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One Woman’s Journey out of Debt

 

 

In our October Newsletter last week, we touched on the story of Adeola Omole, a lawyer and author who managed to pay off a debt of $70,000 in just three years.  Today we’re going to take a more detailed look at this news and let our readers know how Adeola managed to get herself out of debt so quickly.

According to Adeola, the answer to getting rid of consumer debt begins with a question!  She believes you need to figure out two things – why you got into debt in the first place and why you want to get out of debt.  The “why”s, she states, have everything to do with your money mind-set – your beliefs around money and your limitations surrounding it. 

When it comes to answering why you want to get out of debt, the questions to ask are:

  • What’s motivating you?
  • What’s driving you?
  • What’s getting your excited to get out of debt?

Adeola claims that by focusing on and tackling her money limitations, she was able to not only put her debt behind her, but also to build a seven figure net worth.  That is impressive.  The increase in her net worth is actually an indirect result of being in debt.  Adeola decided to share her success with others and wrote a book called “7 Steps to Get Out of Debt and Build Wealth”.

The first step, according to Adeola, is to ask yourself “Why have I decided to get a debt?”  The why is governed by your mind set, your money mind set, your beliefs around money and your limitations surrounding money.

The most effective method of getting out of debt is to focus on and tackle your money limitations by using a motivation technique.  Adeola and her husband began by giving up small luxuries like trips to the cinema and holidays, with a promise of booking a really cool holiday once the debts had been repaid.

Instead of luxuries, the pair spent their time doing stuff – both being athletic, this means running, weight training, even going for brisk walks.  Not as exciting as a holiday, admittedly, but these activities cost very little, if anything.

The couple changed their spending habits too in order to reduce the debts more quickly.  This involved leaving the credit cards at home and not buying stuff unless they actually had the money to do so.  This is a difficult cycle to break once we’ve become used to using credit but, break it you must, in order to change habits and make a difference to your debt.

Once they’d paid off the debt, Adeola and her husband decided never to carry a credit card balance again.  This is not the easiest option, but you may be surprised that there are plenty of people across the land who don’t use credit cards – they pay for everything by debit card instead and just don’t buy stuff that they cannot immediately afford. 

Building a seven figure net worth is likely to prove a little more challenging than getting out of debt, however, but being debt-free is a great ambition in itself.