Today we’d like to introduce you to Ramat Oyetunji.
Hi Ramat, it’s an honor to have you on the platform. Thanks for taking the time to share your story with us – to start, maybe you can share some of your backstories with our readers.
I am a first-generation immigrant from Nigeria. An early taste of “failure” shaped who I am today and helped guide the current trajectory of my story.
In 1997, I arrived in the United States to attend the University of Maine, the same college my dad graduated from in 1967 before returning to Nigeria. After 20 years of being in the workforce, I retired last year at the age of 44. I am now a Certified Personal Finance Counselor, focused on running my financial coaching and education business, The FI Woman. I am a published author of 3 personal finance books, including one with my 10-year-old daughter, and currently working on a fourth book. I am married and have 1 child, my 10-year-old daughter.
After I graduated from the University of Maine in 2001 with a bachelor’s degree in Mechanical Engineering, I got my first “real” job as a field engineer for an oil services company called Schlumberger. At the time, the industry was greatly impacted by 9/11 and major storms that severely damaged many oil rigs. This led to a large layoff of many new engineers. I was one of them.
I still remember the day I was laid off very vividly. It was a day after my 25th birthday. I was surprised and financially unprepared. I had been employed for about 8 months and had very little savings. Being a foreign national at the time also meant I had very few options or resources to support me. Fortunately, I was able to return to the University of Maine as a graduate student enrolled in the MBA program. I was also fortunate to receive a graduate assistantship that covered tuition and provided a monthly stipend of $600 a month.
I count that experience, that early failure, as a blessing in disguise. It taught me very early the importance of being financially independent.
Getting laid off helped me develop good personal finance habits like living below my means, saving, and investing. Every month, from my $600 stipend, I set aside $100 for savings and $100 for investing. I did this consistently, and it became a habit for the next 20 years. I increased my savings and investing amounts with every pay increase I received, I took advantage of benefits offered by my employers, and I learned about other opportunities like real estate investing. The habits I developed, and the actions I took, helped me retire early at the age of 44.
In 2015 I published my first book, Fifty Shades of Green, and started The FI Woman as a side hustle. “FI” stands for Financially Independent, and at the time, it was an aspirational goal for me to become financially independent and motivate others to become financially independent. The FI Woman is focused on financial literacy, providing financial coaching, and creating informative and educational content.
Since retiring last year, I have volunteered many hours in the community, helped my daughter start a car detailing business, published 2 personal finance books, and launched a financial literacy summer camp for kids aged 9-12.
I’m sure you wouldn’t say it’s been obstacle free, but so far would you say the journey has been a fairly smooth road?
Most of the obstacles I faced during my 20-year career are similar to what most people face: seeking fulfilling roles, getting out of ruts, negotiating better pay – sometimes resulting in the need to switch roles or jobs.
With my focus to become financially independent by age 45, the main obstacles I faced were impatience and uncertainty. I felt I wasn’t reaching my desired destination quickly enough, and sometimes it felt like an impossible destination, one that I would never reach. The key to overcoming these obstacles was remaining consistent and having a written plan which I reviewed and revised often!
Since retiring, the obstacles I have faced include learning skills that as an engineer were not required but are needed as a business owner. It has been an exciting and challenging journey to learn about what my business focus is, who my clients are, their needs, the best ways to reach them, and the ever-changing platforms for communicating the value I provide.
Great, so let’s talk business. Can you tell our readers more about what you do and what you think sets you apart from others?
The FI Woman is focused on financial literacy, providing financial coaching, and creating informative and educational content in the following ways:
1) 1:1 financial coaching and planning
– Setting SMART financial goals
– Understanding your current finances
– Identifying obstacles & limiting beliefs
– Creating a plan that works for you
– Accountability
2) Workshops and classes
– Active sessions where participants learn about relevant financial topics and complete group and individual activities.
*Summer camp for kids 10-13
3) Interactive Speaking Engagements
– Highly engaging presentations that will arm attendees with tools and motivate them to take action.
4) Books
– Fifty Shades of Green: A Stock Market Guide
https://www.amazon.com/Fifty-shades-Green-Financially-Independent-minded/dp/0986320420
– Kids and Money: The 5 Stacks Method
https://www.amazon.com/Kids-Money-5-Stacks-Method/dp/0986320412
– Transform Your Finances: 28 Days to Better Financial Wellness
https://www.amazon.com/Transform-Your-Finances-Planner-Financial/dp/0986320439
5) Online content
– Social media posts that inform and educate
– Educational Videos and worksheets
In terms of your work and the industry, what are some of the changes you are expecting to see over the next five to ten years?
The financial planning, coaching, and advising industry is ever-changing! There is always a need for expert and knowledgeable financial guidance, but the way in which advice is provided and services rendered continues to evolve.
Twenty years ago, when I opened my first brokerage account, it was with ING and the “affordable” option was to invest every Tuesday for a fee of $4 or pay $19.95 for real-time investing! It was revolutionary at the time. Before then, most people needed a financial advisor or other professional to invest and manage their money.
Then came e-trade with $9.99 trading fees, which made investing even more accessible.
Today, we have most brokerage firms charging $0 to invest; there are app-based firms like Robinhood and firms that allow you to buy fractional shares, such as Stockpile.
The old financial staples like real estate are still crucial, but the way they are acquired is also evolving with crowdfunding and other methods of owning property becoming more popular.
Access to knowledge, information, and self-managing accounts are much easier today, but with all that easy access and information, it is even more important that people understand what they are getting into. Knowledgeable and expert advice is still very much needed.
Access to good advice is easier now too. Virtual sessions, blogs, videos, and various content make it easy for people to at least better understand the process of managing their money. Proper vetting is important, of course!
Because money is so personal, the industry will have to continue to evolve to match the way people are living, communicating, and acquiring information. It’s exciting to watch the industry evolve and move forward!
Pricing:
- 30-minute Complimentary 1:1 Coaching Session ($0)
- A-la-Carte 1:1 Financial Planning Session ($325)
- 3-Session 1:1 Financial Planning Package ($650)
- Group Sessions/Workshops/Speaking Engagements (price varies)
Contact Info:
- Email: ramat@thefiwoman.com
- Website: https://www.fiwoman.com/
- Instagram: https://instagram.com/the.fi.woman
- Facebook: https://www.facebook.com/thefiwoman/
- LinkedIn: https://www.linkedin.com/company/fiwoman
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Digital business card: https://hihello.me/p/ea811d36-ae44-4ce6-95ca-cdc28e0de82d
