Adeola Omole - 7 Steps to Get Out of Debt and Build Wealth: How I Paid Off Over $390,000 of Debt and Built a 7-Figure Net Worth by Implementing the Supercharged Financial Strategy

7 Steps
to Get Out
of Debt
and Build
Wealth

Copyright 2018 by Adeola Omole

All rights reserved. No portion of this book may be reproduced, stored in a retrieval system, or used or transmitted in any form or manner, or by any means electronic, mechanical, photocopy, recording, scanning, or otherexcept for brief quotations in critical reviews or articles, without the prior written permission of the author and publisher.

Library and Archives Canada Cataloguing in Publication

Omole, Adeola

7 Steps to Get Out of Debt and Build Wealth: How I Paid off Over $390,000 of Debt and Built a 7-Figure Net Worth By Implementing The Supercharged Financial Strategy

ISBN 978-1-7752344-0-1 (paperback)

ISBN 978-1-7752344-1-8 (ebook)

1. Finance, Personal. I Title.

Edited by Marnie Ferguson

Book design and production by WeMakeBooks.ca

The following information is intended as a general reference guide for under standing the underlying principles and practices of the subject matter covered, and should not be viewed as the ultimate source for financial information. It is sold with the understanding that neither the author nor publisher are engaged in rendering legal, accounting, financial, or other professional services by pub lish ing this book. Since each individual situation is unique, questions pertaining to personal finances and financial advice should be addressed to an appropriate financial professional to ensure that the individual gets personalized financial advice that has been evaluated carefully and appropriately, and that is specific to the individuals unique situation. The author and publisher assume no respon sibility for errors or omissions and expressly disclaim any responsibility for any liability, loss, or risk which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this book.

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To Adammy husband and best friend,

thank you for your unwavering support.

I am so grateful for you.

To my kidsAidan and Alina,

thank you for your unconditional love.

The two of you are the best gifts in the world.

I love you all so much!

INTRODUCTION

I dont ever want to depend
on the kindness of banks.

Ben Graham

Fifteen years ago I had over $70,000 of consumer debt, not including my mortgage. At the time I was young, broke and scared, and I did not think it was possible to get out from under my huge pile of debt. I had just completed writing my bar exams and was excited about my bright future as a new lawyer. However, I was terrified about the massive pile of debt that was looming over me. A sudden job loss resulted in my being out of work for eighteen months and forced me to face my debt head on. My financial situation was dire as I had been living paycheque to paycheque, had no financial safety net, and had a negative net worth.

Not knowing where to turn, I decided to learn everything I could about personal finance, money manage ment, debt repayment strategies, and investing. After reading hundreds of books I developed my own debt repayment and wealth creation strategies. I have writ ten this book so I can share how I was able to get out of over $70,000 of consumer debt in less than three years , how I paid off over $320,000 owed on my home in twelve years and how I turned my debt repayment strategy into an opportunity to create wealth.

The most important financial decision that I ever made was to get out of debt. Once I made that decision my life changed for the better. I was able to stand in my truth and live my life authentically because I no longer had the burden and stress that come with having debt. If you are drowning in debt, please rest assured that there is a way out and I am going to show you how.

Im very excited to share my Supercharged Finan cial Strategy . It is the combination of two powerful plans: Supercharged Debt Repayment Plan (SDRP) and Supercharged Wealth Accumulation Plan (SWAP) . Also, I cant wait for you to share what youve learned from this program with your family and friends. If your debt load has become overwhelming and unman ageable, then you have turned to the right source for guidance. This book will show you how it is possible to get out from under a pile of debt while still maintain ing your sanity.

Welcome to the first day of your supercharged life! I know that right now you may be feeling scared, pos sibly intimidated and even overwhelmed at the pros pect of getting out of debt. Dont let your fears hold you back from getting out of debt, instead lean on my guidance, learn from my journey. Rest assured that if I was able to pay off my debt while being unemployed for eigh teen months of my journey, then you can do it too! I strongly believe that you can get out of debt once you are armed with the tools that I lay out for you in my Supercharged Debt Repayment Plan (SDRP). All you need is the right mindset and a deep-seated desire to be free from the shackles of your debt. Also, if you are ready to take control of your financial destiny, and start creating wealth, then this book is for you too!

False Beliefs About Debt

There are a number of false beliefs about debt, and here are a few of them:

• It is too hard to get out of debt.
• Debt is a normal way of life and there is nothing wrong with having debt, as long as you can afford your monthly payments.
• Everyone is in debt so it must not be that bad.
• The cost of living is so high that it is impossible to go through life without accumulating debt.
• Credit is required to travel and enjoy the finer things in life; therefore, one must be prepared to get into debt to enjoy the luxuries of life.

The Truth About Debt

Taking the necessary steps to get out of debt is not difficult in itself; however, changing your mindset to focus on getting out of debt can be a challenge.

Debt has not always been a normal way of life. It is only in recent history that society has encouraged and praised a consumption-oriented lifestyle that has resulted in many individuals and families living heavily in debt. Frugality and financial restraint were the norm in the first half of the twentieth century.

Debt has become more prevalent, which has resulted in more people struggling to meet their day-to-day finan cial needs. The sheer fact that more people are in debt does not make it acceptable. If you cant pay your bills, and you find yourself overwhelmed by your debt, then your debt is a serious problem that needs to be resolved.

The cost of living in North America is on the rise, and it is more important than ever to focus on paying off your debt by managing the way you spend your money. It is time to start living within your means without having to reach for credit to tide you over.

The finer things in life are reserved for those who have the disposable income available to pay for such luxuries, and are not available to those who are financ ing their consumption by accumulating credit card and other types of debt.