How This Financial Expert Went From Welfare to Millionaire

Alfred Nickson, who went from welfare to millionaire by age 25, has dedicated his profession to educating hundreds of African Americans about constructing wealth.

Now 31, the financial expert has mentored greater than 100 six-figure earners and his mother retired.

“Wherever you are, be ready to swing the bat,” Nickson told BLACK ENTREPRENEURSHIP“You can’t hit a home run if you don’t swing. I put myself in a position where I not only swung the bat, but I wanted to put people in a position to win. So I put people on base.”

He continued, “When I swing the bat, I don’t just hit a home run. I hit a grand slam. That means everyone who was on base and in position got to go home and taste success. I encourage everyone to swing the bat so you can hit your home run, too.”

Nickson began exploring home-based business shortly after highschool. The young entrepreneur earned a complete of $1,500 in his first three years of entrepreneurship. Despite a scarcity of funds and folks telling him to consider getting a “real job” and going to school, he wouldn’t stop.

In his fourth 12 months, Nickson made his first six figures by leveraging his passion for financial literacy. A number of years later, Nickson hit the million-dollar mark.

Nickson encourages anyone looking to improve their financial situation this 12 months to think outside the box and do these three things.

Go from Prosperity to Wealth by Starting with Assets

Knowledge is power. When you already know where you’re financially, you possibly can determine exactly how much money you would like to get to where you would like to be.

Nickson suggests creating an inventory of the whole lot you own. This list represents your assets.

“These could be tangible items like a vehicle or jewelry, stocks, bonds, or life insurance policies,” Nickson says in an email. “Even a pair of gold earrings can be added to an asset and is better than no assets at all.”

Nickson meets along with his team every month to get a greater picture of his net value. That number is how much you own (assets) minus how much you owe (liabilities). That’s the magic number that wealthy people use to gauge their financial health. Nickson also suggests having a superb tax strategy to show you how to keep more of the cash you earn.

Sign up for all times insurance

Seeing that so many individuals in his community had a GoFundMe account, Nickson decided to educate more people about life insurance.

“Who needs life insurance? Everyone.”

Life insurance should not be limited to death advantages. It will also be used as a wealth-building strategy.

“Choose between whole life and term life insurance,” says Nickson. “Term life insurance is more valuable and generally costs less per month. Both can provide millions of dollars to your loved ones when you die.”

In addition to life insurance, Nickson says wills and trusts also needs to be a part of your financial statement.

Earn extra cash to go from welfare to wealth

Nickson recommends starting a home-based business since the infrastructure is already there. He says the barriers to entry are low and anyone can start with just just a few hundred dollars. The better part is which you could start earning money straight away.

In his first 12 months, Nickson hit six figures. In his second 12 months, he hit greater than half 1,000,000 dollars. In his third 12 months within the finance industry, he made his first million dollars.

How to Get Started on Your Home Business Path? Identify What You’re Passionate About.

“If you’re passionate about something, you put your heart into it,” Nickson says.