In the words of Zak Frazer, “The key to success is consistency.”
Alfred Nickson has resolved his career to educating African Americans on acquiring sustainable wealth. What better way to use your time after going from welfare to millionaire.
Presently, the 28-year-old financial specialist has coached hundreds of six-figure earners and helped his mom go into early retirement.
During an interview with Black Enterprise, Nickson said, “Wherever you are at, be willing to swing the bat.”
He further stated for him, winning meant putting people in a position to achieve greatness.
Nickson, who begun a home business after high school, made $1500 in his first three years as an entrepreneur. He didn’t change his mind despite many discouraging remarks.
The young entrepreneur earned his first six-figure in business during the fourth year by leveraging his passion. Over the years, he’s managed to reach the million-dollar mark.
Anyone trying to put themselves in a better financial position must step outside the box and apply the following tips.
1. Have an extra source of income
According to Nickson, starting a home-based business will go a long way because the infrastructure is already present. He says the risks are low because one can kick start their dream venture with the available funds.
Moreover, one can start making an income with little effort, including a stimulus check.
2. Sign up for life insurance
Nickson decided to educate people on the importance of life insurance after seeing most of his community members depending on the GoFundMe.
He insists life insurance can be used to build a wealth strategy and shouldn’t be limited to death benefits.
“Choose between term life or whole life insurance. Term life costs less and has more value. Both will give your family millions in dollars when you pass away.”
3. Start a successful business with assets
Knowledge is power. Knowing your financial goal helps you understand where you would like to be within a specific time. Start by writing down a list of things you own.
“The list can have tangible items such as life insurance policies, bonds, stocks, jewelry, or vehicle,” says Nickson.
Nickson meets up with his team monthly to understand his net worth. The number represents how much you owe (liabilities) versus what you own (assets). It’s the magic process wealthy people use when assessing financial health.
Another key thing is keeping an impeccable tax strategy to ensure you retain most of the money you make.