Retiring early without financially worrying about what comes next is a dream for many. According to successful entrepreneur Noelle Randall, these 10 things are essential to financial freedom, and understanding them early on in life can lead to a peaceful retirement.
- Define what rich is
The word “rich” is relative. Randall advises assigning an actual amount of money necessary to consider themselves wealthy. For example, Randall considered herself rich when she started making a million dollars a year.
- Be an entrepreneur
Randall says that being an entrepreneur is the best way to retire financially free. She started owning a business through real estate; however, starting a business in any industry should also work, especially if the right mindset is in place.
- Changing the mindset
“Poor people work, while rich people think,” Randall shares. She advises giving up the employee mindset and embracing an entrepreneur’s mindset. This will put people in the right headspace to succeed.
- Investing in education
People must ensure they have the knowledge to run their businesses to better their chances of succeeding in the field. They should also invest in educating themselves in real estate for when they start investing in properties or in any big business moves along the way.
- Get a mentor
Navigating the ways people get rich can be daunting. Randall advises finding a mentor still practising in the field and taking their advice. She discourages finding someone who has retired and is not up to date with the current market climate.
Finding a mentor is also an excellent opportunity for people to partner up with their teacher for business opportunities.
- Networking is key
Randall advises attending social events and any event related to the chosen field. These help people keep informed of the latest trends and create business opportunities with potential partners. She also cites that associating with people who also have a rich mindset is also an advantage.
- Getting a business credit
Randall shares that getting business credit makes starting a company faster and easier. It provides entrepreneurs access to more funds which is crucial to growing their businesses.
- Create multiple streams of income
There are many ways of earning money. One way is investing in a real estate portfolio. As a real estate expert, Randall shares that there are many avenues to financially thrive in the industry, like earning actively through wholesaling and fix and flips and making passive income from rental properties and short-term rentals through apps like Airbnb.
Remote work has also seen a rise in popularity. A quick search of passive income ideas online can show multiple options for earning through other means.
- Look for good deals
One of the easiest ways to earn from a self-made business is to find suppliers that offer competitive rates, packages, or values without compromising quality. This gives business owners a chance to place greater margins, leading to better earnings.
As a professional in the real estate industry, Randall encourages real estate investors to negotiate the best deal possible when buying properties. Getting the lowest price possible helps a real estate investor earn more money. Randall advises targeting deals with specific problems their business can resolve. For example, her business during the 2008 financial crisis targeted people going through foreclosure.
- Mentoring and coaching
People should consider spreading their knowledge to other aspiring entrepreneurs. This opens up another avenue for generating income through books or monetizing a YouTube channel and creates opportunities for a seasoned entrepreneur to learn newer perspectives in real estate. For example, Randall got inspired to start an Airbnb business because she partnered up with one of her students and saw their success despite initially being reticent about the concept.
Noelle Randall and her admirable road to success
Randall is a thriving entrepreneur who started in her parent’s basement following the 2008 financial crisis. Today, she owns multiple businesses and has retired at 37. She is inviting people who want financial freedom to attend her GROW YOUR WEALTH Investor Summit, a three-day real estate education conference with a tour of actual properties. Her event is a great way to learn how to manage a real estate business, which is one of the most successful and proven ways to attain financial freedom.
