Growing up in a family of five, we never really experienced luxury and abundance of wealth. Of course, as a family, there are other important things to prioritise before fulfilling luxurious demands. Having never experienced that kind of life, I never would have imagined being where I am today.
Jetting off to exotic locations, fine dining, and buying anything and everything I wanted—all of it seemed like a far-fetched dream. It felt beyond my reach, especially when I was struggling to make ends meet. Fast forward to today, as I sit in the lounge of Heathrow Airport about to board my next trip, I feel immense joy and pride when I look back and think, “I did it”. The journey to get here wasn’t easy, but it was undoubtedly life-changing.
The Struggle Years
After moving out in my early twenties, I wasn’t fully aware of how to take care of my finances in a proper manner. I was living paycheck to paycheck, barely getting by. I had big dreams but no real plan on how to achieve them. Poor financial decisions, unnecessary spending, and not preparing for the future were a few of the countless mistakes I made. With poor credit, the thought of getting a loan seemed impossible.
I found myself in a tough situation one day when my dog suddenly got ill and I had no savings to cover the vet bills. It was a classic case of bills piling up faster than I could handle them. I needed a quick solution. That’s when I looked into alternative financial options, such as a pay-day loan with bad credit. It wasn’t ideal, but at that moment, it seemed like my only option. A payday loan seemed like the quick fix to cover the immediate financial gap. While I was able to pay the vet bills, I quickly learnt that taking on more debt without a strategy for repayment only worsened my financial situation.
These tough times were humbling. The experience opened my eyes to the importance of financial discipline and long-term planning. It was a wake-up call that eventually set me on a new path.
A Shift in Mindset
Everything began to improve when I realised that I was the only one in charge of this and that I had to take matters into my own hands. I couldn’t keep living life by bouncing from one payday loan to another. I needed a strategy, a vision for a better life. What better way to start than to look it up?
I educated myself about finances and what it included, like budgeting, investing, saving, and building credit. I read books, listened to podcasts, and followed financial experts. Slowly I began to understand how money worked and, more importantly, how to make it work for me.
I knew I had to start by taking control. The first step in this process was tackling my debt. I created a plan to pay off my loans, starting with the highest interest rate ones. It wasn’t easy. There were sacrifices. I had to limit my spending and make do with less, but every pound I saved brought me one step closer to financial freedom.
Over time, I was able to pay off all the debt that had been hanging over me, after which my focus moved to saving and investing. I opened a high-yield savings account, started contributing to a retirement fund, and dabbled in stocks. The small wins kept me motivated. I didn’t make huge gains right away, but I learnt a few lessons along the way.
Realising the Power of Property
While getting my finances in order, I started considering building wealth through property. I always found real estate interesting but didn’t know where or how to start. I knew that having my own property could generate passive income, but I didn’t have the initial capital. Once again, I felt stuck and needed a creative solution.
After months of research and planning, I was able to make my first real estate investment. I started small by purchasing a modest property that required some work here and there. The overall process was both overwhelming and nerve-wracking. Would the investment pay off? What if the property value didn’t increase? But I chose to trust the process. I poured my heart and soul into the renovation and gave it all my time, working tirelessly to improve the property’s value. When I finally sold it, I made twice the profit I expected.
This success motivated me to dive deeper into the real estate market. I grew my portfolio over the next few years and started generating substantial passive income. Real estate became a crucial part of my wealth-building strategy. It allowed me to grow my assets without having to work harder or longer hours.
Protecting What I Built
As my wealth grew, I realised that with financial success comes greater responsibility. I needed a long-term plan for the security of my assets. I wanted to ensure that my investments, especially my properties, would be protected for years to come, for both me and my family. This is when I decided to create a property protection will.
Having a plan in place for the future ensured that my assets were distributed according to my wishes and also protected my family from any potential legal complications.
Estate planning became a priority, and I made sure to consult with financial and legal experts who could help me figure out the complexities of protecting my wealth. It was a powerful feeling to know that my hard work and sacrifices would be safe for the future.
In Summary
I often reflect on how far I’ve come. My journey hasn’t been linear. There were setbacks, mistakes, and struggles along the way, but they were all part of the learning process. The financial freedom I enjoy now is the result of hard work, strategic planning, and the willingness to learn from my mistakes.
I think the best part of my journey is the ongoing process of growth and self-improvement. If there’s one lesson I’ve learnt, it is to never give up. No matter how tough things may seem at the moment, with the right mindset and strategies, anything is possible.
