Black Lady Helps Girls Construct Wealth With four Methods She Used to Save $100,000 By Age 30
Bola Sokunbi, creator of Clever Girl Finance, uses her wealth management skills to teach others how to get the most from their money.
The entrepreneur saved her first $ 100,000 before she turned 30, Insider reports. After Sokunbi completed the feat, Sokunbi sought advice from a financial planner, who expressed doubts about how the young businesswoman made so much money on her own.
“Do you have a husband or a rich boyfriend?” asked the financial planner Sokunbi. “Where did you get this money from?”
She recalled being “angry” with the planner’s skepticism after working hard to get the most out of her 401 (k) from her first corporate job, which she got straight out of college.
“I saved a lot and thought to myself, ‘The right thing to do is to go to a financial planner. That’s what the books say, ‘”Sokunbi recalls.
For those wondering how much Sokunbi made trying to save that much before she was 30, she only made $ 54,000 and brought home $ 40,000 after tax. Now she uses her company Clever Girl Finances to teach other women how to manage their finances.
She gives the four tips for making money and saving while working in a company.
“If I get this free money, I might as well be contributing the 6%,” says Sokunbi of investing in your company’s 401 (k).
She encourages people to add something to their 401 (k) and get the most out of everything your company has to offer. She adds that workers should automate their paychecks so that half goes to their savings accounts automatically.
“I can either get used to spending money [my full paycheck]which happens very easily, ”she said. “Or I could just put half away and fight with the half that I had.”
Sokunbi also suggests keeping spending as low as possible. She took advantage of her company’s free meal program and occupied dinners after 7pm. “Even if I didn’t do anything, I would try to stay,” she recalls.
She also encourages women to take up a sideline. Hers became wedding photography, grossing her an additional $ 10,000 in her first year and $ 30,000 in the second year.
“Having a sideline is smart, it’s a buffer in your life,” she said.
Her new book, The Side Hustle Guide, takes readers through mastering a well-paying part-time job that will leave you with $ 100,000 in your bank account in no time.
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