A Canadian woman went from $70,000 in debt to a 7-figure net worth by building a new habit into her day

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November 3, 2018 4:16 PM

Adeola Omole paid off $70,000 of debt in three years and built a seven-figure net worth by living her life "half off." Here's her best money tip.

Adeola Omole

was faced with the debt she accumulated over the years from student loans, car loans, a line of credit, and credit cards, she said on an episode of Farnoosh Torabi's "So Money" podcast.

As Omole, who was raised by immigrants as one of six children, watched her parents struggle financially, she came to think debt was a normal part of life, she said.

"When I embarked on my debtfree journey, I learned very quickly that I had to unlearn everything I had been taught about money (both from society and through my upbringing), so I began to live my life for half the price by buying virtually everything for 50% off or more," Omole told Business Insider.

She began cutting her spending on things like groceries, toiletries, and clothes.

The strategy is part of Omole's : "Spend passion, cut junk."

"In a nutshell, it means that you need to start spending your money on things that bring you joy and that you are passionate about," Omole said. For example, she spends her money on books and investing; others may put their money toward travel.

For Omole, this "money philosophy," as she calls it,

"Once I stopped associating money with consumption and started associating money with options, my relationship with money changed from being based out of fear to now being a source of empowerment,"Omole said.

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