July 10th 2024.
Originally published on May 8, 2021, the inspiring story of Alfred Nickson's journey from welfare to millionaire at the young age of 25 has captured the attention of many. In his pursuit of success, Nickson has dedicated his career to educating thousands of African Americans about building wealth. Through his expertise, he has mentored over 100 individuals who have reached six-figure incomes and even retired his own mother.
During an interview with BLACK ENTERPRISE, Nickson shared his advice for achieving success, saying, "Wherever you are at, be willing to swing the bat. You can't hit a home run if you don't swing. For me, I not only put myself in a position to swing the bat, but I also wanted to help others win too. So, I put people in a position to get on base."
He continued, "When I swing the bat, it's not just me hitting a home run. I'm hitting a grand slam. That means everyone on base and in position gets to experience the taste of success. I encourage everyone to take a swing so that you can hit your own home run."
Nickson's journey started when he began exploring home-based businesses right after high school. In his first three years of entrepreneurship, he made a total of $1,500. Despite facing financial struggles and people urging him to get a "real job" and go to school, he persevered. In his fourth year, Nickson reached his first six-figure income by leveraging his passion for financial literacy. A few years later, he hit the million-dollar mark.
For those looking to improve their financial situation, Nickson has three pieces of advice: start with assets, sign up for life insurance, and earn extra money through a home-based business.
Nickson emphasizes the importance of knowing where you stand financially, as it allows you to set goals and track your progress. He suggests creating a list of all your assets, which can include anything from tangible items like a car or jewelry to investments like stocks and bonds. Every month, Nickson meets with his team to assess his net worth, which is calculated by subtracting what you owe from what you own. This number is crucial for assessing your financial health, and Nickson also recommends having a good tax strategy to maximize your earnings.
Another tip from Nickson is to sign up for life insurance. He noticed many people in his community relying on crowdfunding platforms like GoFundMe, so he decided to educate them about the benefits of life insurance. According to Nickson, everyone should have a life insurance policy, and it can also serve as a tool for building wealth. He suggests choosing between whole life or term life insurance, with the latter being more cost-effective. Both types of policies can provide your loved ones with a significant sum of money upon your death.
In addition to life insurance, Nickson recommends having a will and trust as part of your financial plan.
For those looking to earn extra money, Nickson highly recommends starting a home-based business. He explains that the infrastructure is already in place, and the barriers to entry are low, with some businesses requiring only a few hundred dollars to get started. The best part is that you can start making money right away. Nickson himself reached six figures in his first year, over half a million dollars in his second year, and made his first million in his third year in the financial field.
To start your own home-based business, Nickson advises identifying your passion. "When you are passionate about something, you put your all into it," he says.
Nickson's remarkable success story serves as an inspiration to many, and his advice is valuable for anyone seeking to improve their financial situation. As the Small Business Administration recently announced a $30 million grant to expand women's business centers, there is no better time to take Nickson's advice and start swinging for the fences in pursuit of success.
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