How I Overcame Financial Hurdles As A Single Mom With Nia Adams | Ep. 215

Intro/Outro: You know what it is. That's right. It's time to talk money with your money nerd and financial coach. Now tighten those purse strings and open those ears. It's the Money Talk with Tiff podcast.

Tiffany Grant: Hey everyone. I am so excited cuz I have Nia Adams on the line Now. Nia is one of my finance. This, and I'm so excited to have her on because we're gonna be talking about, um, the journey that she has had, um, being a single mom and getting her finances right and experiencing all the speed bumps possible.

It seems like . Um, it seems like all the speed bumps possible. So thank you so much, Nia, for coming on the show. Thank

Nia Adams: you, thank you, thank you so much for having me. I'm so happy to be here.

Tiffany Grant: Absolutely. Absolutely. So let's hop right in. So let's talk about what your journey looked like. So first and foremost, let's start at the very, very beginning.

Um, I guess when you started getting, you know, your wake up call on your personal finances, um, I guess when did that start for you Actually. Um,

Nia Adams: so first let me preface that by saying that, um, my mom was a single mother, so my mom had me at 17 and she was, I was the third child. So just set that tone. 17 three children.

So I, um, I went on to, you know, do the same thing. I had my daughter at 17 also, so I didn't really get a lot of financial education because, you know, she was spending a lot of her time working, trying to put food on a table and keep a roof over three children. So she didn't really have that time to come and Okay.

You know, explain finances to me. . My dad, he was in the picture like very briefly in the beginning and he like, you know, took me to the bank to open a bank account. You know, that's what you do, . Um, but I never knew what the bank account was for what it was. And when me and him lost touch, obviously I wasn't going back to the bank anymore.

So the account laid dormant. And eventually they deducted all of the money out of the account once it became, you know, they converted it to an adult account. So they deducted until the money was gone. By the time I remembered the account, you know, um, at the time it was, it's chase now, but before it was like, it's not that, that money, that account is closed, you know?

Is essentially what they told me. So I'm going at this with no G P s, no roadmap anything, and I was working at the postal service, so I started working at the postal service when I was 23. And you know, that's a good government, you know, everybody like, oh, you got a good, good government job. So good government.

I thought I was doing it, you know, I thought I was doing good. I'm making good money. I can work as much overtime as I want to. Um, I can work. When I first started, I was working 13, 14 hours every day. So I just, you know, I was loading in money to be 23, you know, making that much money. So I heard others talking about purchasing a house, and you know, that's the American dream, which a white picket fence and a dog.

So I'm like, oh, okay. I can get a house, you know, I make money. My first eyeopening moment was sitting down talking to the loan officer, and I'm like, well, I wanna buy a house. And he was like, no, you don't. No, you don't wanna buy a house , you think you do. And so he like, you don't have any credit. You don't have, you know, any money saved up.

You don't. Ha. And I'm like, . Oh, you know, like, I don't know. I need those means, you know? And I had got credit cards, you know when you get 18 and they flood you with offers. And so I signed up for two of them, but I didn't know that you had to pay them back with interest like that. So I didn't know how credit worked like that.

So I went and I would buy things, you know, I'm like, oh great. I could buy it and I don't have to pay for it. I just swiped this little card, so I maxed those bad boys out. So I'm approaching him with maxed out credit cards, probably in court at the time, getting sued by those credit card companies. You know, keeping it real.

And he is like, no, you need to do this, you need to do this, you need to do this. And so that to me was kind of crushing cuz I had these big dreams of, oh, I make this money. I'm working hard and I'm busting my butt. I can't buy a. , like, you know, like I tell my customer I make too much money to be this bro.

Like, what do you mean? So, That was my first, honestly like eye-opening moment that like, oh, so you need credit to get things. Oh, okay, now I know. I know. Mm-hmm. had no clue.

Tiffany Grant: And, and you know, I wanna stop there for a minute because that is so true and it's stuff that we are not taught and just thinking about.

Um, you know, generational stuff as well. Like, my mom wasn't a teen mom, but my great grandma on my mom's side, um, she had four kids by 19. So when I got pregnant at 17, I'm like, who gonna check me? No kidding. , no, but, um, . But seriously though, um, you know, if you don't know your history, cuz I didn't know that at the time, you know, at first.

But as I got to know about it, I was like, okay. And, you know, getting into family history and stuff. But also I wanted to say too, um, if you're not taught about how this credit thing works, I had the same belief as you. And my eye-opening experience was getting denied for like a $200 credit card. And I'm like, So I'm not worth $200.

Like I know I can afford this. Um, and so that was the eye-opening moment for me, was getting denied that. And so, okay, you went and you tried to get a house and , he was like, yeah, you're not ready. So then what happened?

Nia Adams: So after I picked my face off the floor, You know, and sh shook it off, you know, I took it as a challenge.

I'm like, oh, this is nothing. So it took me about two years to repair my credit, build up some money, some type of savings so I could go back to him. And I heard those magic words, you're pre-approved. So I'm like, yes. So it took me, it took me two years to build back up, and this is before Google and YouTube University.

And this was, I had to go buy books. It wasn't like with Amazon where you can buy the book online. You, I had to go purchase books like maybe from Walmart, you know? It was before all of this stuff was so easily able to be and within reach. So I did that. I worked, I studied, I did with the book set and built my credit.

It took me about two.

Tiffany Grant: So it took you about two years, um, to get everything straight. And so you bought the books. You kind of was like, you know what, Nia Enough is enough. I need to teach myself this stuff because I worked too hard to not be able to afford the things that I wanna get. And so, After the two years, then what happened?

Nia Adams: So after the two years I got pre-approved and I purchased my first house. I'm 27 at the time. So like you said, I'm like, talk to me. Nice. You know, um, got my house feeling really good about myself. Um, again, still working for the postal service. So I bought my house October 28th. I slipped on ice and hurt my ankle December.

Fourth, so six weeks. I, I think roughly after I purchased my house, I got injured at work, and I don't know if anybody knows about the worker's comp process, but it's not fast. But if, initially, I kept working on my messed up ankle, because remember, I, I just learned about savings. So of course I don't have an emergency fund stash sitting there for repairs or replacements.

You know, I didn't prepare for home ownership. I just prepared to purchase. So now I'm sitting here working only till my ankle essentially gave out and my ankle's like, okay, look, no, we, we can't do this no more. So I had to take off work. And so I was off work on and off for about two years. I had casts, boobs, physical therapy, and eventually I ended up having surgery, physical therapy again.

Um, so all this time. It took a while, and then when you get worker's comp, they give you a portion of your money. You don't get your full check also. Um, so I end up losing a house because the time period waiting for the worker's comp to kick in and get that first check. This was time that I wasn't paying my mortgage.

Like that's why I originally had tried to keep working and be like, oh, you know, whatever. It's just a little pain. I wrap it up every day, but eventually my ankle was like, look, no, no, no, no, no, uncle. Like, I can't, so. It. That's what now, two months into owning my home, maybe three months total, three, four months.

Now I'm in danger of for foreclosure. Now I'm in danger of foreclosure. That's, that's, that's what happened. .

Tiffany Grant: Wow. Wow. So, Just to, um, make sure the audience understands like the journey. You bought the house and then you ended up getting injured at work. And once you got injured, then now you're having to depend on worker's comp, which as someone that worked on the other side of worker's comp , um, I definitely understand that process.

Um, and it is very time consuming and also a lot of times the company's fighting against you. Uh, but that's another episode for another day. . But anyway, um, , so now you are having to depend on that. And so you're excited about being a homeowner, then all of a sudden that is about to be taken away from you.

So how were you feeling at that

Nia Adams: time? One, I was feeling ashamed. Um, because you know, of course you're always your own worst critic, so you're always thinking like, oh, you know, how could you let this happen? Uh, you know, what am I gonna do? But I was too ashamed to tell other people, I don't wanna put my.

Burden on someone else. You know, it is just so many different emotions. I'm still a single mother, so I have this child that I have to provide a roof for, so I don't know much about money, the foreclosure process or any of these things. So I'm essentially this lost that. That's how I felt. I was lost .

Tiffany Grant: Mm.

Yeah, absolutely. And so from that moment on, um, so what happened after, like, let's say for instance, the foreclosure and now you're practically starting at ground zero, um, with your ankle and everything going on. Um, what was next for you at that moment?

Nia Adams: So I filed bankruptcy. , um, to, like you say, to essentially like, wipe my slate clean, um, get everything off and start from zero.

So I had to work like with the secured credit cards because, you know, I'm starting from scratch and I have to build up my credit worthiness to let people know that. I, I'm not as high of a risk, I guess you could say. So I started with that. I started looking for an apartment. So I moved down to an apartment.

I downsized to an apartment, small apartment with me and my daughter. I kind of made her bedroom, the living room, like, so, like budget, you know, real really? Mm-hmm. . Mm-hmm. down to the minimum. And I just, I started working again. I started working on my money. I started trying to build myself back up and just change.

What make sure that didn't happen again? Honestly, that's really what I was working to do to make sure that I didn't end up in that predicament again. .

Tiffany Grant: Gotcha. Okay. So as you were working through the bankruptcy and things like that, um, you down, you downsized to a smaller apartment, so you can make headway on all of those things, which I tell people all the time, like, don't feel like you have to stick with, you know, what you have or what you know.

If you're not making headway on your, um, your goals, um, it's okay to pull back. Sometimes it's okay to, and I like to use the analogy of a bow and arrow, right? So with a bow and arrow, sometimes you have to pull back in order to go further. So it sounds like. That's where you were at the time. You were like, you know what, I just need to pull back real quick.

Um, so that way I can recalibrate, get this stuff together and we're good. So now after you've worked through that, did you ever buy a house again? .

Nia Adams: So yes, I did. Cuz see, when I first foreclose, I had the wonderful id when I first was in danger, foreclosure, I had the wonderful idea like, okay, I'm just gonna stay here since I don't have a mortgage.

I'm gonna save my money and then I'll just buy a house cash. Because you know, I heard somebody say that and I'm like, oh, I'm wouldn't do that. But did I save any money? No. Or did I live my best life cuz I don't have a mortgage. I lived my best life cuz I don't have a mortgage. So that's why I had to make that final decision, like, okay, we're gonna downsize to a department.

Like sometimes you, like you say, you have to have that reset. So yes, I'm actually a real estate investor now, so , I'm actually a landlord now. So yes, I did buy more properties. I'm actually prepared to buy another property now, but it's because I changed the way I use. and I changed the way I think about money, um, which makes me not, I don't put it on a pedestal.

I just more so think of it as it's just another tool in my belt. It's just something else in my card that I use. To get where I'm trying to go. So yes, I actually, I did .

Tiffany Grant: Yay. And I love your story for that reason because it doesn't matter what life threw at you, , you were like, you know what? I'm gonna work through, I'm gonna get it right and now I can offer other people housing.

Um, you know that now you can rent out. So that's awesome. And so. Speaking of, I want to give our audience some quick tips on, cuz you have a book as well, um, about preparing your finances. So some quick tips on what people can do to pre prepare their finances for home ownership. Cuz it's way more than just having a good credit score, um, and having the income, there's a lot more to it.

So what are some quick tips that people can use to start preparing their finances for home ownership?

Nia Adams: So I actually have a free home buyer guy that teaches you five. And this is what I say, that every person should do. One, get an emergency fund. Um, this emergency fund is gonna have a savings, not just for down payment.

You wanna have money for closing costs, repairs, and replacements after you're in the home. Second, you wanna do your research. You wanna go through this process, feeling confident about it and being empowered as you purchase your first home. So you want to learn about the different type of loan products, so you'll have some type of knowledge and know what works well with you and your financial situation.

Next, you're gonna research your team. So you wanna pick your team. You're not just gonna pick somebody just because your friend used them, because your friend's finances looks different than your finances. So you're going to look and actually choose your team, stalk them online, do whatever you need to do so you can find out more about them before you work with them.

So you'll start this while you're preparing, as opposed to waiting. And when you start the process, then you wanna create a budget. , you have to see what you're currently working with, what's coming in, what's going out, and are you comfortable with what you currently have Now before you take on the expense of a home.

And then debt elimination. You wanna work to pay off debt, but you wanna pay off debt based on the highest claim on your paycheck. So if you're preparing your credit, you pay off debt differently than you pay off. When you're trying to work on buying a home, the more you pay off. So just to give us an example so that it's understood.

Think about it in the terms of you might have a credit card payment, you might have a car loan. If your car loan is close to being eliminated, you might wanna pay that off so that you have that lower payment. So when a lender looks at your money, they'll say, oh, okay. They have less things they're paying monthly, which will help you qualify for more home.

Tiffany Grant: Yes, yes. All of those tips, I could totally relate . Um, and I do have some stories around some of them, but um, with the last point, I'm glad you brought that up because the debt to income ratio is so important. Um, and that's what you're trying to help people work on. , um, when you're talking about that last tip, because I've seen people that had good credit and stuff like that, but their debt to income ratio was not good enough.

And so the lenders looking like, well, you barely make an ends meet with what you have. So I don't know about, you know, this whole mortgage situation. So I wanted to have Nia. , all of those tips up because it's way more important than just a credit score. And, um, just personally speaking, I'll just do one story, uh, with the first tip.

As soon as I closed on my house, got my key moved in, I was running a bath from my youngest son, and the bathroom flooded. And so, you know, when I was going through due diligence, okay, nobody's filling up the bathtub , you know, so there was no way we could have found that. But as soon as I moved in, closed, and so now it's my problem, I can't go back to the owner and say, oh, well the bathtub.

Flooded. You know, I like all of that's done with. And so the first night I had to get a plumber in here and if you've ever had to hire a plumber even for them to come out, it is not cheap . And so I had to do that the very first night. Now, if I didn't have any savings or anything, then guess what? How was that gonna get fixed?

And so I highly recommend, um, that all of these tips cuz they were so good. So if anybody was interested in getting this guide or finding out more about you, how could

Nia Adams: they do so? So you can actually do everything from our website, um, www.perspectiveschange.com. Um, and then you can find me on social media, Instagram and Facebook at Money Perspective.

Tiffany Grant: Okay. Can you say it one more time, um, just so I can make sure we got it? Cuz I, it broke up real bad for me. Uh, so I just wanna make sure we get it. Um, so just go from, where can we find,

Nia Adams: okay. So my website is www.perspectiveschange.com and then you can find me on Facebook and Instagram at Money Perspectives.

And then YouTube and TikTok Nia's perspective. Thank

Tiffany Grant: you. Thank you so much Nia. So if you all didn't catch that, I will have all of that in the show notes. So definitely check those out and thank you so much Nia, for being transparent and sharing your story with us here today because I'm sure it's gonna help someone that may be looking at that type of situation as we speak and so they know that there is like at the end of the tunnel.

So I appreciate you coming on sharing that with us and then also sharing those awesome home ownership tips.

Nia Adams: Oh, thank you for having me. I accept any opportunity to help people realize that they can be a homeowner. ,

Tiffany Grant: absolutely. Thank you so much and I hope you have a wonderful rest of your day. Bye.

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