From Collections to Living The American Dream! Nicole Deas, A Women Who Loves Money
By Madison Jaye
Nicole L. Deas, MBA, AAMS, CFEI is the founder and lead advisor of One Source Financial Solutions. She serves as a Wealth Strategist, Licensed Insurance Agent and Certified Financial Education Instructor. With over 25 years within the financial and life insurance industries, Nicole is known for her business acumen, strategic perspective, operational execution, collaborative leadership style and her appetite for taking on new challenges. She holds a bachelor’s degree in Policy Studies and Business Administration from Syracuse University, an MBA from Southern Polytechnic State University, and holds life and health insurance licensure in 20 states. She is also the author of her best-selling book “90 days of Forever”. I need to hire her now, sheesh!!!
Can you tell our readers about your own personal financial journey and how you became known as the, “wealth strategist”?
Well, growing up in a single family, first generation household, my sister and I were taught that money was important. It was and is the foundation of a healthy wealth strategy. We were taught that credit should only be used when necessary, not of impulses. What I was taught about money was that we do not talk about it, except that we save it, budget it, do not squander it and make sure to pay what you owe. Now at this juncture, I need you to know that my mom and dad are immigrants from Trinidad, WI and Panama respectively. They came to America for the same reason so many immigrants do, for a better life. She worked, graduated high school, secured her Bachelor’s, master’s and nursing degree, got married, and had 2 daughters. But in all that, she was serious about living with no debt and having money to provide for you. She was my first teacher of money and the importance of leveraging it to win in life. However, we all know that we don’t always follow the trend as we evolve into adulthood, right? With everything I learned and witnessed, I still had my hand-ups with money.
When I got my first job at Citibank NA, my money journey started. I quickly learned about saving and budgeting. When I got paid, I would deposit my check, withdraw $40 and that had to last me until next payday. (lol) Some weeks were long, and I could not wait until payday, and then it got worse. In my senior year, I realized how much I loved sneakers!!! My $40 allowance quickly turned into $80, and eventually I just cashed the check and walk around with all that money. My taste in clothes change and since I was paying for it, why just spend it all. Sound familiar? By the time I went to college, man listen! I needed financial therapy. But as I was destroying my credit and finances, I was reminded in my 20’s how important my credit was. I can remember a time, when I had to purchase my first car. I had a 1987 Nissan Stanza, but chile, I woke up one day to go to work and the car wouldn’t start. My “alternator” stopped working. Back in 1995, I only focused on my checking or savings. When the mechanic told me that it would be $1,200 to fix my car, I said to myself, “I will just purchase a new car”. Humph….not so fast! All my bad choices in college and late payments caught up with me and was on my credit report. And then I learned that I was in the department called “collections”, my ability to “just buy a car” was over. My mom was disappointed, and I was just floored that these credit people would do this to me. But, they couldn’t stop me, and in that moment I vowed to fix my credit and finances. I had a car that I could not afford to fix and credit that was worthless. Immediately, I got a second job and getting out of debt and fixing my credit became my focus. I paid off all collection accounts, I paid down all credit cards which totaled about $3,000, I saved $5,000 and lived on a salary of $15,000 even though my actual salary was $45K. My mom always said to live below your means and SAVE.
From that moment, my passion to learn about money was born and after taking courses, employed with other financial institutions, and become the American Dream when it came to money. And this Nicole Deas the wealth strategist was born.
If I were to ask you for some practical, solid, basic fundamentals for good personal finance practices, what would you share with our readers?
Oh, it is so many, but I will offer you my favorite nine tips. However, if you need help implementing or executing any of them, contact us.
1. Organize Your Finances ~ Organizing your finances is the first step to creating wealth. Credit cards, bank accounts, personal loans, brokerage accounts, mortgages, car loans and retirement accounts should be tracked. Budgeting software can provide complete solutions to track all such accounts, make on-time payments and more.
2. Spend Less Than You Earn ~ If you learn to track your finances and know where you spend the most, you will be able to control your money.
3. Put Your Money to Work ~ Take advantage of the time value of money. Save early and often, even if the amount is small.
4. Limit Debt to Income-Producing Assets ~ With credit cards and car loans, every penny you spend to repay that debt is money flushed down the drain. If you have to be in debt, stick to financing items that retain their value over time, like real estate and education.
5. Continuously Educate Yourself ~ Read every financial periodical, book, and blog you can find from well-regarded financial authors.
6. Diversification Is Not Just for Investments ~ Find creative ways to diversify your income. Everyone has a talent or special skill. Turn your talents into a money-making opportunity. Investigate ways to make money from home and launch a home-based business. The extra income can supplement your full-time income or even result in an exciting career change.
7. Maximize Your Employment Benefits ~ Employment benefits like a 401(k) plan, flexible spending accounts and medical and dental insurance yield some of the highest rates of return that you have access to.
8. Pay Attention to Taxes ~ Financial planning software helps you manage your tax information. Most software quickly analyzes taxable investments and provides powerful organizing tools that make year-end tax filings go much smoother.
9. Plan for the Unexpected ~ Despite of your best efforts, you will face unforeseen emergencies. You should save enough money and stock up on insurance to be able to weather extended unemployment, accidents, catastrophic medical care, large car or house repairs and natural disasters.
Your book, 90 Days of Forever: Unlock Your Financial Future and Change Your Life is the blueprint to building a strong financial base and developing the mindset required to change destructive behavior. What is the most common personal finance question or situation that you hear about from clients, speaking around the country, through workshops, and everyday life? And why do you think these issues are trending topics?
The most prevalent questions I get from clients and prospects and workshop participants in the past 3 years are, “How do I keep from overspending?’ and “How do I save on the salary or income I currently have?’ Both questions are similar in that we must analyze our spending habits. Once we can figure out the mindset of our spending, only then will we be able to move towards a health financial journey. It’s really not about how much you make, but how much you can keep.
But I explain all of that in the book. Make sure you get your copy July 4, 2020!! I am super excited about this release! You will be able to get it on Amazon, Barnes N Noble, Books A Million, Kobo, and more. My publisher, Pen Legacy LLC makes sure her authors get domestic and international distribution.
What was the inspiration for you starting One Source Financial Solutions?
My inspiration was my daughter. I had been laid off 3 times before the age of 30 from 4 different financial institutions in the late 90s. My last layoff happened when my daughter was 5 months old. I figured, as a successful training agent and making successful agents under me, I could do it for myself. I had all the tools necessary to get started. 18 years later, I am still here!
Good stuff. Changing gears, you are a Wealth Strategist, Licensed Insurance Agent, Certified Financial Education Instructor, Author and Speaker; which one do you enjoy the most?
OMG! My first love is the Financial Education and Literacy peace. I love to see when clients and prospects “get it”! When they understand why it is important to plan and budget and how all the pieces fit together, it makes their life rewarding and their journey to financial freedom that much closer.
What is the one thing that you want people to take with them after they read this interview?
I want people to understand that no matter where you begin, financial education and literacy is important and are the stepping stone to understanding and gathering wealth. Once they understand why they spend, they can pivot and curtail the habits that have gotten them into poor financial situations. I want them to START the process. Every marathon starts with the first step. All personal achievement starts in the mind. And if you are not sure where to start, give us a call or email us. You don’t have to do it alone!
How can our readers get in contact with you and where is your book available at?
You can contact our office at 678-720-2993 or email us at info@1sourceco.com, You can also follow us on social media at Nikki Deas on Instagram and either @nicoleldeas or @1sourcefinance on Facebook. Our websites are www.1sourceco.com and/or www.nicoledeas.com