How Can We Build Financial Wellness? With Bola Sol
Date: Sept 24, 2020
How do you feel when you're checking your bank balance or when you receive a bill in the post?
Money and emotions often go hand in hand so when it comes to confronting our finances we can feel anxious or stressed, but how can we start to overcome our financial fears?
In this episode of The Wallet, we are joined by Bola Sol, financial wellness coach, influencer and podcaster, who is passionate about helping women look their finances in the face and installing financial confidence in them through budgeting, saving and building a positive attitude towards money.
Bola shares her own financial journey with us, what she has learnt so far and where to start if you’re looking to take the first steps towards financial independence.
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You can listen (29 min) and subscribe here:
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1. What is a financial wellness coach?
A financial wellness coach is someone who holistically works with their clients to help them work through any financial issues that may be causing them grief, whether their client is worried about debt, going through a divorce or making a major life change that will incur financial ramifications. Through getting to know their clients, financial wellness coaches seek to empower their clients and to give them the confidence in making financial decisions.
Financial coaching sessions are also designed to give clients insight into what is driving their financial behaviour. By pinpointing specific financial pain points, it is possible to remove – or at least mitigate - these features that obstruct financial success, helping you to feel better motivated to tackle any financial challenges that come your way.
2. What is the distinction between a financial wellness coach and a financial adviser?
Having studied mathematics and finance at university, Bola Sol was confronted with the decision to choose which career path to embark on. Her path to becoming a financial wellness coach rather than going down the well-trodden path of becoming a financial adviser was driven by her desire to help ordinary people find the knowledge, skills and behaviours to manage their own wealth in the long-term.
Whereas financial advisers tend to focus on implementing financial strategies and recommending specific investment products, financial wellness coaches concentrate on the basics of personal money management, behavioural changes and financial accountability. Hence, financial advisers help to manage pools of existing wealth, while financial wellness coaches equip their clients with the right skill sets and outlooks to help clients build their own wealth.
3. Is a financial wellness coach for me?
Financial wellness coaches work with clients from all walks of life. This is simply because financial anxiety does not limit itself exclusively to those struggling for money. Financial stress can touch anyone’s life, no matter how rich or poor they are, and, crucially, is a problem that stems from the way they interact with and think about money, not from how much money they have. The key, Bola Sol explains, is to try to detach your emotions from matters of personal finance, and instead seek to exert control over your money. This can be achieved through recognising that your own personal worth is not determined by your financial net worth, recognising that money will come and go but the way you adapt to the financial ups-and-downs will not.
When we spend money in such a way that is misaligned from our core values and goals, we become both financially and emotionally unbalanced. This can take a big toll on our well-being and put strain on our closest relationships. It is for this reason that Bola Sol is a huge advocate of financial independence and the ability it wields to empower those who master it. Financial independence does not concern itself with attaining a specific amount of wealth – it is a concept much broader in scope and is individually determined to mean different things for different people. Financial independence is about improving the various areas of your financial life to provide you with greater optionality and less money-related stress. The reality is that deliberate steps are required to achieve this medium-term goal of financial independence. Such steps related to achieving financial independence can include getting out of debt, having an emergency fund and paying off your mortgage. Once you have established these financial steps, you must convert your personal definition of financial freedom into an actionable plan.
In this episode of The Wallet, Bola Sol will introduce ways to:
Transform your relationship with money
Gain confidence in making your own financial decision
Get inspired and motivated to take control of your finances
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You can listen (29 min) and subscribe here:
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Resources:
Bola has some great recommended resources that she shares in this episode, you can find them on the links below;
Money: A User's Guide: The Sunday Times Bestseller by Laura Whateley
Open Up: Why Talking About Money Will Change Your Life by Alex Holder
You can connect with Bola at
Instagram @Bola_Sol
Twitter @Bola_Col
Podcast The Last Three Digits
Bola’s new book How to Save