Written in Partnership with Amir Bakian
One of the reasons we wake up every day and go to work is to secure our future and have enough money to cover our needs more comfortably. But, to most of us, achieving this goal seems impossible due to various reasons, including the high cost of living, huge spending, and the pressures from society whereby if you have not clocked a certain milestone by the time you reach your 30’s or 40’s you are considered a failure. However, that doesn’t mean that you cannot achieve financial security, and this is something Willis Hicks strongly believes in.
Willis Hicks is an insurance professional who has defied all these societal expectations, and he has built a successful business empire after several attempts. He is the Founder and CEO of Hicks Insurance, an insurance company helping agents and families to take control of their future and start their journey to financial security.
Here are tips to help on your journey to achieving financial security as shared by Willis Hicks:
- Track your spending
The goal is to minimize your monthly/yearly spending and maximize your savings notes, Willis. To find out how much you spend on unnecessary commodities and impulse buying, then it is important that you track your spending. This will give you an estimate of what you use in a month and what you need to cut down to reach this goal.
- Don’t overthink it!
Willis explains that many people think of working towards financial security as an exercise of self-deprivation and end up making many unnecessary sacrifices. Instead of using what you have to make more, you try to ‘keep it safe’, which will have zero to no profits considering the high inflation rate.
When Willis started Hicks insurance, he had just closed his fitness business. The fitness company began going downhill when the pandemic struck and was not generating enough income to cover the expenses. Willis took a risk, and using the little money he had after closing his fitness venture, he established his insurance company which he has now been able to grow and even become financially stable.
- Live within your means.
In this era of social media, there is a lot of FOMO (fear of missing out), and many people end up living above their means. With the high living standards and the pressure to keep up with your peers, it is even possible to borrow money from friends and family to maintain such a lifestyle, explains Willis.
However, this will only derail your dream of being financially stable because the more you borrow, the more debts you will have.
To add to this, you will be required to return this money borrowed with a bit of interest.
- Financial literacy
Learning how to make money is one thing; saving and growing it is another. According to Willis, this is where most people go wrong. Investing in your education and learning more about your finances will help you know what to invest in and the steps you will need to take to reach that goal.
Being financially secure may seem out of reach for so many people due to various reasons. But Willis Hicks proves that it is attainable no matter how long it takes. If you are looking to start your journey to financial stability, the above tips, as shared by Willis, are an excellent place to start!
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