In general, the majority of us want to be free from the bondage of financial difficulties. The more significant part of the population aspires to slay the monster bills such as the house mortgage, car payments, utility bills, and tuition fees that make our finances bleed. Financial struggle is a reality of life, but there are ways to rise out of it.
According to statistics, 70% of the billionaires on the list of the wealthiest people in the world are self-made. It means that most of them did not start with having wealth, but now, they have it and in excess. So, it is intriguing to know the traits that made the wealthy and enjoy financial freedom. Unquestionably, nearly everyone wants to achieve financial freedom and savor the perks associated with it.
Multi-millionaire and real estate tycoon Sal Shakir knows too well the anxiety, fear, and hurt associated with insufficient money to pay the tall stack of bills and an empty bank account. Unarguably, money cannot buy happiness, but everyone needs it to pay those bills. Shakir has gone through this unpleasant situation early in his life. The good thing is that he did not dwell on it, but instead, he uses that painful circumstance to propel him to become one of the most admired entrepreneurs today. Shakir founded a real estate business, National Cash Offer, that would become one of the largest real estate companies in the United States. He also explored business opportunities in other industries and now owns and manages 26 businesses. Here, he will share some insights on how to achieve financial freedom by creating multiple sources of income.
Having A Millionaire Mindset
Shakir said that the first step to financial independence is adopting a millionaire mindset. A person cannot achieve anything without the right frame of mind. The authors of the book “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” revealed that the majority of self-made millionaires drive used cars, live in average neighborhoods, wear moderate price clothes and are meticulous with their money. Once a person develops that mindset, he will start to do the things he needs to do to create more wealth in his life.
Millionaires have vividly clear goals and plans that they follow until they get to where they want to be. A person must determine what he wants. Then, understand why he wants it and dedicate every breath in his body to achieve it. Millionaires keep their goals in front of them at all times, they remember their dreams. It is like a “carrot” in front of them that persuades them to do whatever it takes to achieve their goals.
Investing A Portion of Your Earnings
Shakir shared that one way of creating multiple sources of income is to invest a portion of a person’s earnings. Instead of spending it on buying luxurious items, most millionaires use their earned profit to build another business or another investment. In this way, they are creating another source of income. They utilize their revenue or profit to expand their business portfolio. The reason for this is that they are eyeing on the long-term benefit of having several sources of income. Paving the way to a future free from financial hardships.
Shakir thinks in the same manner. When he started working, his mindset was to save a portion of his hard-earned money and invest it. “I wanted to save some of my income and invest it. I served in the US military for more than three years. Every time I returned from a tour of duty, I spent the money that I had saved to buy cars at the auction. And I sold the cars in other auctions or to car dealers. It became the foundation of my car dealership business. Although, later on, I decided to let go to focus on real estate,” he said.
Shakir shared that his real estate business is also a result of his savings. “My real estate business started when I purchased a property that was recently damaged by a fire with a small amount left from my savings. I single-handedly fixed the house and leased it to several tenants. Eventually, I decided to sell the property. It started my real estate venture,” he continued.
Create Passive Income
Shakir added that a good source of additional income is business that generates passive income. These are businesses that require little to no effort to earn and maintain. One type of passive income source is investing in dividend-paying stocks and other investments. It requires little effort to keep since another party is managing it.
Another venture that can generate passive income is making YouTube videos. It is a fast-growing online venture. It is effortless. Just create videos about any topic or any area, especially issues that a person has the expertise on and upload it on YouTube. Then, attach Google AdSense to the videos, which will overlay the videos with automatic ads. Whenever viewers click on those ads, the owner of the videos will earn money from AdSense. It is a bit challenging to create a compelling video, but once it is completed, it will become a completely passive source of income for a very long time.
Likewise, Shakir said that a person could create a video course on any of the available online learning platforms. An individual can create a video course about any topic such as a guide in starting a real estate business. Then, upload it on the online platform and allow users to purchase the course. It is a good source of income for individuals who are knowledgeable in a specific subject matter.
The Bottom Line
Shakir strived hard to become successful. He started as a side hustler, but through sheer determination and perseverance, he now enjoys the perks of his success and living the American dream. It is befitting to say that he is reaping the benefits of his labor.
Shakir said, “If you want to get free from many of your financial burdens, it is high time to organize yourself and get started.” Now is the right time to start the journey towards fulfilling those financial goals. No better time than today, so make up a decision and act on it.