Surviving layoffs and financial do-overs with "7 Steps to Get Out of Debt and Build Wealth" author Adeola Amole

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Wealth coach Adeola Omole got a do-over she didn’t want when she got laid off a second time- but by being financially prepared she was able to land on her feet. The author of “7 Steps to get out of Debt and Build Wealth” shares her story of how she came out stronger the second time around. 

In Adeola's money story you will learn:

  • How she prepared herself for a second lay-off

  • What the Super-Charged Financial Strategy is and how it helped her to pay off $70,000 in consumer debt in less than 3 years

  • Why you should negotiate interest rate reductions

In Adeola’s money lesson you will learn:

  • What she did to layoff proof her life

  • Why debt is the only thing that holds you back from living the life you want

In Adeola's everyday money tip you will learn:

  • What it means to triple-check your way to wealth and why it's important

In My Take you will learn:

  • Why no ask is too great when negotiating interest rate reductions

  • Why it's so important to pay attention to what's going on in your industry on an economic level

Adeola has generously sent, from Canada no less, two signed copies of her book 7 Steps To Get Out of Debt and Build Wealth to give away- all you have to do it DM me your takeaway from this episode- bobbirebell1 on instagram bobbirebell on twitter or email us at hello@financialgrownup.com

Episode Links:

Check out Adeola's website - https://www.adeolaomole.com/

Adeola's book 7 Steps to Get Out of Debt and Build Wealth

Follow Adeola!


Transcription

Adeola Amole:
Because of my first layoff experience I actually created my entire career to layoff-proof my life. In essence, I built up my asset base so I have these rental properties that are cashflow positive, I have money coming in from my investments from the stock market. I really had already set myself up to take care of that subconsciously.

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner Bobbi Rebell, author of How To Be a Financial Grownup. You know what? Being a grownup is really hard, especially when it comes to money. It's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We've got this.

Bobbi Rebell:
Hey, financial grownups. No matter how much we talk about being ready for something like a layoff who really is? Right? For today's guest, wealth coach, author, social worker and lawyer, Adeola Amole, getting laid off for the second time still caught her off-guard even though the signs were all there.

Bobbi Rebell:
This time she was a lot better prepared and I think you are going to be very interested in what she did to layoff-proof her life. It was not just having an emergency fund, although that also matters a lot.

Bobbi Rebell:
Happy holidays to everyone and special welcome to our newest listeners. So glad you found us. We keep the episodes on the short side, about 15 minutes, with the idea that you can stack a few together to fill the time that you have to listen. Feel free to listen to a few episodes at a time if that's what works for you.

Bobbi Rebell:
All right. Let's get back to Adeola. She is also the author of a really readable book and I don't take that lightly because it is true to the title 7 Steps To Get Out of Debt and Build Wealth in that she really walks us through exactly what to do. Action steps, not just theories. She comes from experience as you will hear in our interview. Here is Adeola Amole.

Bobbi Rebell:
Hey, Adeola Amole. You are a financial grownup. Welcome to the podcast.

Adeola Amole:
Thank you for having me, Bobbi.

Bobbi Rebell:
We practiced saying your name because I am terrible at pronunciation. I just want to say for people curious about the name Adeola Amole it is of Nigerian origin. I just learned this. It means crown of wealth, which we love, so welcome.

Adeola Amole:
Well, thank you. Yeah. No. I love it.

Bobbi Rebell:
You are the author of 7 Steps To Get Out of Debt and Build Wealth. You are a money coach but by trade your background is as a lawyer and you have a graduate degree in social work. You know a lot about a lot of things.

Adeola Amole:
Well, thank you for that. I like to think that I'm a person who just wants to learn and I love learning about so many different things as my background shows. Now I'm living my passion. This wealth coaching thing is right up my alley. I also am able to still use the legal background as well as the social work background. It marries brilliantly.

Bobbi Rebell:
Let's get to your money story. It has to do with the art of the do-over. Let's call it that. Go for it.

Adeola Amole:
I got laid off and I literally had no backup plan, no clue how to do it. Long story short, I figured out a strategy. I call it the Super-Charged Financial Strategy. I figured out how to pay it all off and luckily for me [crosstalk 00:03:30]

Bobbi Rebell:
We should say you had quite a bit ... You had $70,000 in consumer debt when you suddenly had no income of your own and your husband had a smaller income. You had the larger income.

Adeola Amole:
Exactly. You are absolutely correct. $70,000 was paid off in the first three years of the plan. Just shy of three years.

Bobbi Rebell:
What is the plan? When you say the plan what is the plan?

Adeola Amole:
The Super-Charged Financial Strategy is a two-part plan. The first part of the strategy I call it the Super-Charged Debt Repayment Plan and that literally is the snowball method on super-charged. Hence, the fact that I call it the Super-Charged Plan.

Bobbi Rebell:
Because you would pay but you would also negotiate a lot with the credit card companies.

Adeola Amole:
Exactly. I would negotiate like crazy. This is where the legal background truly did pay off because I literally knew ... I setup the system for myself and I knew exactly what processes I would have to use. If I didn't get what I wanted from the rep I would just ask to speak with a manager and usually got what I wanted. I knew how to negotiate myself to as low a rate as possible.

Bobbi Rebell:
What I love about this is you at times went for the 8% or 9% but you even went for 0% sometimes. You can ask for that. It's a little bit bold, you won't always succeed, but you can ask for 0%.

Adeola Amole:
Exactly. It works. It helps you crush that debt faster.

Bobbi Rebell:
All right. You had the first layoff. You learned from the idea of not being prepared. Then life goes on, you get a new job, the recession, we move past the recession, past that 18 months of being unemployed, things are good, you now have a child, your husband is home now taking care of the child. What happens next?

Adeola Amole:
Yeah. To add onto that story we have a child but now we have two rental properties. We have money in the markets. We built up assets after having paid off the $70,000 consumer debt. Now things are looking fabulous, my husband is a stay-at-home dad. He's been with our son for four years.

Adeola Amole:
Then we get pregnant with a second child but I didn't tell my employer this because most women know this, first trimester you just stay hush hush until you go into the second trimester. Long story short, I get laid off again.

Bobbi Rebell:
Had you had any idea this was coming?

Adeola Amole:
No. Well, I shouldn't say no. What happened is I worked in an industry where it was really contingent on oil prices. Oil prices had just crashed. This was I believe last quarter of 2014. I was in a position where we got rumors as to, "Things aren't looking so good. Oil is going down." People talked about it but no one knew that it was going to happen. We had suspicions but obviously I didn't think I was going to be one of them.

Bobbi Rebell:
Do you feel looking back you had a sense of denial maybe about it?

Adeola Amole:
Absolutely. Absolutely. However, I have to tell you because of my first layoff experience I actually created my entire career to layoff-proof my life. In essence, I built up my asset base so I had these rental properties that were cashflow positive. I had money coming in from my investments from the stock market. I really had already set myself up to take care of that subconsciously.

Bobbi Rebell:
Excellent. What happens?

Adeola Amole:
Yeah. I'm laid off. My employer at the time doesn't know that I'm three months pregnant. I should have been absolutely terrified but I wasn't because, as I said, we set ourselves up. We had cashflow in properties. We had investment properties.

Adeola Amole:
My husband and I were figuring out what to do next and we had five months to think about it. Guess what? There was money to take care of everything. We had a 12 month emergency plan. It was really my financial do-over.

Bobbi Rebell:
Love that. What is your advice for our listeners? What's the takeaway here?

Adeola Amole:
The biggest takeaway is, guys, plan for these what ifs. These what ifs it's not if they're going to happen. It's when they're going to happen. It's best to just put a plan of action in place. Crush that debt. Like get it off your plate, get it off your balance sheet.

Adeola Amole:
At the end of the day, that's what's holding you back from really creating the life that you want to live. If you get that out of the way you can truly start planning where you want to go.

Bobbi Rebell:
All right. You brought with you a great everyday money tip that's something we kind of all should know but we just ... I don't do it. I totally take the short way and I'm sure I've made so many bad decisions, I know I have, because of it. Teach us.

Adeola Amole:
You're awesome. The tip that I have is triple-check your way to wealth. It's a really simple tip and it's something that you can totally use today and it means that when you're looking for any item, like any big ticket item, even a little ticket item, always at least refer to three merchants or three service providers for pricing and also for service. This is boiling down to people as well as prices. I think it matters to work with good people. I always want to work with good people. I always want to get the best prices.

Adeola Amole:
I recently had some auto body work that I had to do. I was referred to one company and when I called them ... They're a reputable company and I've heard about them so I knew that they were good ... I called the service provider and they set a price that sounded wonky to me. It was like $3800 to get this done. I literally almost lost my mind.

Adeola Amole:
I thought, "Okay, let's just call around" so I called a few other folks, got some references. Long story short, after doing the check I found an incredible company, extremely reputable, used by the best dealerships where I live, and they came up with a price that was just $1000 shy of the price so it was $2800. The people were incredible, they were extremely friendly, and because I'm a lawyer I decided I'm going to negotiate an even better rate.

Adeola Amole:
I spoke with the guy and told him, "Okay, what can we do here? I really want to go with you, I really like you guys. What more can you do for me?" Sure enough he gave me $200 less than it was originally quoted. $2600 and change. Long story short, guys, triple-check your way to wealth. That extra money now can go into my investment portfolio.

Bobbi Rebell:
What is your favorite go-to source for even finding vendors or people that you can work with? Sometimes it's really hard just to get referrals.

Adeola Amole:
It's the truth. It depends on what it is. In this instance, because it was auto body I've worked with a few companies in the past so I went to the companies I trusted. My husband and I drive Acuras and Hondas. I went to the dealerships, the Acura dealerships that I like and that we've dealt with in the past and I spoke with the guys and said, "Who would you refer?"

Adeola Amole:
They gave me some auto body shops. Then I went to the Honda dealerships, "Who would you refer?" I had a list of a bunch of them. Go to the source. If you're looking for even if it's just furniture and stuff go to the sources. Go to the people you know who have fabulous furniture or go to the companies themselves and just start talking to the people who are working there. Sometimes they'll tell you, "Don't buy it here. Go here."

Bobbi Rebell:
Is there an advantage to talking to them in real life versus just calling around or looking at an app?

Adeola Amole:
You know, I think there is. Always that human connection will get you the better referrals and then you can connect with them, right? So they're willing to give you that information. Absolutely.

Bobbi Rebell:
I think being in person makes a huge difference. Tell us more about where we can find out more about you and your book.

Adeola Amole:
Oh, absolutely. My book 7 Steps To Get Out of Debt and Build Wealth, guys, it's available everywhere. Go to my website www dot Adeola Amole dot com and there you can choose your retailer of choice because I'm on Amazon, Barnes and Noble, Books A Million, Indigo, pretty much anywhere you can buy books it's available.

Bobbi Rebell:
Love it. Thank you so much. Social media, where can we follow you?

Adeola Amole:
Instagram is my stomping ground. I'm everywhere but Instagram is my stomping ground. I'm at Adeola Amole B.

Bobbi Rebell:
Thank you so much. This was great.

Adeola Amole:
Aww. Thanks for having me, Bobbi. I appreciate it.

Bobbi Rebell:
Hey, friends. Let's get right to it. Financial grownup tip number one, when it comes to things like cutting your debt no ask is too aggressive when you negotiate for interest rate reductions like Adeola. She went for the 0% interest rate. Kind of surprised me but I'm impressed. While she didn't always get there she sometimes did so why not ask?

Bobbi Rebell:
Financial grownup tip number two, listen to the whispers at work. Pay attention to the larger macro economic climate and what's going on in your industry. Adeola in her gut knew that there was a good chance she was going to get laid off but she was still surprised. Financially, though, with her multiple and largely passive income streams she was ready.

Bobbi Rebell:
All right, everyone. Adeola has generously sent, from Canada no less, two signed copies of her book 7 Steps To Get Out of Debt and Build Wealth to give away. All you have to do is DM me your takeaway from this episode on any of the social channels. On Instagram at Bobbi Rebell 1, on Twitter at Bobbi Rebell, or if you prefer email you can email me at Hello at Financial Grownup dot com. Big thanks to Adeola Amole for helping us all get one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media Production.