NEW YORK, NY / ACCESSWIRE / June 29, 2020 / Nowadays, every dollar counts and proper budgeting is essential with the rising cost of living. Often, people tend to live above their means or have inadequate savings which leads to debt, and sometimes even bankruptcy. That's where Lola Obamehinti comes in. The 29-year-old entrepreneur helps other millennials get their finances under control so they can live their best life.
(Courtesy: Lola Obamehinti, Photographer: Ian Crumpler)
By day, Lola works in tech in Silicon Valley. At night, she writes finance articles on her personal website and blogs about creative ways to save money. As a side hustle, Lola is a freelance TV Host who is regularly called to talk about travel, finance, and technology.
"Honestly, everyone should have a side hustle. Multiple streams of income is the only way to secure yourself during an economic downturn like the one we're currently experiencing due to COVID-19," Lola says.
As a natural public speaker, Lola is comfortable meeting new people and speaking in front of large audiences. She has visited over 15 countries, frequently posting her picture-perfect travel photos on her Instagram. She enjoys spending time with her family and friends. Overall, she has a fulfilled life. However, Lola's journey has not always been smooth sailing.
"After undergrad, I realized I had over $55,000 in student loan debt - and that was after receiving numerous scholarships and grants. I wanted to continue my education but had made a promise to myself that I would never take out another student loan. So I started researching different ways to supplement my income while lowering my living expenses," the young entrepreneur said.
Lola quickly made a plan to pay off her debt. She started looking for better-paying jobs and soon secured a position that doubled her salary. But instead of upgrading her lifestyle, Lola put the extra income towards her debt. She began investing and saving more money. She also applied for numerous graduate scholarships and was awarded several, which she used to completely pay for the expenses for two master's degrees. Six years after beginning her debt payoff plan, Lola finally paid off all $55,000 of her student loans. She then tackled the $10,000 she had left on her car note and credit cards.
Student loan debt in the U.S. is a full blown crisis with roughly 45 million borrowers owing $1.6 trillion dollars. Unfortunately, even if you file for bankruptcy, student loans are the only type of debt that can't be forgiven. As a result of crushing financial pressure and the inability to keep up with student loan payments, many Americans have turned to credit cards to pay their bills in a timely manner. According to a 2020 research study conducted by personal finance website, WalletHub, the amount of total consumer credit card debt in the U.S. is presently over $1 trillion dollars.
"I still have my credit cards but I no longer use them. If I can't pay for something in cash or with my debit card, I simply don't purchase it. I believe healthy money habits and financial literacy is the key to paying off debt and building wealth. Because even if you're making a six-figure or seven-figure income, you will always end up broke when you're living above your means," Lola says.
As someone who is now completely debt-free, Lola is committed to helping others manage their finances. Through her business, she offers consulting sessions and webinars for her peers to assist them in figuring out their own debt payoff strategy. However, with so many people she knows that are without jobs due to COVID-19, Lola has expanded her business to provide complimentary resume reviews and career coaching.
"During this pandemic, so many individuals are seeking jobs or trying to transition into different careers. I noticed this need and wanted to use my expertise to assist others in securing positions. It's a horrible feeling being laid off and not knowing how you'll be able to pay your bills. In times of economic crisis, debt usually goes into delinquency because other necessities have to be paid. I know what it's like to have so much debt that you feel stressed and overwhelmed, which is exactly why I'm determined to help others also get out of debt."
For more information about Lola Obamehinti and what she does, you can visit her website or Instagram. You can also send her an email at [email protected].
SOURCE: Authority Titans