Writer

Not just another WordPress.com weblog

Rags to Riches: Elon Bomani

Elon Bomani says she was trying to make “a way out of no way.” After a separation from her husband, Bomani and her newborn son moved to a women’s shelter. While living in the facility in 2001, Bomani knew she had to regain control of her life.

“I found myself homeless because I had given up my power. I bought into the idea that men were better at math than women, even though I had graduated with these degrees that let me know that I was capable,” says Bomani, 42, of Missouri City, TX, who has a bachelor’s degree in political science and a master’s in natural health.

 

“I was programmed that men are supposed to be the providers and handle the checkbooks and that kind of stuff. I realized that’s why I found myself in that situation.”

Bomani knew she had to change her thinking and attitude first. She thought far beyond a “job” and wanted to learn how to build wealth.

“I went to the library and punched in millionaire and I read every single book on biographies of millionaires, anything dealing with money, stocks, bonds, real estate, commodities trading, e-business, taxes, you name it.”

Bomani now has a book of her own, Dynamic Diva Dollars, which shows women how to take responsibility for their finances.

“I always tell women that I wasn’t a rocket scientist in this whole thing. What I did was become a very good copycat. I basically studied what wealthy people did. I found that the 90 percent of people that became wealthy invested in real estate.”

Bomani’s first priority was to leave the shelter and move into her own home. Though she had just $36 in her checking account, she knew her dream could come true. With the advice of her father, she studied real estate guru Carleton Sheets’ “no money down” programs.

With her 701 credit score she found a lender that would finance 100 percent of her home loan. She asked the seller to pay closing costs on the $125,000 home and walked away from the closing with a $625 check. Without a job, Bomani says, this was just the beginning of her journey.

“I thought creatively. I rented out my room. By renting out one of my rooms, that gave me half my mortgage, the other half was her (roommate) deposit,” she explains to JET. “I didn’t have to pay my first mortgage until a month and a half later. So during that time, I sold my wedding ring; I didn’t need that any longer, I was going through a divorce. I sold my car; I opened up my natural health practice outside of my home and I started seeing clients again. I had garage sales. You do what you have to do.”

Bomani, who moved into her home two weeks before the Sept. 11, 2001, terrorist attacks, points out she didn’t buy any furniture and that she and her son slept on the floor with a “pillow and blanket. I was clear I needed more the house than I needed the material things.”

With a new wealth consciousness, she recognized the housing market was profitable at the time and then took equity out of her home to invest in other properties.

“I did speculative real estate investing. I went to new developments and put a down payment on property to hold it until it closed. The property closed within a year and it had already increased in excess of equity of $100,000. So I invested approximately $20,000 ($5,000 on four properties) using cash advances from credit cards, not even my money. I’m very good at OPM, using ‘other people’s money.’ I walked out of the deal with $400,000.”

She adds, “I accumulated over 16 pieces of real estate property (over the course of three or four years). In doing so that gave me a net worth of about $2 million at the time … I was able to live off the positive cash flow of the real estate.”

Michael Curtis, president of Ram Investment and Loan, Inc., a San Diegobased financial firm, has worked with Bomani for more than five years. Curtis says Bomani has always had the insight to change direction to stay successful in the industry.

“Elon is one of those kind of people that nothing can get her down. She’s always looking to the next deal. And along the way there were some hurdles that jumped out in front of her and I would explain to her how she would have to clear them and she clears them,” he says.

Though Bomani owns and operates four companies, she says her main job is home-schooling her two children.

“It’s not so much that I’m making more money than I did previously. It’s just now I’m working smarter with the money I already had instead of harder. It’s not like we don’t have the money to do this. It’s not like we don’t have the education to do this. Being a millionaire, it’s a formula to it. If you study it and practice it, you’ll become it.”

Wealth Tips From Elon Bomani’s Dynamic Diva Dollars

* Clean up your budget. To increase your disposable income, that could be saved or invested, create a wants vs. needs list. Live below your means and eliminate cell phones, hair and nail salon visits, dry cleaning, shopping, cable, big vacations, etc. Be honest about what you “need”

Devise a plan to pay off credit cards. Credit card debt is the most expensive debt you can have. This is the first debt you should try to get rid of.

* Become financially literate. Read wealth-building books and remember. “As long as we work for somebody else, we’re helping them get rich.”

* Create an e-commerce Web business, which involves low start-up costs. Profit from selling your ideas, products and services on the Internet.

 

* Purchase investment property. Bomani recommends that each person have three rental properties plus their home as part of their wealth-building plan.

source material: http://findarticles.com/p/articles/mi_m1355/is_19_113/ai_n25469808/pg_1

Melody K. Hoffman “How a homeless single mother became a millionaire in 18 months“. Jet. May 19, 2008. FindArticles.com. 14 Jun. 2008. http://findarticles.com/p/articles/mi_m1355/is_19_113/ai_n25469808

 Reader Alert: As you all know by now, Tim Russert died on friday, June 13th 2008. Please put his family and friends in your prayers. May he rest in peace.

About these ads

June 14, 2008 - Posted by | Business, Entertainment, Entrepreneur, invention, Life, Millionaire, News, Uncategorized | ,

12 Comments »

  1. Very Inspirational. THANKS.

    Comment by Ashley Teika | September 2, 2010 | Reply

  2. i frequent hair salons because i always want to keep my hair in top shape ‘*’

    Comment by PNP Transistor | November 17, 2010 | Reply

  3. of course, diamond rings would always be the best type of wedding rings that you can give your wife ,:`

    Comment by USB to Serial | November 22, 2010 | Reply

  4. well of course, everyone loves to get rich but not everyone would love to do hard work ,~*

    Comment by Gear Knobs | December 1, 2010 | Reply

  5. BOMANI – PUSHING THE NEW CRAZY GOOD SITE AND SOLICITING $100 FROM MEMBERS FOR LEADS…IN APRIL OF 2011, TO DATE ELON BOMANI HAS CHANGED HER PHONE NUMBER AND TAKEN MANY FOR THEIR $100, WILL NOT RESPOND AT ALL TO THOSE SHE HAS TAKEN AND OF COURSE THAT IS AFTER WE PAID FOR HER BOOKS THAT HAVE THE MAJORITY COPIED AND PASTED FROM OTHER SOURCES…

    BEWARE! BEWARE! SHE WILL SCAM YOU!

    Comment by Tom | August 22, 2011 | Reply

    • Can anyone else verify this? Or is this person feeling used because they didn’t follow up correctly on some Bomani offer?

      Comment by Phil | July 8, 2012 | Reply

    • I was contracted to write for “Dr.” Bomani for two and a half years. She led me to believe that she was a struggling single mother, which is why she could only afford very, very low rates. She always had a “we will help each other out” attitude.

      My first beef with this client was that she had me ghostwrite children’s stories for her, leading me to believe that they were just something for her children to enjoy. I later found them published on Amazon. She never once disclosed that she had the intention to publish my work under a pen name. I would have charged her much, much more had I known her true intentions.

      Then she disappeared for about a year. When she popped back up she begged me to help her. She always sounds desperate when she emails me, like it’s urgent that I write things for her, I’m her favorite writer and she needs my help, yadda yadda yadda. I agreed to help her out, thinking I would be writing more children’s stories. I was low on cash and needed the work. Instead, she assigned me a technical level assignment on a very complex subject, which took a month to research and complete.

      After I submitted the work, she wanted me to write a 1,000 word article for $10 and to have it to her within 24 hours. I put my foot down. There is just no way I am going to write an assignment that large for that amount. I’m a professional freelance writer, and this is my livelihood. No quality writer would be willing to accept that rate. Once I declined the assignment, she refused to pay me for the work I submitted, claiming I was “very late with the order” (how can something with no set deadline be “late”?) and that she couldn’t be bothered to review it because she has “other project commitments” but that she’s “sure I understand.” I responded that there had been no set deadline and the courteous thing to do would be to review the work and pay me within 3 business days. Suddenly her attitude changed, and she took on a very snarky, unprofessional tone, informing me that she was terminating our business association and would not be paying me for my work.

      Any client who would withhold a contractor’s payment as a revenge tactic is not only entirely unethical, they are unprofessional – to say the very least. In all the time I have been freelancing, I have never encountered anyone who stooped that low.

      A quick google search to see if I could find her blog or website (so I could include a link to it when I wrote a “writer beware” post in regards to this client,) turned up surprising results. Imagine my shock to discover that this “struggling single mother” was a self-made millionaire, published author, and motivational speaker. This woman deceived me. Her success has been achieved – or at least, maintained – by riding off the work of others. She does NOT write her own material. She pays slave wages to female writers under the pretense that we are “helping each other out” and then makes a bundle off of our hard work. I am beyond livid. My google search led me to this website, and I am compelled to agree with Tom – Elon Bomani is a FRAUD.

      Comment by stacy | February 7, 2014 | Reply

  6. hello there and thank you for your information – I have certainly picked up something new from right
    here. I did however expertise some technical issues using this website, since I experienced to reload the web site many times previous to
    I could get it to load correctly. I had been wondering
    if your hosting is OK? Not that I’m complaining, but sluggish loading instances times will sometimes affect your placement in google and can damage your high-quality score if ads and marketing with Adwords. Anyway I am adding this RSS to my email and could look out for a lot more of your respective intriguing content. Ensure that you update this again soon.

    Comment by aiakc.org | March 9, 2013 | Reply

  7. Pretty! This has been an extremely wonderful article. Many
    thanks for supplying these details.

    Comment by Margaret | June 18, 2013 | Reply

  8. magnificent points altogether, you simply gained a new reader.
    What may you recommend about your post that you just made some days in the past?
    Any positive?

    Comment by car insurance | July 19, 2013 | Reply

  9. Hello There. I found your blog using msn. This is a really neatly
    written article. I will be sure to bookmark it and come back to read more
    of your useful information. Thank you for the post. I will certainly comeback.

    Comment by How To Get Ripped | March 20, 2014 | Reply

    • Thank you for visiting!

      Comment by mauthor | March 22, 2014 | Reply


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 27 other followers