"If you want to avoid struggling financially, you must spend time wisely and learn at least one new thing everyday." - Tony Williams
Born in Southeast Washington D.C., Tony Williams was raised by his single mom and two older brothers where they struggled to make ends meet. After excelling in his high school entrepreneurship program NFTE (Network for Teaching Entrepreneurship) and with the help of his high school business mentor Phil McNeil, Tony raised over $20,000 to launch his own 501c3 non profit organization, where he focused on teaching urban communities entrepreneurship, financial literacy and personal development.
After experiencing a slow start and almost running out of funds, Tony continued to develop his education in learning Real Estate Investing from another mentor by the name of Laine Shakeridge, a successful real estate developer and investor whom he also met through his high school business program. He later became a licensed real estate agent and property manager.
Today, Tony and his wife Armarni are the owners of The Lease Collection, which offers Quality Tenant Placement and Professional Property Management Services for residential and multi-unit property owners in the Washington D.C. Maryland and Virginia area.
"2018 may possibly be the best year for new and experienced business owners to experience tremendous success." - Tony Williams
Here's 5 simple tips on how to be an entrepreneur, and avoid financial struggles in 2018
1. Value Time - Time is the world’s most valuable commodity. How you spend your time is a direct reflection to how you will probably spend your money. If you’re not organized and managing time properly, most likely you’re not managing your money properly.
According to an article by the New York Times, American adults are watching more then 5 hour of television per day. Likewise, people are spending more than 1 hour and 39 minutes a day consuming media on their phones. The amount of time people spend consuming media — watching TV, surfing the web on a computer, using an app on their phone, listening to the radio and so forth — continues to increase. Americans spent about nine and a half hours each day consuming content. This year? The average is above 10 hours and 39 minutes. Not to consider, the amount of time we spend sleeping.
What if we used this same amount of time spent watching TV and surfing social media to focus on accomplishing our goals and developing our financial plan? No matter how many times you try and fail, you would still eventually find your niche, become an expert, accomplish your set goals and reach financial success within a few years. Failure would be impossible!
2. Develop Your Financial IQ - It starts with consciousness. Considering "real world" financial literacy is not taught in schools or local churches, you have to rely on yourself to gain knowledge from online sources or find mentors. In today’s world, you can literally learn almost anything on the Internet for free if you’re disciplined. The whole world is literally in your hands. I also, recommend attending local business trainings and seminars for starters. Find a local banker and learn what criteria’s they require so you can one day leverage your cash savings to get bank funding for your business or simply take advantage of everyday cash flowing business acquisitions and real estate investment opportunities.
3. Recognize, Accept and Change Poor Spending Habits - Learn the difference between assets and liabilities. Learn to choose value over price. As Warren buffet said;
“Price is what you pay, value is what you get.” - Warren Buffett
I also recommend keeping a ledger. Manually writing down your income and expense will help you become more conscious of your spending and help you build better habits and make better financial choices. Avoid frivolous spending on expensive name brands. Practices living on 60% to 70% of your income after all bills are paid. In some cases if this is impossible, you may need to get rid of some of your expenses so you can have more cash flow to make better financial decision. Financial success requires tremendous discipline and focus.
“It doesn’t matter how much money you make. Without money management and developing good financial habits you'll always end up broke.” - Tony Williams
4. Get Some Financial Guidance - Don’t be afraid to seek and find successful mentors. Having mentors who mastered the money game has completely changed my life and I am absolutely sure if will change yours considering the fact that many people has subconsciously adapted their spending habits from their parents. You must continually seek wisdom and understanding about money and business. Learn from people who either succeeded greatly or failed miserably.
“The easiest way to be a entrepreneur, minimize your risk and get rich quickly is by preparing yourself to one day purchase an existing business and make it better. “ - Tony Williams
5. Choose The Right Industry - Whether it's a career or new business, everything is affected by economics. You must choose a business or career path that shows steady growth and have certain economic advantages such as real estate, insurance, legal, law enforcement, hospitality, property management, doctors etc. These are all great industries that will always be needed in our society. By choosing the right industry to pursue your passion, you’ve already put yourself at an advantage. Also, don’t be afraid to intern or learn for free under a successful company, person or organization. The information, education and experience you gather can be worth far more then money.
If you’re considering getting started in the real estate industry, The Lease Collection is seeking new leasing agents, where you can earn over $5,000 per month working from home and on your own schedule. For more information visit LeaseCollection.com/careers.
If you agree or disagree to this article, we invite you to respectfully leave your comments and questions below.
Tell Us, What are some of your bad financial habits that you are planning to change in the New Year?
Tony Williams is a lifestyle philosopher, influencer, personal development and business educator. He is also a senior managing consultant for The Lease Collection, which provides Professional Property Management and Tenant Placement Services for multi-unit and residential properties in Washington DC, Maryland and Virginia. His passion for personal development inspired him to create the Instagram, @Life.Algorithms, which has amassed over 30K followers. Along with his Blog, these platforms are his way of inspiring, motivating, educating and connecting with thoughtful, creative, like-minded and ambitious people just like you.
Contact Info: Awilliams@LeaseCollection.com
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