Podcast Summary: "Reaching Your Financial Goals: Mastering Your Money, Wellness, and Authenticity" featuring Bola Sol

Episode Release Date: November 10, 2024

Introduction

In this compelling episode of "To My Sisters," hosts Courtney Daniella Boateng and Renée Kapuku welcome financial expert Bola Sol as their guest. The conversation delves deep into the multifaceted aspects of financial wellness, specifically tailored for women navigating the complexities of modern-day finances, relationships, and personal growth.

Guest Introduction and Background

Bola Sol introduces herself as a qualified financial advisor with a rich background in mathematics and finance. She founded Refined Currency and launched The Bola Sol Show, which is set to return with the UK Black Business Show in October. Over the past nine years, Bola has established herself as a prominent figure in financial wellness, authoring two books with Penguin and Murky Books, and collaborating with major corporations like Forbes, Nike, Google, and Meta.

[03:24] Bola Sol: "I have worked in finance since I finished uni and I have built an online community as well. What's always been super important to me was literally helping people with their finances. It's not like I get rich off of other people. It's like, how are we honestly getting rich together?"

Understanding Financial Challenges for Women

The hosts commend Bola for her dedication to making financial discussions accessible and non-intimidating for women. They highlight how finances often remain a taboo topic, especially within relationships, and express appreciation for Bola's bold approach in addressing these issues.

Key Discussion Points

1. Investing and Financial Empowerment

Bola Sol emphasizes the importance of investing in oneself as a cornerstone of financial empowerment. She points out that traditional safe investment options can still fail, advocating for a balanced approach that includes both personal and financial investments.

[06:25] Bola Sol: "Investing isn't just necessarily go and invest in index funds. ... It's also invest in yourself. Know what that looks like."

She encourages women to start small with investments to build confidence and knowledge.

[09:58] Bola Sol: "Start small and build up. When I first started investing, I started with about 50 pounds a month ... it was £50 every month consistently."

2. Navigating Societal Pressures and Comparisons

The conversation touches on the societal pressures women face to conform to certain lifestyles or career paths deemed "safe" or prestigious. Bola advises women to trust the timing of their lives and focus on their unique financial journeys, rather than succumbing to the urge to keep up with others.

[13:14] Bola Sol: "Trust the timing of your life. ... Focus on yours and support those around you."

3. Building Self-Control and Long-Term Vision

When discussing self-control during financial hardships, Bola underscores the significance of discipline and accountability. She shares personal strategies, such as maintaining routines and having accountability partners, to stay committed to financial goals.

[28:21] Bola Sol: "Self control comes from having discipline in your everyday life. ... Having someone who is accountable to your goals is incredibly important."

Moreover, she highlights the need for a long-term vision, encouraging women to know where they are coming from, embrace the unknown, and adhere to financial basics like budgeting and saving.

[30:15] Bola Sol: "Know where you're coming from... Trust your journey even when it's not making sense. But don't forget the basics every single time."

4. Financial Conversations in Romantic Relationships

Addressing the intersection of finances and romantic relationships, Bola advocates for transparent and meaningful financial discussions beyond superficial exchanges like who pays on the first date. She advises women to assess potential partners' financial transparency, spending habits, and long-term financial compatibility.

[35:32] Bola Sol: "Look out for how they communicate when it comes to finances. It doesn't have to be directly, but observe patterns."

She stresses the importance of distinguishing between being part of a partner's lifestyle versus their life, emphasizing that true partnership goes beyond material gestures.

[37:24] Bola Sol: "Is this guy see me as part of his lifestyle or does he see me as part of his life?"

5. Setting Financial Boundaries with Family

The episode also explores the delicate balance of setting financial boundaries with family members, especially for women who may feel obligated to support extended family due to cultural or socio-economic factors. Bola introduces the ABC rule, with B standing for Boundaries, advising women to define clear limits on financial contributions to prevent burnout and resentment.

[41:21] Bola Sol: "B is for boundaries. ... Decide whether or not that's something you want to do. Your yes has to be your yes and your no has to be your no."

She shares personal anecdotes on how establishing boundaries, such as paying rent when living at home, accelerated her path to financial independence.

Quick Fire Round

In a rapid segment, Courtney and Renée throw quick questions at Bola Sol, eliciting practical financial advice:

1. Investment Tips for Teenagers:

   • Bola: Start early through Junior Stocks and Shares ISA with parental guidance. Understanding investing fundamentals is crucial from a young age.

2. Advice for Women in Their 20s:

   • Bola: Embrace the hustle of your 20s, upskill, and seek opportunities to increase income while giving yourself grace amidst economic challenges.

3. Managing the First Salary:

   • Bola: Budgeting is essential. Categorize expenses and ensure consistent saving to avoid financial uncertainty.

4. Starter Investment Options:

   • Bola: Explore diverse investment avenues like bonds, stocks and shares ISAs, government and corporate bonds, and property investments. Emphasize doing thorough research and understanding personal comfort with risk.

Final Words of Wisdom

As the episode draws to a close, Bola Sol imparts a profound message to the listeners:

[50:01] Bola Sol: "Never attach who you are to a value you are not. Your job, you are not how much money you make. You are you. And that is okay."

She encourages women to separate their self-worth from their financial status, highlighting that financial fluctuations do not define one's intrinsic value.

Closing Remarks and Prayer

The hosts extend their gratitude to Bola Sol, celebrating her contributions and endorsing her latest book, "Your Money Life." They conclude with a heartfelt prayer, blessing Bola's ongoing journey and impact on the sisterhood.

Notable Quotes with Timestamps

• Bola Sol [06:25]: "Investing isn't just necessarily go and invest in index funds. ... It's also invest in yourself. Know what that looks like."

• Bola Sol [09:58]: "Start small and build up. When I first started investing, I started with about 50 pounds a month ... it was £50 every month consistently."

• Bola Sol [13:14]: "Trust the timing of your life. ... Focus on yours and support those around you."

• Bola Sol [28:21]: "Self control comes from having discipline in your everyday life. ... Having someone who is accountable to your goals is incredibly important."

• Bola Sol [35:32]: "Look out for how they communicate when it comes to finances. It doesn't have to be directly, but observe patterns."

• Bola Sol [37:24]: "Is this guy see me as part of his lifestyle or does he see me as part of his life?"

• Bola Sol [41:21]: "B is for boundaries. ... Decide whether or not that's something you want to do. Your yes has to be your yes and your no has to be your no."

• Bola Sol [50:01]: "Never attach who you are to a value you are not. Your job, you are not how much money you make. You are you. And that is okay."

Conclusion

This episode of "To My Sisters" serves as an invaluable resource for women seeking to master their finances while maintaining wellness and authenticity. Bola Sol's insights on investing, setting boundaries, navigating societal pressures, and fostering transparent financial relationships offer a comprehensive guide to achieving financial empowerment. Listeners are encouraged to embrace their unique financial journeys, prioritize self-investment, and cultivate disciplined habits to reach their financial goals.