5 Things Everyone Should Do To Fight Inflation, According to Bola Sokunbi of Clever Girl Finance
Bola Sokunbi is the CEO and founder of Clever Girl Finance. She is also the host of “The Clever Girls Know” podcast and is a financial education instructor who aims to help women generate wealth and live on their own terms.
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Chosen by GOBankingRates as a Top Money Expert, here, Sokunbi shares ways to find confidence, build wealth and fight inflation.
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What’s the one piece of money advice you wish everyone would follow and why?
Don’t compare yourself to other people, especially not on social media. Comparison is the thief of joy. Many people get into debt trying to keep up with or impress others. What’s most important is focusing on ourselves and what we truly want to achieve in our own lives.
What’s the most important thing to do to build wealth?
Prioritize paying down high-interest debt and invest consistently over time. Even if you can only afford to invest small amounts of money, over time your investments will add up, especially due to compounding, appreciation and dividends.
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What’s your best tip for fighting the impacts of inflation?
It’s important to budget and give every dollar you earn a job to do. Also, consider areas in your budget you can cut back on. When shopping, consider generic versus brand names to save on costs. Get creative to earn more income, e.g. a part-time job, a better-paying job, downsizing and selling items, a side hustle. Look for opportunities to get high interest rates on the cash you have on hand at financial institutions to minimize inflation on your cash savings. It’s also a good idea to pay off high-interest debt associated with credit cards with rates that may increase as a result of inflation.
What’s the biggest mistake people make when it comes to money, and what should they do instead?
One of the biggest mistakes people make is assuming they cannot achieve financial wellness. It starts with adjusting your mindset, setting the intentions, tying in goals that are measurable and taking action. There may be setbacks and sometimes progress might seem slow, but over time, you’ll be surprised at how much you’ve been able to accomplish.
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Jaime Catmull contributed to the reporting for this article.
This article originally appeared on GOBankingRates.com: 5 Things Everyone Should Do To Fight Inflation, According to Bola Sokunbi of Clever Girl Finance
