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BiggerPockets Money Podcast

209: Creating Financial Runway to Start a 7-Figure Business w/ Bola Sokunbi

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 28 June 2021

⏱️ 67 minutes

🧾️ Download transcript

Summary

Growing up, Bola Sokunbi had some serious financial influence from her parents. Her father would tell her “Don’t be penny wise and pound foolish” while her mom showed her the importance of being an independent woman who could financially stand on her own. They both influenced her to become the financial author, mentor, and teacher she is today with Clever Girl Finance. Bola split her youth between Europe and Africa, and when given the chance to go to college back in Europe, her mom cashed out her retirement savings to give her daughter the gift of education. Bola worked through college and graduated with zero debt! She then went on to live in New York City, making $54,000 a year at her first job, which to her, was like getting a million dollars! As she saved up to buy her first home and later started investing in more growing assets, she saw her friends who made 3x her salary, spend all their money on designer handbags, expensive dinners, and luxury apartments. She knew she didn’t want to be surrounded by financially irresponsible people, so she distanced herself from those friends, and began her journey to FI. Now, Bola has a business pulling in six figures every month! She teaches women how they can start investing, have financial confidence, and live life on their terms.  In This Episode We Cover The importance of education, even in today’s world  The great sacrifices Bola’s parents made for her to be successful Starting side income streams so you can invest and save more Selling the investments you don’t feel comfortable with, and why everyone doesn’t need to be a landlord Saving a massive financial runway before quitting your full-time job Starting Clever Girl Finance and her new book The Side Hustle Guide  And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the bigger Pog its money podcast show number 209 where we interview Bulless will come be from clever girl finance and hear her story of saving and saving and saving and investing and living her best life.

0:11.7

When I had friends who were living in Times Square and they had an apartment that cost I think $7,000 a month.

0:18.7

They both split it so $3,500 each not to factor in eating out all those kinds of things and some people even lived alone.

0:27.7

And of course you have to buy the Louis Home bag and the Chanel bag to go with your power suit that you got from Fury that cost you $600.

0:35.7

So it was like so after a while I just started to shy away from those people because I did like all those nice things but I just couldn't afford it.

0:42.2

I couldn't I couldn't keep up. I could barely pay for my dinner when I went out to eat with them because of where they wanted to go to eat.

0:47.7

Hello, hello, hello. My name is Mindy Jensen and with me as always is my compulsive reader co-host Scott trench.

0:54.2

Word Mindy, thank you.

0:56.7

Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story because we truly believe that financial freedom is attainable no matter when or where you're starting.

1:11.2

That's right whether you want to retire early and travel the world going to make big time investments in assets like real estate or start your own business.

1:17.7

We'll help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams.

1:29.2

Scott, I am super excited to talk to Bola today because she is just a delightful person and I love her story and I was really wanting to get her on the show and then somebody posted in the Facebook group.

1:41.2

I am so in love with Bola so come be can you please get her on the show I'm like it's already scheduled.

1:46.7

I love what she says in her story she came over from Europe from Nigeria and her story is actually not that dissimilar to this money stories of people who have lived in America their whole lives other than having to figure out the way that American money works.

2:06.7

She came from nothing most of us also have no financial background she didn't really have anybody she could ask like her parents or you know brothers and sisters because they didn't really know how the American system worked.

2:18.7

Again not so different from people who have been born and raised in America unless you're taught how the money system works you don't know and there's not a lot of like fall back on your parents because they don't know either.

2:31.7

So I just I really enjoy talking to her today and hearing her story.

2:36.7

Yeah I think it's a great story and I think that it's a reflection on her values that she was taught growing up values that are shared across many different you know up rings both you know from folks that are grew up abroad and in the United States and then a slow journey of slowly kind of accumulating knowledge about how to invest and build wealth and become an entrepreneur and those types of things.

2:58.7

It's really awesome to see how effectively and well she played her hand and to become a very successful entrepreneur ultimately here today and so I think that's it's been a really fun journey and hats off there that was awesome.

3:11.7

Yeah I think she has an insatiable curiosity and drive and it comes from you know the experiences she had growing up like you said but yeah she is not going to be stopped and she is like a freight train running down the track just I am going to succeed.

3:27.7

And I love her her enthusiasm before we get into the show here's a word from today's show sponsors.

3:34.7

We know you've heard it before cash flow is getting very hard to find there's always long distance investing but you may be thinking I don't have a team enough experience or the market knowledge to get in well that's where you're wrong and that's also where rent to retirement comes in.

...

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