couple says traveling to Rwanda and Africa has helped them reconnect with their roots, having previously conducted DNA tests to confirm their African origins. Both traced their roots to countries like Ghana, Nigeria, and Congo; Earl was even confirmed as having ancestral ties to Ramses III of Egypt, according to his 23andMe DNA results. Today, in every country they travel to, people tell them, “You look like you are from here,” and that has, in a way, been a fulfilling journey for both of them. Within their business, the Coxes also offer consultancy services, among other things. “Most of our clients are institutions: banks, credit unions, fintech firms. They hire us to teach financial concepts to their audiences. Whether it’s developing a course, creating a curriculum, or designing a campaign – we bring our minds together and build what’s needed,” she says. ALSO READ: How an art-loving American couple took a bold decision to relocate to Rwanda Back in the U.S., they own eight real estate properties, but they are now looking to acquire more in Rwanda. “Because we love it here, we’re definitely exploring property opportunities in Rwanda as well. There are so many neighbourhoods here that really spoke to me,” says Khalfani-Cox. She says she was drawn to Rwanda because of different factors, including the serenity and quiet. “I’ve never wanted to live in a big city. We currently live in the northwest suburbs of Houston. But after just three days here on our first visit, I said, ‘I could live in this city.’ It didn’t feel overwhelming. It’s calm, it’s green, and it’s beautiful. It offers so much,” she says. Prior to venturing into what she is doing today, Khalfani-Cox was a financial news journalist for CNBC and The Wall Street Journal. She also worked as a correspondent for The Philadelphia Inquirer, a writer and assistant producer for WTXF FOX-TV in Philadelphia, and a writer for the Associated Press in Los Angeles, among other roles. She has appeared on various shows, including Oprah, The Talk, Dr. Phil, Dr. Oz, The Steve Harvey Show, The Today Show, and more, to talk about financial matters. She launched her company, TheMoneyCoach.net LLC, in 2003, and in 2017, she and Earl launched a video-based learning platform called Money Coach University, where she offers online courses on numerous financial topics. She holds a Bachelor of Arts degree in English from the University of California, Irvine, and a Master of Arts degree in Broadcast Journalism from the University of Southern California. Earl earned a Bachelor of Business Administration from Baruch College in New York and a Certificate in Publishing from Stanford University.
