HomeFinanceSmart Money Podcast: Building Your Financial Smarts With Bola Sokunbi

Smart Money Podcast: Building Your Financial Smarts With Bola Sokunbi

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Welcome to NerdPockets’s Smart Money podcast, the place we often reply your real-world cash questions.

This week’s episode is devoted to a dialog with Bola Sokunbi, a monetary educator and creator. Personal finance Nerd Kim Palmer talks with Sokunbi about her e-book, “Clever Girl Finance: Ditch Debt, Save Money and Build Real Wealth.” They additionally talk about Sokunbi’s monetary schooling, which began together with her mom, and what Sokunbi says is without doubt one of the finest methods to construct monetary safety — beginning a aspect hustle.

Check out this episode on both of those platforms:

Before you construct a funds

Track all of your spending at a look to know your traits and spot alternatives to save cash.

Our take

Taking care of our personal monetary schooling typically begins with reflecting on the cash classes we absorbed rising up. Through instance, dad and mom form the primary concepts we’ve got round what it means to make and handle cash. Then, if we’ve got our personal youngsters, we are able to attempt to train them all the classes we want we had discovered, so that they don’t repeat our errors.

Sometimes these errors make up the spine of our monetary schooling. Whether we overspend, construct up debt, or damage our credit score, it’s nearly all the time attainable to rebuild our approach again to monetary well being. This begins with forgiving ourselves and taking time to replicate on the place we went fallacious.

Often, the subsequent step is to make amends. In the case of a credit score mistake, that would imply paying off high-interest debt or slowly rebuilding credit score by making on-time funds every month.

Launching a aspect hustle also can assist, as a result of it could generate further cash on high of your present earnings, offering an additional cushion in case you instantly lose your job. You also can use the additional cash to repay debt or construct up an emergency fund.

Our suggestions

  • Teach youngsters about cash: Kids typically study their first classes about cash from their dad and mom, so it’s value placing some thought into what they’re studying at residence. Having conversations about spending, saving, investing and giving can assist put on a regular basis monetary selections in context.

  • Learn from cash errors: It’s simple to make large errors once you’re first studying methods to handle cash, whether or not it’s build up debt or occurring a spending spree. Learning from these errors can assist you make higher selections subsequent time.

  • Consider launching a aspect hustle: Earning cash on the aspect, along with full-time work, can increase your monetary safety as a result of it makes you much less weak in case you lose your major job. It also can make it attainable to repay debt or save extra.

More about studying about cash and launching a side-hustle on NerdPockets:

Episode transcript

Sean Pyles: Welcome to the NerdPockets Smart Money Podcast, the place we sometimes reply your private finance questions and make it easier to really feel a bit of smarter about what you do along with your cash. I’m Sean Pyles. We have a particular episode in retailer for you at present. Regular Smart Money visitor and private finance Nerd Kim Palmer is kicking off the primary episode of our new Book Club sequence, the place she talks with authors of non-public finance books about their recommendation for how one can handle your cash. Kim, who’re we speaking with this episode?

Kim Palmer: I’m talking with a particular visitor, Bola Sokunbi. She is the creator of “Clever Girl Finance: Ditch Debt, Save Money and Build Real Wealth.” We are going to speak to her about her e-book, a few of her personal greatest cash errors, and what you must do proper now to spice up your monetary safety.

Sean: Sounds nice. Well, I’ll allow you to take issues from right here.

Kim: Thank you. Bola, welcome to Smart Money.

Bola Sokunbi: Thank you a lot for having me. I’m excited to be right here.

Kim: Me too. Well, one actually highly effective story that you simply share, which actually struck me, is how a lot you discovered from your individual mother about cash. Do you thoughts taking us again to your childhood and explaining why and the way she had such an enormous affect on how you consider cash at present?

Bola: Yeah. My mother bought married very younger. She was 19 years previous and he or she bought married to my dad, who on the time was early 30-something … and this was not outrageous again then; it was just about the norm. And she solely had her highschool diploma. Typically, the mom can be the stay-at-home mother, the dad would exit and earn the earnings. That was what was generally taking place.

My mother went on to have 4 youngsters, and when she bought into her 30s, she began to see issues taking place with mates of hers that did not make her snug — mates who had been unable to go away abusive marriages as a result of that they had no thought of the household funds; mates who had sadly misplaced their spouses, and once more, had no thought of the household funds; or the partner’s household would are available and take over all the things. My mother simply felt very uncomfortable not having the ability to have her personal monetary standing. And so she determined that she needed to go to high school to get her school diploma, and finally her grasp’s diploma, in order that she may contribute to our family financially.

I bear in mind as a bit of youngster sitting within the nook of my lounge, rising up and listening to my mother or watching her console her mates who had an enormous struggle with their husband or had a home violence scenario they usually simply could not go away as a result of that they had nowhere to go. And there have been cases the place a pal would spend the night time together with her youngsters as a result of, once more, she had no monetary choices. And finally, my mother turned a major contributor to our family funds, after which finally turned the breadwinner of our household when my dad went by way of a monetary and well being downturn a number of years later. So she was very impactful when it comes to simply monetary classes and the way in which I take into consideration cash and all of that.

Kim: Did she discuss to you about that too? Or was it extra from you watching her undergo that?

Bola: Both of my dad and mom really talked to me about cash. My mother in a short time graduated after which began working full time after which began all these completely different aspect hustles. Almost on daily basis after college and on the weekends, we had been going to go to a aspect hustle. She began a Coca-Cola franchise; she began a bakery; she began a hairdressing salon. She had all these completely different aspect hustles over time, and he or she would all the time inform me, “You want to have options. You want to be able to exit any situation that does not serve you. You want to be able to contribute to your family.” My dad would all the time inform me, “You never want to be a liability, not on yourself and not on a man.” And he would inform me, “I don’t care who you marry or how much money they think they have, you need to be able to stand on your own two feet.”

Kim: That’s highly effective. I imply, within the e-book, you actually encourage individuals to consider what classes they had been taught themselves rising up, too.

Kim: Do you suppose that performs an enormous function in how we deal with cash as adults?

Bola: Absolutely. What we observe and what we’re informed about cash undoubtedly displays once we begin to handle our personal cash into maturity, and typically it is not all the time optimistic, and typically there are large gaps. Like for me, my dad and mom all the time talked to me about, “You want to stand on your own two feet. You want to not be a liability.” But they did not particularly inform me, “Here is how to invest. Here is how to budget,” for instance, so there was a niche in my very own monetary studying. And additionally not simply that hole, however simply variations in international locations. Coming from Nigeria and being an immigrant, my dad and mom had no thought in regards to the American credit score system or what a 401(ok) was. That’s not one thing they grew up with.

Just having the ability to establish what gaps exist is basically essential that can assist you craft your individual monetary journey or your individual monetary plan. And additionally, having the ability to let go of the unfavorable concepts that had been impressed upon you relating to cash so that you simply, once more, can craft a optimistic plan for your self. Because I discuss to plenty of girls who say they had been informed rising up that being wealthy or being rich was not good as a result of solely evil individuals, depraved individuals, had cash; or that cash was evil, or that they might by no means achieve success as a result of no one of their household had ever been profitable. Or they had been informed issues like, “We’re all meant to be in debt. It’s how the system is designed.” So letting go of negative ideas about money that have been fed to you or you have observed or have been ingrained in you one way or the other is also really important so that you can craft the plan that you can take action on.

Kim: You also talk a lot about the fact that there are still gender differences when it comes to money. You point out that women earn less than men on average, and for women of color, the pay gap is even bigger. Do you think that financial education, which of course, you’ve dedicated your career and your books to, can it really help address some of those differences?

Bola: Yes, absolutely. People like to have this argument that it’s an equal playing field when it comes to money, but that actually is not the case. When you think back to your mother, your grandmother’s generation, depending on your age, moms were homemakers, right? They managed the home and they would make dinner and teach their daughter about all the great recipes; and the dad will come home from work and pull his sons aside to talk about business; and as a result, there is that gap. It’s not organic or natural for us to have conversations about money because we were not sitting at the dinner table talking about money with our parents.

Fast forward to today’s age where, despite that gender wage gap, women are earning more than their mothers and their grandmothers. Women are choosing not to get married. Women are single mothers. Women are breadwinners. We’re in this position where we have to pay attention to our finances for our own financial wellness. Then when you factor in the fact that on average, we live longer than men, but we are paid less, and like you mentioned, when you break it down by demographic, statistics are much worse.

But also, the gender wage gap is one thing, when there’s also this huge investment gap, which is: Because we’re paid less, we’re also investing much less, or not investing at all. And so really, empowering ourselves with financial education to know why it is important, not only will help us change that narrative when it comes to building wealth for ourselves, but it also helps to change that gap when it comes to our kids and raising our daughters to be financially successful, and raising our sons to understand that a woman’s place is not only to be a homemaker. You don’t have to be intimidated by a successful woman, so financial education is definitely something that’s really cornerstone for women.

Kim: Somehow you managed to save over $100,000, I think, within three years of graduating from college. Can you tell us how you did that?

Bola: Way back when I graduated from college, I was able to save over $100,000 in about three-and-a-half years. I started saving when I was about 25-ish, and I had saved the $100,000 by the time I turned 28. Basically, I just got really creative. I had to learn a lot of the ideas about personal finance on my own. My parents couldn’t explain to me the credit system, the 401(k) … I didn’t even know what that was. But I had this opportunity where I was making $54,000 before taxes, and I thought I was rich, even though it wasn’t that much money in New York City — but it was the most money I’d ever made. And just knowing the sacrifices my parents had made for me and my siblings growing up, I wanted to do something that mattered, and I figured that I could do well with my finances. So I started learning about budgeting, about credit, about investing, and I started doing those things, being really frugal, starting a side hustle that really helped accelerate my savings, maxing out my 401(k), saving my tax refunds, any small bonuses I got, and that really helped to push my savings.

Kim: Side hustling, that’s something you talk a lot about. You mentioned it with your mom as well. You’ve written a whole other book on that subject. Do you think it’s important for everyone to really think about pursuing a side hustle?

Bola: I think it’s something to think about. Side hustles are not convenient for everybody, right? But I personally believe that there’s certain things you can do for a short period of time. I ran my photography side hustle working full time as a mom to newborn twins, and it was really, really hard. But it was, for that period of time, to help me accomplish certain financial goals. I think side hustles provide the opportunity to really help you expand your income, accelerate achieving your goals; and it has to make sense for you.

When you think about a side hustle, you don’t have to do it forever. It might be something you do for six months, for a year, for five years, because you really want to pursue this goal of paying off debt, or saving money, or moving to another country, or scaling business, whatever your goal might be. But I think when you are starting a side hustle, if you decide that it’s something you want to do, you really want to be intentional about what you plan to do with the money that you earn because you are exchanging your time for this money — time away from your family, time away from your kids, time away from sleep. So you don’t want it to be a waste of your time. But a side hustle, I think, is worth considering for anyone who is just feeling stuck when it comes to their income, or is looking for opportunities to bring in more income, or to accelerate their goals.

Kim: You share some of the mistakes you made, too, in the book, like taking out a high-interest credit card. Tell us about that. I mean, did you just have to learn some of these lessons the hard way?

Bola: I think we all have to make our own mistakes. I had never had a credit card before. I didn’t even really understand what a credit card was. This was back when it was allowable for companies to be at the career fairs and sell credit card services. That’s no longer allowed, right? They would offer you free T-shirts and free pens and tell you all these amazing stories about how this credit card was going to change your life — and that’s what happened to me. They had the really cute T-shirts and pens, and they told me they were going to give me $2,000 and I wouldn’t have to worry about it, and it almost sounded like free money — plus a free T-shirt and a free pen.

I called my mom and I’m like, “Oh, guess what? Someone supplied me a bank card, and it is free.” And my mom is like, “I do not perceive what you can presumably want in your life at this level that you’ll want to purchase on credit score.” She’s like, “Get away from that desk. Don’t you dare get it.” So the subsequent time the profession honest got here round, I went over there and I used to be like, “My mom thinks this is a bad idea, OK?” The girl’s like, “Oh, your mom doesn’t have to know. We’ll just send the bill to your dorm room, or to your friend’s house, or to on-campus somewhere.” I used to be like, “Oh, wow. Let’s do it.” And so I did it. I bought my $2,000 bank card, and I maxed it out nearly inside the first one to 2 weeks. I did not know what I did. I purchased garments and groceries, most likely, however largely garments, a bunch of junk.

Then like 30 days later, or 40 days later, at any time when, that invoice got here after that first cycle. I bought a invoice, and I bear in mind wanting on the rate of interest and it mentioned 24.99%, and I used to be like, “What? This is crazy. 25% on… What did I buy?” That was my first expertise and the primary troublesome lesson with bank cards. I needed to inform my mother and he or she’s like, “Listen, I cannot help you. You need to figure it out.” I used to be engaged on campus half time, and I had a job that paid me $116 each two weeks that I used to pay my telephone invoice and to purchase groceries, and I had to determine methods to repay that $2,000 bank card from that $116 paycheck each two weeks. And I did it.

Kim: Wow. I imply, I believe that additionally, it speaks to what the setting was like earlier than the Card Act of 2009, as a result of I believe that was a typical expertise.

Bola: Yes. But you understand what’s actually attention-grabbing is that I believe again then, it wasn’t even that dangerous. I imply, it was not good, however in comparison with now … Because after I was in school, the one publicity I needed to that bank card firm was after I went to the profession honest, and if I did not go to the honest, I did not take into consideration the bank card. But in at present’s world, they cannot come to the profession honest anymore as a result of it is now not allowable, however they’ll hit me up on social media. Siri’s listening to me, Alexa’s listening to me, Instagram adverts, Facebook adverts, YouTube adverts. Everywhere I am going, I’m seeing a bank card advert compelling me into this superb new life-changing alternative to get into debt, principally. So I believe it is a lot tougher lately relating to simply combating the temptations.

Kim: Not to dwell on the errors you’ve got made, however one different one I assumed was actually attention-grabbing, when you do not thoughts sharing: You discuss how you probably did spend some huge cash, too, on designer purses. And really, I believe you ended up promoting them, and it turned out to be worthwhile. But you continue to name {that a} mistake since you may have accomplished one thing else with that cash. Can you inform us about that too?

Bola: Yeah. I beloved designer purses. I nonetheless do. There’s simply one thing about simply how fairly they’re, the leather-based, and all that type of stuff. And not all people understands, however that is my factor. Some individuals, it is watches, it is vehicles, it is holidays, it is no matter. I really like purses. I bought up to now the place I had saved over $100,000. I believe at that time, like 4 years later, I had saved about $130,000 or $140,000, and I used to be investing steadily. I used to be nonetheless saving. I used to be like, “You know what? I’ve worked so hard. I deserve a treat.” So I went to Chanel and I spent $2,800 on a handbag, and I wore that handbag all the time. I got my cost-per-wear, and I didn’t have other handbags. That was my one handbag. I wasn’t buying all these other random things, and I loved it. To me, it was worth it.

But I had gotten to this point where I felt that, well, one is not enough. I have a black one. I can get a blue one. I can get a white one. I can get a — whatever color was trendy. And so every few months, instead of saving more, I would not save, and then go buy a new handbag. And for some people, it makes sense. Like I said, you’re using your items, your cost-per-wear is down. You’re getting your money’s worth. Good for you. But in my case, it wasn’t making sense because the only bag that I was actually really using was that first handbag I bought, and the rest of them were just stacked up in my closet — basically dollar bills stacked up in my closet.

I went back and forth, like, “Should I promote them? I actually like them.” And then one day I was like, “Listen, this does not make any sense.” My husband was — boyfriend at the time — was like, “These baggage are so previous. They look so horrible. They’re so ugly. I do not know why you have got them.” So I decided to sell them, and for people who are familiar with the luxury handbag world, we know that there have been crazy price increases. So the handbag I bought back then for $2,800 is about $10,700 now. But I was able to sell it for about … I think I sold about $5,000 or $6,000. The bags that I had, I sold them each, so I made profit.

It was okay that I made the profit. Sure, I doubled my money for some. For the one I had used, I at least got the cost of the bag — the original cost of the bag back. But when I did some calculating with some calculators online, if I had invested that money for that first handbag into, let’s say, Amazon stock, I would’ve had about $30,000 to $40,000 in that investment as opposed to $4,000 or $5,000 from the sale of the handbag. So to me it was a mistake, because I could have put that money to better use because I was not using the items. If I was using the items, then great, that to me was worth the money because I was actually getting my money’s worth. But I wasn’t, so I considered that a mistake. Today, I’m much more mindful of how I shop in general. If I’m not going to use this, I’m not going to wear this at least 30 times soon, then we’re not buying it.

Kim: Well, that’s very relatable, for sure. You do talk about keeping a spending journal and how important that is for people. I think you say you keep one yourself. Can you share what kind of insights a spending journal can give you?

Bola: Yeah, so I keep a spending journal. I still have one today. It allows you to really look back and see how you have spent your money and how you felt at the time you were spending your money. It helps you reflect on your mistakes. When I look at my spending journal, I see some mistakes. Sometimes they are small mistakes, really tiny. Sometimes they’re big mistakes, like: Oh my God, why did I spend that much on that dinner, on that gift, whatever. But it just really helps you assess how you’re spending and how you’re feeling emotionally.

When I do a spending journal, I write down what I buy when I bought it. I also wrote down how I felt in the moment that I purchased it, and why I purchased the item. So it’s a good way to reflect. It is a big chore. That’s something that’s built into my own routine: keeping a spending journal. But I always tell people that when you’re trying to get in tune with your finances — you’re trying to understand your financial patterns; you’re trying to change behaviors — it’s worth keeping a spending journal for 30 days? Just have a small notebook or even the Notes app on your phone, and whenever you buy something, write it down.

Because it’s a chore, a lot of people will find that because they actually have to open that app or open that notebook, they end up not buying the thing, ’cause they don’t want to do the extra work. They also find that it helps them really see where money is going. They may have thought that, “Wow, I solely spend 100 bucks on espresso.” But in reality, I’m actually spending $500, because every time I drive by the coffee store, I’m tired. I don’t want to go to work, I hate my job, and I just need this big cup of coffee in the morning — and then in the afternoon — to help me feel better. This is not to say don’t buy your coffee. Please, buy your coffee. But this is just really saying: Where am I spending my money, and how am I spending it, and why am I spending it that way?

Kim: I want to ask you more about your approach to budgeting. First of all, you like to call it “planning” instead of “budgeting.” Tell us about that, why that matters.

Bola: Because sometimes the word “funds” is so demotivating and so depressing that it’s like, “Why do I’ve to name it a funds?'” The whole idea of a budget is that you tell your money what to do. You are the boss. You are the queen of the castle here, so you don’t have to call it a “funds.” You can call it whatever you want to call it: “I’m so fabulous; that is my plan” … “Death to debt” … Whatever you want to call it. I prefer to call my budget a “plan,” because it’s my plan I want to do with my money. And then I check in on how I actually did, because there are so many negative connotations to the word “funds.” Some people don’t mind the word budget, and that’s fine. It works for you: Great. But if that word is what’s really the stumbling block as to why you haven’t started your financial change, or why you’re not pursuing your financial wellness, definitely change the name.

Kim: You do talk about there are so many different ways to budget. You mentioned the envelope method. People can use apps if they prefer. And the important one is really picking what works best for you. How can someone figure that out, what works best for them?

Bola: The best kind of budget is the one that works for you and fits into your lifestyle. Everybody has their own idea of what a good budget is — especially on social media. But if it doesn’t work for you, it’s not a good budget for you. There’s no one perfect Holy Grail budget, and so I always tell people, “If you are making an attempt to determine what your budgeting fashion is, take a look at out completely different ones.” Maybe for the next two weeks, you try a spreadsheet, or you go into your smartphone and you find the highly-reviewed apps, and then you try those apps out. Or maybe you do a hybrid of an app and a spreadsheet. Or maybe you do a notebook and a pen right in your purse. What works for you? Maybe you like keeping cash, so the cash envelope system of budgeting might work for you. You find what works for you.

It’s okay to also change your budgeting method. I’m a big spreadsheet girl. I love using my spreadsheets. In my original budget prior to the pandemic, I would write down all the details — right from my spending journal into my budget. It was like a whole elaborate thing. When the pandemic happened and my kids were home, I had less time. I’m like, “Listen, I’m simply going to funds my core recurring bills that I completely should pay for in right here, after which all the things else after that, I’m simply going to be extra versatile.” So I end up doing more of an anti-budgeting approach where I only accounted for what was essential, like savings, investments, paying bills — and that everything else was just kind of flexible. That was because I couldn’t maintain what I was doing before, but I still wanted to be consistent with my budget. So it’s all about finding the method that works for you. It’s okay to change your method. It’s okay to change your approach.

Kim: Well, speaking of those kids, as a parent myself, I would love to ask you, how do you talk to your own children? I know you have twins. How do you talk to them about money, and what lessons do you try to make sure you pass on to them?

Bola: That has definitely been a learning experience. I try to involve them when I’m creating my lists for the grocery store, my budget for the grocery store. Sometimes I will take them with me and we will have a challenge as to: Here is the money we have. We need to fit all these things into the budget. And they start to learn that when they bring that pack of candy or that juice box and it wasn’t on the list, it means we can’t afford to pay for it.

I’m also teaching them how to be owners rather than consumers. So my kids, they now recognize brand. They recognize games and toys and TV shows, and so I tell them, “Well, we can be an proprietor on this firm. If you want Costco, we are able to purchase shares of Costco, and you’ll be an proprietor of Costco. We should purchase shares in Dunkin’ Donuts and Mattel, that makes Barbie and Hot Wheels, and Nike and Tesla,” because my son likes cars. “We should purchase shares in all these firms so that you’re now an proprietor. And since you devour the product, you just like the product, you really get insights as to how the corporate is perhaps doing.” So they’re learning that as well — how to be owners, how to not have to spend, but instead invest as well. So I’m trying to teach them about investing, about budgeting, and also about the value of a dollar and what it takes to earn a dollar — the work required, so they don’t take it for granted.

Kim: Toward the end of the book, you write about recession-proofing your finances, and that feels especially important right now when there’s so much financial uncertainty. You recommend really building up emergency savings as a first line of defense. If people already feel like their budget is strained, how can you go about doing that?

Bola: Emergency funds essentially is really to help you weather unplanned life situations without having to tap into debt. I tell people, when you think about emergency funds and you hear financial experts say, “You must have six months,” people are like, “Oh, my God. I can’t save six months of my wage. That’s insane.” And that is kind of insane for many people, so you want to think about it this way: When an emergency happens, you need money. You need the money to cover your core essentials: Your food, your housing, your transportation, your medicines, your core utilities. Those are the areas you want to focus on; and all the nice-to-haves — all the cool, fun stuff — they drop off. When you look at that from the perspective of your income and six months of savings, it’s a different number. It’s a smaller number. It’s still a big number.

I tell people that then you want to build it incrementally. So build a line item in your budget that says “emergency financial savings,” and figure out what can you afford. When you look at your budget and you cut back — even though you can only cut back on a budget so much — or you find ways to increase your income, what can I afford to save for emergencies? That’s what you’re going to put aside every month. The chances that you’re going to need your whole entire emergency savings all at once are much lower. It’s usually going to be like one-off things where you have to use part of your savings. And so by adding that money into your budget incrementally every single month, they’re able to start to build up a buffer.

When you use the money, that’s what that emergency savings was there for. Because people always tell me, “I needed to spend my cash. I really feel so dangerous.” But you saved it for emergencies, right? Yes, so it’s served its purpose. And when you spend it, then you build it right back into your budget, and you replenish it. Once you hit that number, then you can start to repurpose that money into other things. But if you’re just getting started, your budget is tight, just focus on getting to your first $1,000, [or] $1,500. This cannot replace your income, but this can cover any mid-expenses — like you need to pick up an emergency prescription, you need to buy an emergency plane ticket, you need to fix a flat tire, you need to fix a water heater. $1,000 to $1,500 can help you cover that without having to tap into a credit card or a personal loan to get through the situation.

Kim: It seems like one really big takeaway for our listeners from your story is just the importance of people and maybe women, especially, to manage their own money — take an active role in building this kind of financial security. If our listeners do one thing after reading your book or listening to this podcast, what would you want it to be?

Bola: There are lots of challenges people face when it comes to money because they feel like they’ve made mistakes, they’re bad with money. The first thing I would say is forgive yourself for any money mistakes that you have made. We have all made those mistakes. I promise you, I’ve made terrible money mistakes. Decide that you’re going to reflect on what happened, take the lessons, and throw the rest away. You’re not going to let that shame or self-judgment be your stumbling stone. You’re going to take the lessons and use those lessons as steps to take action towards your success.

The second thing I would say is you want to set the intention. When you start making money goals, it’s exciting. You’re motivated. But as time goes on, and the euphoria wears off, it’s like, “Wow, it is taking place so gradual. Wow, I had a setback. I’m not making progress.” So set the intention, and really get clear on your why. Why do you want to be successful with your money? Why do you want to achieve these goals? Your why is not what social media or your family or the world is telling you. Your why is personal to you. It’s what’s truly going to bring you satisfaction and happiness when you reach that point. Let that be your motivator when it comes to accomplishing your goals. So forgive yourself for your mistakes, and set the intention that you’re going to succeed.

Kim: I love that. Thank you so much, Bola. It was so great to have you on our podcast.

Bola: Thank you so much for having me.

Kim: That is all we’ve got for this episode. To share your ideas on methods to funds, repay debt, or handle funds as a mum or dad, shoot us an e mail at [email protected] Also, go to nerdwallet.com/podcast for more information on this episode, and bear in mind to subscribe, price and overview us wherever you are getting this podcast. Here’s our temporary disclaimer, thoughtfully crafted by NerdPockets’s authorized workforce: We aren’t monetary or funding advisors. This Nerdy data is supplied for common instructional and leisure functions. It could not apply to your particular circumstances. With that mentioned, till subsequent time, flip to the Nerds.

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