Financial Transformation Journey
So it wasn’t too long ago that I was completely broke and I couldn’t even afford to do the basic things. For example, I couldn’t even afford to get my own house and I had to live in public housing with my single mom and my siblings. But I’m here today to say that I’ve learned certain principles that’s enabled me to completely change my financial situation, and in this article I want to go through around four or five different steps that I personally took that’s enabled me to get to the point of traveling around the world to various different amazing locations whilst being able to earn multiple different streams of income whilst I’m at all of these different amazing locations and just generally I’m able to live a life of Pure Freedom.
Promise of Valuable Insights
So make sure that you stick around for this entire article from start to finish because you might just learn something that’s going to allow you to go from being completely broke to changing your financial situation as well.
Mindset Shift
All right so one of the first steps that I took and I’d advise anyone that’s reading this aricle to also take as well if you’re living paycheck to paycheck or maybe you’ve got less than $11,000 in your bank account which is to Change your mindset. I know this might sound a little bit cliche and you’ve probably heard it a million times but it’s definitely one of the most important initial steps that you need to take.
Belief in Self
So practically speaking when I say that you need to have the right mindset what this means is that you need to first and foremost believe that you’re someone that’s capable of changing their financial situation. There’s so many of you that’s reading this article right now that you want to be able to make more money you want to change your life your family’s life the people around you’s life but at the same time you’re thinking to yourself that you’re not the person that’s going to be able to do it.
Overcoming Limiting Beliefs
So many of you that’s reading this article have limiting beliefs when it comes to you telling yourself that you’re going to fail it’s not possible for you to make the money that you’re trying to make only that person over there is capable of doing it and I’m not capable of doing it because I’m not smart enough I’m not this and I’m not that but the you’re able to switch that mindset and kind of reverse it and tell yourself that you are capable of doing it that’s going to be the first step to your Financial Freedom.
Personal Experience with Mindset
This is something that I had to learn and I had to implement anyway on my journey because I grew up in a Place Southeast London where people are told that they’re not able to succeed and that they’re only going to be able to do this or that maybe work a 9-to-5 job and where I’m from people are kind of limited to the success that they’re trying to see but once I started reading success books and I started understanding the principles of success I soon realized that if you’re able to have a optimistic mindset rather than a pessimistic mindset then that’s going to be the first step for you to change your entire life.
Power of Positive Thinking
If you’re able to remember just this one single fact which is that a positive mindset is going to lead you to great success rather than having a negative mindset then before you know it your entire life is going to change but this now brings me on to the second step that you need to take once you have worked on your mindset which is that you need to Start an online business.
Starting an Online Business
Now just for the record I’m not saying that you can’t become rich with a 9-to-5 job because of course there’s some professions out there that can definitely make you a lot of money but in my personal opinion I believe starting an online business is probably one of the best things that you can do when it comes to going from being broke to rich and the main reason for this is that your entire life can change within one year if you’re able to start the right online business and you’re able to work hard on it then you’re going to be in a position where your income isn’t limited.
Benefits of Online Business
That’s the best thing about starting an online business in my opinion which is the fact that you’re essentially going to be able to sell to the entire world 24/7 365 days a year. You’re not limited to a specific location or a specific shop you’re going to be able to sell your products to anyone at any time and of course there’s multiple different types of online businesses out there that you can start but one of the most important things that you need to do is pick a business model that matches your personality matches your skill set and just generally a business model that you’re passionate about that you’re going to be able to continue with even if you hit an obstacle because the honest truth is most online businesses out there work whether you’re thinking about selling on Amazon selling on eBay doing Shopify Drop Shipping doing content creation maybe affiliate marketing selling some sort of digital product all of these different methods work all of these different methods can make you a millionaire it’s all going to come down to what you’re passionate about and what you know you’re going to be able to stick with but as long as you’re aware of the fact that starting an online business is one of the first things that you need to think about when it comes to changing your financial situation going from being broke to rich then you’re going to be able to now start looking out for the right opportunities when it comes to picking a business model that’s going to match whatever skill set or whatever personality you have.
Personal Journey in E-commerce
And just to give you a quick background on my personal Journey the online business that I started back when I was trying to change my financial situation was an e-commerce business specifically selling on eBay and the reason why I decided to sell on eBay was because number one I could see that other people were successful when it came to them making the money that I could see myself making on a monthly basis number two I was a customer on eBay so I knew exactly how it worked and number three I was passionate about the eBay platform I like the fact that you could create these listings people came across the listing and you can essentially make money at any time and because I was passionate about all of these different things that’s the reason why I put all of my energy all of my focus into that eBay business and before I knew it I was able to go from zero to over $10,000 a month $30,000 a month $50,000 a month so on and so forth and of course from that point I’ve now expanded my business to sell on multiple different platforms I’ve hired various different people to help me automate certain things with my online business generally speaking but the main point is just make sure that you’ve got the mindset to start online business pick one make sure that you’re focused on sticking with it because the more consistent that you are the sooner you’re going to start to see results but swiftly moving on to one of the next steps that you need to take once you have started your online business which is that you need to have the mindset of Reinvest back into it.
Reinvesting in Your Business
Now in terms of how you’re going to reinvest back into it how much you’re going to put back into it it’s going to be dependent on which online business that you’ve started because for example if you started a physical product business then you may have to invest a little bit more into it rather than if you started a digital based business but either way you just need to make sure that you are aware that you’re going to have to reinvest your time energy and money back into the business that you started for it to continue growing.
Continuous Growth Mindset
With every single business that I’ve ever started even though I’ve seen a certain level of success whether it was me making my first 50k from it 100K in profit 200k 300K I always keep going as if it’s the first day that I’ve just started. Most people end up getting complacent they end up thinking small and because they’ve made a certain amount they end up slowing down in terms of the energy and money that they’re putting back into their business when that’s not the best way to do things.
Importance of Reinvestment
The way that I like to do things with all of my different online businesses is that even if it means me paying for education whether it’s me paying for Freelancers employees softwares whatever it is whatever type of online business it is you just need to make sure that you’re pouring back into it because the more you’re able to pour back into it 6 months down the line a year down the line even 2 years down the line that’s when you’re going to be able to benefit from everything that you put into it in the form of time energy and money but to one of the next steps that’s super important that I should have actually said at the start of this video which is that you need to make sure that you’ve got good Financial Management.
Financial Management
Now one of the things that I’m grateful for is my solid financial management when it comes to understanding the concept of managing my money not a lot of people have this a lot of people they’ll make a lot of money maybe they’ll make let’s say 10 grand every single month and because they’re making that money they’re going to spend n Grand of it on useless things that’s not going to give them any return.
Financial Literacy
Having solid financial literacy is one of the most important elements when it comes to you being able to say that you’re no longer broke and one of the earliest things that I personally learned on my journey when it came to having good financial literacy is that there’s a difference between the money that your business makes and the money that you make.
Understanding Finances
Now I’m not going to bore you with all of the different technicalities but understanding how Tax Works credit cards you know just general things like that is definitely going to help you and it’s definitely going to go a long way when it comes to improving your financial situation but when it comes to financial management another important factor is investing your money the extra money that you’re making that you’re not putting into your business you need to know exactly how to invest it in the right way so it’s one thing to invest your money back into your business to continue growing it but any extra cash flow that you’re generating any extra profits that you’re going to start to make you need to make sure that you’re putting it in the right places so that that money can work for you even when you’re fast asleep.
Investment Strategies
Now there’s so many different ways that you can invest your money but one of the ways that I like to invest some of my extra cash flow is into index funds and by Index Fund investing this is putting your money into stock market but instead of you buying individual companies what you’re going to do instead is buy into an index fund which has a group of different companies in it so when you buy into that Index Fund you’re buying a small portion of all of these different companies and it’s a safe way to invest and of course this isn’t financial advice but by putting your money into index funds it allows you to have diversification it allows you to spread your money amongst so many different companies and if you’re putting your money into the right index funds then this is a great way for you to kind of protect the money that you’ve made and not only protect it but you’re also going to be able to see it grow month after month and to show you exactly what I’m talking about if I just open up my iPhone and I’m just going to jump into this Investment app over here as you can see I’ve recently built up this portfolio to over £37,000 so I’m keeping some of my money in this one I’ve also got another portfolio which is this one over here as you can see in this one I’ve built this one up to around £43,000 and these are some of my newer portfolios I’ve got so many others that I don’t necessarily want to share on Channel but I tend to use these ones as examples of exactly what I’m talking about keeping your money in places like this allow you to generate profits where you’re not necessarily having to work for it so it’s a great way to make passive income on the money that you’ve already made.
Diversifying Investments
In addition to using investment apps just like this I also like to put my money into high interest savings accounts so there’s a number of different ways that you can make money on the money that you’ve already made and I’m sure that most of you right now probably thinking but Sam I’m completely broke so why is this important the reason why it’s important is because if you’re able to have the mindset of a successful person even if you’re completely broke that’s when you’re going to be able to start taking the right action steps for you to get to a position where you’re able to build up investment accounts business bank accounts High interest savings accounts the sooner you’re able to have the mindset of a rich person that’s when you’re slowly going to become that rich person but this now brings me on to the final thing that I want to touch on that’s super important for all of you guys that’s watching this video to remember on your journey which is to Don’t Give Up at the first setback.
Persistence Through Setbacks
So another thing that I’ve learned on my journey of trying to change my financial situation as well as my family’s is that it’s not going to be easy and there’s always going to be these setbacks along the way no one said it’s going to be easy no one said it’s going to be simple so it’s your job to make sure that you overcome them setbacks every single time and just to give you a quick visual representation of exactly what you’re going to go through mentally speaking initially you’re going to go through excitement when it comes to wanting to make more money right now you’re probably fired up thinking yes Sam I know exactly what I need to do I’m going to follow everything you say you’re excited and once you get started with whatever online business you decide to start you’re going to hit some sort of confusion this is something that’s natural for you to go through because of course you’ve never done it before so you’re going to end up feeling confused you’re going to end up feeling you know lost and you’re going to eventually get to the point where you’re no longer confident and once you get to this point where you’re no longer confident you’re going to start to have those negative thoughts creeping in again telling you that it’s not possible for you to succeed and then you’re going to feel like quitting and the thing about most people once they get to this point over here they end up quitting and they end up staying here but even though you get to this point where you’ve got the mindset of quitting you need to make sure that you don’t stay there and you need to pull yourself out of it you need to know that this is a natural way of feeling and then you need to have the mindset of being ready to work again try and get that excitement back try and be focused on your objectives and your goals and once you’re able to get focused once again and you continue putting the work in that’s when you’re going to be able to go through success and even though you get to a point where you’ve achieved a certain level of success whether it’s around $50,000 in the bank account $100,000 $250,000 whatever it is you may end up going through this cycle over and over again but the more you’re able to go through it the more you’re going to kind of identify it and it’s going to be easier each and every time but I would say that those are some of the main things that you need to be aware of when it comes to you going from being broke to being rich.