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09 May 2023Bola Sol, Author and Finance Expert
This week we’ve been chatting with Bola Sol, Author and Finance Expert
Tell us a little bit about your background
I studied Mathematics and Finance at Uni. I became obsessed with the idea of becoming a CEO of a big finance company and then realised that between sexism and racism, it didn't feel possible. So I created my own personal finance company in 2015 because I needed to make a space for women and young ladies to learn about finance without feeling stupid.
"Why didn't you become a Financial Adviser?" (a question I get often) - Because a lot of the people in those rooms aren't women and you also need a strong five or six figures to invest with a Financial Adviser. This isn't the community I want to serve.
What is a typical day for you?
Oh to lie and say I wake up at 5 am! (I used to though.)
6:30/7 am: Read the bible (on the app); check a few apps and then check my calendar to see what my day holds.
7-7:30 am: Warm water, pre-workout drink, a walk around my area and then I go to the gym for some HIIT cardio. Can't forget abs - summer is coming. If there's time I catch up with my PA quickly.
9 am - 1 pm: I work my 9-5
1 pm - 2 pm: Check my emails and WhatsApp for business enquiries. I may edit a reel or TikTok. I'll check my social media too.
2-5 pm: Back to my 9-5
5-6 pm: Prep a post on Instagram (somedays finance, somedays fashion)
6-9 pm: Work on YouTube scripts, do some studying, and ensure everything is scheduled for the next day. Eat too!
9-10 pm: Try to wind down, if I haven't completed my fitness goals for the day on my Apple Watch I go for a walk or a quick gym session
10-11 pm: Watch TV, write in my journal, listen to an audiobook/read.
Biggest do’s and don’ts when it comes to money and saving?
Do:
Budget (no two budgets are the same, stay organised with your money)
Save regularly (know the difference between an emergency fund and long-term savings)
Set financial goals - without knowing what you're planning for, the motivation won't be there to plan, save and invest
Don't:
Overspend: Avoid spending more than you earn, as it can lead to debt and financial stress.
Ignore debt: If you have debt, create a plan to pay it off as soon as possible. High-interest debt, such as credit card debt, can quickly spiral out of control and harm your credit score.
Compare yourself to others: Everyone's financial situation is different, so avoid comparing.
You really champion women specifically when it comes to money matters. Where did this passion come from?
It came from seeing women be a 'stay at home wife/mum' then get divorced and be left with 'nothing'. What a sad trope to give women when we bring taxpayers into the world. Irrespective of the cards life deals us, we should all be self-sufficient financially. It's my life mission to ensure all women can attain that.
People talk a lot about investing but a lot of people have no idea where to start, what would be your advice for someone looking into doing this?
1. Think about the investment platform you want to use (think about fees long term when doing this).
2. Look into index funds and exchange traded funds.
3. Research the dollar/pound cost averaging method.
How have you found being an Entrepreneur and what challenges have you faced?
I've enjoyed the highs and lows. It's easier to reminisce on the lows when you're at a high point in your career (thank God).
Challenges I've faced:
Cashflow! Goodness gracious me, sometimes you have three great months and then two months of tumbleweed. You have to remember that silence is not correlated to the value you provide as an Entrepreneur.
Competition. It's always interesting seeing new people coming in wanting to do something similar to you. That's when you have to decide who you're going to be in this game. A woman who doesn't help another or someone who actually helps and realises we could potentially be more powerful together.
Being underestimated. Sometimes I tell my manager that someone will be sorry later because they'll have to circle the block and the price will have changed. Rejection is always a bit of an ego boost for me.
For people who are just starting a business, what are some key things for them to consider?
1. Think before you quit your job. This is not a Disney dream, it is the graft of a lifetime.
2. Know your 'why'. If you won the lottery tomorrow, would you still do what you do now?
3. Understand your long-term plan. Do you want to raise capital? Do you have an exit plan in ten years?
4. Know who you're getting into business with. Business relationships are vital and they can be volatile too.
What is your controversial take when it comes to money?
Even if you can't buy it twice, still buy it!
You also love to travel, where has been your favourite place so far?
Barbados and New York. The people in both places are really sweet. The people make a country.
You create great and transparent content around money, where do you get your inspo for content?
I can't reveal my sources....kidding! It's a mix of ideas in my head and remixing things I've seen around. Nothing under the sun is new.
You are now an author- congratulations! What made you want to write ‘How To Save It’ and is there another project we can look forward to?
Thank you! It's been two years already (wow).
I wanted to write an easy, short book that went into the foundations of money. Something that would invite readers to do their own research and delve deeper into their financial journey, not something that would scare them away!
Thank you Bola for chatting with us! If you want to follow along her journey you can find her here