Alright – so today we’ve got the honor of introducing you to Sunshine Smith-Williams. We think you’ll enjoy our conversation, we’ve shared it below.
Hi Sunshine , thanks for joining us today. Please tell us about starting your own firm and if you’d do anything different knowing what you know now.
The story of my entrepreneurship was inspired by my passion to help people of color and those in underserved communities. My passion came out of my own experiences. I will explain to the readers why becoming a wealth educator became so important to me.
In 2005, I attended N.Y. Real Estate Institution in Manhattan, it was there that I received my Real Estate, Appraisal, and Property Management education. I then received certifications and licenses from NYS Division of Licensing Services.
After I got my license, a Real estate broker sponsored me. Because of my networking and professionalism my clientele was broad. I started off doing rentals but eventually did sales. I sold houses and made my first million within a year. I was living the life, or so I thought. I was squandering my money on lavish trips, luxury vehicles, jewelry, fur coats, an NYC loft that I rented as my primary residence to get away from a toxic relationship.
The real estate market crashed three years later because it was flooded with over appraised homes, fraudulent lenders, and greedy investors and brokers. After the market crashed, my income plummeted. I could not afford my lifestyle anymore and had to file for bankruptcy. I went from being a self-made millionaire at age 24 to sit in a cubicle on a 9-5 dead-end job. Although humbled and grateful for the day job, I regretted not taking some of the money made and invested properly. I had no idea that I was supposed to diversify my financial portfolio. No one pulled me to the side and taught me how to invest, start a few businesses or buy properties. I take full accountability for my financial ignorance and after research realized there are others like myself who wished they could have known better.
I became ambitious because I saw my single mother struggle and she never knew about credit until I added her on my first credit card in 1997. Growing up in NYC housing authority with a survival mentality, my motivation and passion came from a place of being poor, poor financial choices, and a lack of wisdom. Preparation and opportunities will give you success but without tools, you will fail.
My advice to any new aspiring young professionals who might be considering starting their own firm, is W.E.A.L.T.H.
An acronym I created to keep you focused. (W)rite your business plan. (E)execute your plan by appointing the appropriate duties. (A)void anything that is not in alignment with your goals for this business. (L)everage _ Make sure you have capital or credit.. (L)iabilities & (L)egal Structure of business is very important for accounting and finance. Final “L” is about (L)egacy. Ask yourself if this business you are going to start will help build your legacy. (T)eam work is very important, make sure you choose a team that understands the assignment and goal. (H)appy. Do what makes you happy.
Sunshine , love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?
Sunshine Smith-Williams was raised in Jamaica Queens, New York by a single mother, who struggled to make ends meet. Growing up in multiple impoverished housing projects with dim hope of the future, she utilized education as a weapon to overcome poverty. Today, she is a philanthropist, community & youth advocate, best selling author, and serial entrepreneur who owns or operates: Sunny Legal Realty LLC, (Financial, Real estate and litigation firm. Shared Living Residential LLC. (homeless shelters), Sunny Side-Up Productions & Films, Ambitious Beauty Collection (Cosmetics), and Sunny Side-Up Publications just to name a few. Her book titles are Sunny 101: The 10 Commandments of a Boss Chick, Wine and Wealth Series (Vol. 1 -Credit & Vol. 2 – Entrepreneurship) and others.
Sunny focuses on her finance/Real estate and Legal firm more than ever because she feels the fastest and safest way to building generational wealth is through owning real estate, land and knowing how to diversify your financial portfolio, With a degree from John Jay College of Criminal Justice and finance and Real estate certifications from NYS Division of Licensing Services this gives her the opportunity to offer services such as business formation, consumer litigation, Wills, P.O.A’s, Real estate rental/sales and Notary,
Sunshine Smith-Williams launched a financial academy during the global pandemic. The Wine and Wealth Academy Founder, a board certified Financial Educator and Youth advocate who serves as a philanthropist and a community advocate for at risk youth, is wealth educator by passion, certification and profession. A self-taught entrepreneur, she has launched multiple successful businesses both online and in a traditional brick-and-mortar setting and has a passion for helping other aspiring entrepreneurs find their footing. Smith-Williams started her finance journey after credit scouts offered her
What’s been the most effective strategy for growing your clientele?
My best effective strategy for growing my firms clientele is delivering results. My firm is paid for a service and we deliver results.
Learning and unlearning are both critical parts of growth – can you share a story of a time when you had to unlearn a lesson?
One valuable lesson I had to unlearn is to avoid business partners that don’t share the same goals as you. For example, in business partnerships it is important to set boundaries, and structure . It is also imperative that your vision is in alignment with your partners for growth purpose. I had to unlearn that just because you are in business with family doesn’t mean they will not steal or lie to you, I had to hire a new accountant because an untrustworthy family member was stealing. Vet your people. Even if it is a relative. You can’t help everyone. Learn to say “NO”.
Contact Info:
- Website: www.creditlegalrealty.com
- Instagram: @sunnymoneyqueens
- Facebook: www.facebook.com/sunnylegalrealty
- Linkedin: www.linkedin.com/sunshinesmithwilliams
- Twitter: sunnymoney11434
- Other: www.sunshinesmith-williams.com www.sunshinesmithwilliams.com www.wineandwealthacademy.com www.creditlegalrealty.com www.ambitiousbeautycollection.com www.slrllc.org
Image Credits
Photographer Name Kenya D. Callender Email: [email protected] IG @kdcphotos