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Bola Sokunbi Couldn’t Find Money Books

Natasha Gonzalez by Natasha Gonzalez
January 18, 2021
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Bola Sokunbi, the money professional behind the web monetary assist carrier Clever Girl Finance and author of a new finance e-book bearing the identical name, made headlines final 12 months for being the female who stored $100,000 in her first 3 years out of college on a $ fifty-four,000 revenue. Her achievement would possibly appear intimidating or unattainable for the average young female looking to start her adventure towards efficaciously saving cash. But here’s the truth: Sokunbi wasn’t usually financially savvy; in reality, the now-certified monetary schooling teacher made her fair proportion of money mistakes along with the manner—and she’s now not shy about admitting it.

“I’m a baby of immigrants,” says Sokunbi. “My parents grew up in a specific device in Nigeria. They had no concept of the American finance device. When you look at the common minority, plenty of them is the primary generation to go to college. It’s no longer like they can sit down down with their grandmother or their dad and communicate about cash at the dinner desk.”

Bola Sokunbi

This lack of know-how can also cause ladies to feel embarrassed or ashamed to seek economic advice. “These women never discovered a comfortable area to have [a conversation] without being made to feel silly because they don’t recognize what finance is or they’ve never budgeted efficaciously before.” Her intention with Clever Girl Finance is to exchange that.

The money errors before the cash achievement

Sokunbi, born in Austria but spent a chunk of her young people in Nigeria, knew little to nothing about cash developing up. “At the time, [Nigeria] becomes no longer a credit primarily based society,” she recollects. “Everything became coins based totally—there had been no credit score cards.” After spending her first years of college at Webster University in Austria, then transferring to St. Louis, Missouri, sister campus inside the states, she becomes finally exposed to the exciting world of credit score playing cards and the opportunistic reps willing to say something to make a deal. “I don’t forget I went to the profession honest, and the primary component I [saw] was the credit score card corporations,” she stated. (This promoting tactic has since been deemed illegal through the Credit Card Act of 2009.)

She remembers the saleswoman telling her, “you’ve got a campus address, so we’ll just ship your bill to the campus address, and also, you in no way have to tell your mother.” A month later, Sokunbi changed into dealt a $2,000 credit score card invoice—and a laundry listing of disgrace—after maxing out the cardboard on garments, accessories, and groceries. But if there has been one factor her circle of relatives did reveal her to, it became tough paintings and perseverance. Sokunbi’s mother had long past returned to highschool due in existence, earning an undergraduate and two master’s stages and turned into operating more than one aspect hustles to position her via college. “Understand that this isn’t your proper,” Sokunbi says, her mother informed her whilst purchasing her 4 years of university lessons. “I don’t owe this to you. This is a privilege you’re having at my cost, at the cost people planning our retirement knowing that your dad is not working properly now.” With that in mind, Sokunbi paid off the credit card debt and promised herself she’d study more about the business of money.
Mind at the cash

Fast ahead to age 24: Sokunbi’s a current college grad (she took a year off earlier than completing) operating in New York City and living in New Jersey—the beginning of her adventure toward saving $one hundred,000 by using 28. It’s also around the time that she started her personal finance weblog to help file and inspire her savings purpose.
She might write approximately leaning on books like David Bach’s Smart Women Finish Rich, contributing to her 401K retirement fund, shopping for discounted garments, investing within the stock market, and taking any possibility she may want to eat unfastened meals at the office. “There was continually some child bathe, and even if I didn’t realize you, I’d be like oh, hiya, hello, congratulations,” she stated, with a laugh. “Whatever I didn’t consume, I could take home.”

With those saving techniques and staying along with her mom in New Jersey or her brother in New York (a privilege she’s grateful for), Sokunbi began saving 40 to 50% of each paycheck. When she did ultimately end up leaving home for her personal location, she maintained a low loan, small utility bill, small phone bill, and small vehicle be aware—and was shopping for few groceries on her “ramen noodle and coke weight loss program.” She additionally picked up a facet hustle. Photographing weddings made her about $10,000 for the first 12 months and eventually earned her $30,000 to feature her financial savings.

Turning cash into a complete-time career

In 2015, Sokunbi turned her finance blogging interest right into a commercial enterprise with the start of the web finance service Clever Girl Finance—an aggregate of coaching, blogs, newsletters, guides, motion pictures, and podcasts geared toward coaching ladies a way to be better with their cash. In Clever Girl Finance’s early degrees, Sokunbi becomes also working in an era approach and, along with her husband, raising her twin toddlers.

“I became within the stage where I didn’t sense very fulfilled at my activity,” she stated. “I wanted to do something that mattered.” So she stopped her complete-time task and decided to consciousness on Clever Girl Finance complete-time—a selection that, in the beginning, appeared like a mistake. “I quit my process in August, and, between August and December, Clever Girl Finance made $two hundred,” Sokunbi says, chuckling. But, with help from her husband, she stuck with it, making extra an attempt to attach and attract girls through interactive methods like webinars and in-character conferences. Now, Clever Girl Finance is certainly one of the largest women-centric finance systems in the U.S., with a contemporary target audience of greater than 185,000 followers on Instagram.

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