Conversation with 29-year-old multimillionaire and entrepreneur to see what tips he had for budding entrepreneurs during the lockdown.
After graduating he joined a leading private bank before founding Samuel and Co Trading in 2012, which today is an international CPD accredited company.
Samuel is a Forex & Stock trader and Influencer (130,000 YouTube subscribers and 300k+ Instagram followers). Samuel was a Top Traders to Follow by Yahoo Finance in 2020 and ranked 7th in the Fintech Disruptor Awards. One to watch in 2021.
This is what he had to say to those aiming for financial success and emotional wellbeing in lockdown.
1. New Business
I cannot encourage diversification enough, this goes for investing in the stock market (see below), becoming an entrepreneur, or trading goods and services. Having financial risk spread across multiple streams increases your financial stability should one of those streams fail.
Developing a business can be done with limited start-up costs or overheads, and may release other income streams and tax efficiencies. Online service delivery is the most COVID secure option, and can be automated for passive income. You can utilise dropshipping, or Fiverr. Ideas for businesses include:
I. Provide Administrative functions remotely.
II. Create online material.
III. Produce and sell goods and services.
Managing debt is key too. Income streams will help, but for saving I use Moneybox, an app that rounds up your card purchase and adds this to investments in a hands-off approach. Monzo Bank allows putting aside certain amounts of money each month in saving pots whilst monitoring your outgoings and income.
Build business relationship networks. This takes time but starts with people who you know. These individuals are more likely to try your business because they know you, then reach out via social media. Spending time networking on social media is key for brand recognition and gaining customers.
Learn to trade and get your money working for you. I started when I was a student, and I could retire in my 30s.
I've trained thousands of traders, to read markets and stock's intrinsic value, and to develop a successful mindset. From diverse backgrounds and with different academic and financial experience, if they can do it so can you.
It's also possible to invest in equity funds without the need for costly management fees. Research ETFs, Tracker Funds, Blue Chip Stocks & Property CrowdFunding projects.
Lock down stops normal routine: going into the office; meeting friends/family; and leisure. To minimise disorientation and its impact on mental wellbeing, impose a routine. Remember exercise to keep in shape and ride that endorphin high!
I work 07:00 to 12:00. I cycle for an hour before lunch, then two periods of work in the afternoon (13:30 to 17:00 and 20:00 to 23:00) and time for personal life. I have more productive time than most, structure, and time for R&R.
4. Growth Mindset
Is the world full of challenges that you can overcome, or obstacles in your way? Is feedback helpful for future achievement or criticism that eats into you? Are ideas achievable (with some work) or don't you have the skill set and attributes to succeed? The former options are evidence of a 'Growth mindset', the later is of a 'Fixed mindset'.
With a Growth mindset, one can grow in order to achieve. With a Fixed mindset, one is stuck with innate abilities. If those are insufficient for a goal then it is likely you will never succeed. Too many people tell themselves they cannot grow so they fail by default.
5. Goal setting
This grows from Growth mindset. Only if you know you can succeed will your goals become achievable.
The mindset significance is that we are motivated by achievement. In fact it defines the way we look at the world, as tools that we can use in order to further our interests.
To achieve, we need to define what success is and that is what a goal setting is. Make sure your goals are 'SMART' (Specific, Measurable, Achievable, Realistic, and Time-formed). Focus on a weekly goal to start with.
With these tips make lockdown a new success-filled chapter of your life.