The following was published on 3/25/2020 on Sal Shakir on the website: successfulhacks.com. Sal Shakir is one of the co-owners of such companies in real estate as; National Cash Offer, All In Entrepreneurs and more. Sal Shakir has not only been a staple for what it is to be a true serial entrepreneur, but also has helped out his community in the ongoing battles of starting his businesses. He is continuing his journey in real estate, and plans to do much more as Sal Shakir becomes one of the few entrepreneurs in Arizona that has come a long way.
“The majority of us have experienced at some point in time financial hardship. Some people might have lost their jobs. Others might have declared bankruptcy after their business did not work out. A sudden blow to your finances can be stressful if you are caught unprepared. During this tough time, people usually turn on their survival mode. They scale down their daily spending, striking out particular needs in the budget list or tapping into an emergency fund.
Real estate baron Sal Shakir is all too familiar with the struggle of financial inadequacy. Shakir is the founder of National Cash Offer, which is among the largest real estate companies in the United States. At a young age, he witnessed the financial hardship that his family went through. Shakir and his family were originally from Iraq where violence and fighting were plaguing the streets of this Middle East country. Hence, his father made an important decision to leave their native country. He decided to bring their family to the so-called Land of Opportunity to have a better life and escape the war.
“When we came to the United States to start a new life, we knew little about the American way of life. We found ourselves in uncharted territory. We were unfamiliar with the culture, and we had limited proficiency in the language. I tell you it was tough trying to survive in an unfamiliar place,” Shakir recalled. He added that their family struggled to have enough money to cover their daily expenses. So, he promised himself that he would do anything to help his family.
Shakir took on odd jobs to stop the bleeding of their family’s finances. He worked as an attendant in a local laundry shop. He did not stop there, he also took on many side hustles to earn. He became an assistant to an air conditioning technician, a painter of fences, a plumber, a door knocker, among others.
Then, he entered the military service as a trainer in the US Army. He used the money that he saved from his tour of duty to open a car dealership business. Later, he let go of his car retail shops and shifted into the real estate business. His real estate became a successful enterprise. But his journey to entrepreneurship did not end there. As a serial entrepreneur, he ventured to other markets until he owned a whopping 26 businesses. His ascension to financial freedom was not a walk in the park, but it was a story of sheer determination and hard work.
Be Prudent In Spending
Shakir said that the first step to financial stability is adopting prudent spending habits. In other words, people who aspired to break the economic barriers must be responsible for managing their spending. “Spend your money wisely. Remember that’s hard-earned money. If you are going to buy something, try to appraise its value by determining the number of working hours that you must work in order to pay for it. Then, ask yourself if the value of the item is worth the number of hours spent in earning the amount,” he urged.
He said that people should try to get rid of unnecessary expenses like instead of going to the gym, work out at home, instead of having lunch out, prepare home-cooked lunch, or instead of spending tickets to watch a match, watch games on TV.
A popular budgeting model is the 50/20/30 budget rule. It is a basic rule that aims to help people reach their financial goals by providing a guide on how to spend and allocate a person’s income. The practice, which was popularized in the book All Your Worth: The Ultimate Lifetime Money Plan, suggests spending 50% of a person’s needs and obligations that are necessary for survival. For example, rent or mortgage, groceries, health care, and utility bills. Then, allocate 30% of the income on things that are considered as wants, such as movies out, new handbags, vacations, or the latest electronic gadget. The remaining 20% of a person’s income must be apportioned to savings and investments.
Save Money To Invest
Since he started working, Shakir’s mindset is to save some money and invest it. While in active military duty, he kept a portion of his wage as a trainer in the military to invest in cars. “I spent more than three years in the US Army. After every tour of duty, I used my savings to buy cars at the auction and resell the cars in other auctions or to car dealers,” he said. His passion for cars and his savings paved the way to establishing his car dealership business. In just two years, he successfully opened two-car retail shops.
Aside from starting his car dealership business, he also bought a property that was recently damaged by a fire with the little amount left from his savings. He fixed the house all by himself. He leased the property to tenants until he decided to sell the property. It was the dawn of his journey to the real estate industry, Where he would become the founder of one of the largest real estate companies in the United States, National Cash Offer. Soon after, he ventured into technology, call centers, and other industries until he became an owner of 26 businesses.
Invest In Personal Learning
As the American polymath, Benjamin Franklin once said: “An investment in knowledge pays the best interest.” Shakir firmly believes that the best investment is educating a person’s self.
There is a misconception that after graduating from school, people think that their learning days are over. Business is continuously evolving as new technologies are changing how people do business. Some skills have become obsolete as a result of emerging technologies such as artificial intelligence or business process automation. Hence, to keep up with the rapid changes in business and the workplace, it is inevitable to continue learning a new set of skills or enhancing a person’s current skillset.
Shakir pointed out that investing more in developing oneself will have a more significant benefit in the long run. “The more you learn, the more you earn,” he said, quoting the investment guru Warren Buffett. Top CEOs never stop learning. As a result, they maintain the competitive edge that gives them that six-figure earnings.
Shakir never lost sight of his goal – to end the financial hardship that his family is experiencing. He rose from being a side hustler to a successful serial entrepreneur.
Now, Shakir is living the American dream of managing his multi-million-dollar business empire. By not only having that strong determination but by also tackling any financial barrier with the tips he has provided us with.”