Community//

How being broke can make you a millionaire

Ohio’s January snowstorm was a category 5 event that chilled the northeast made itself known...

The Thrive Global Community welcomes voices from many spheres on our open platform. We publish pieces as written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team and must meet our guidelines prior to being published.

Ohio winters are cold, really cold, especially in 2016. Ohio’s January snowstorm was a category 5 event that chilled the northeast made itself known. This probably wouldn’t be a good time to get evicted from your apartment, but that’s exactly what happened to a 21-year-old Sumedh Basani. Sumedh found himself homeless college student in the cold winter of Ohio.

“I had two very close friends who opened their homes up to me,” Sumedh said. “If it weren’t for them, I don’t know what I would have done. They took me to school, gave me a place to rest my head, and more importantly kept me positive through one of the toughest times in my life.”

Now 25 years of age, Sumedh is officially in the millionaire’s club and has made his name known with his many companies. His first and most lucrative company, Basani Financial, is a multi-million-dollar financial firm that contracts an army of financial professionals and insurance agencies in America. This is Sumedh’s main company that generally takes up most of his time and energy. He tells us how being homeless changed his mindset and made him the person he is today.

“That experience changed my life in such a positive way,” he explains. “I realized through that experience that I never wanted to be financially unstable and would push to be as successful as possible for myself and my family. No one should have to go through that lack of security not knowing what you’re going to do to survive. I made a promise to myself that I would make a lot of money and then teach others to do the same.”

Building an Empire

Sumedh started in the financial services industry in 2017 with a large insurance organization. He learned he had a talent of recruiting for this organization, as working in the nightlife and service industry allowed him to network with people to share the business opportunity. He was able to successfully bring people into the business which allowed his organization to grow. The industry was amazing to him as it allowed anybody to make virtually unlimited amounts of income.

Sumedh eventually opened up his own financial services firm in 2018, Basani Financial, and developed a system that allows new agents to quickly maximize their production and profits. With this Sumedh was able to rapidly bring on a large amount of talent, and with his unique system, develop a new breed of sophisticated financial professionals.

The Future of Financial Services

Basani Financial allows licensed agents to contract with multiple carriers that offer their own arrangement of competitive products. Agents can then introduce a plethora of market solutions to their clients and earn an extremely generous income. Basani Financial’s innovative marketing allows for an overflow of direct client leads, which offers agents the luxury of never needing to search for prospects.  A detailed underwriting guide and software allows agents to pinpoint which companies clients can be approved with. An exclusive quoting app allows Basani Financial to find the best rates for their clients. Basani Financial’s extensive backend network of agent support propels agents forward and allows them to create massive levels of success for themselves in a difficult industry. Lastly Sumedh’s rigorous training bootcamp ensures agents are over prepared and trained hands on each product. 

Sumedh aims to truly revolutionize the financial industry, with digitized paper applications, voice signature/ electronic signature capability on confirmation, and ultra-responsive electronic applications that allow the process of applying for insurance, healthcare, investment, and retirement products a breeze.

“A large amount of the companies found in the financial field still utilize prehistoric methods to target their clients and to market them products,” Sumedh explains. “I wanted to create a system that pushed for the enhancement and betterment of the industry to allow both clients and agents to get what they want. Me and my team work 24/7 to constantly create new and more efficient ways to progress the financial services industry as a whole, with our goal to serve, protect, and assist as many families worldwide.”

Already making a heavy mark in the financial sector, this young Ohio entrepreneur shows real promise to change the industry for the better and ultimately develop a new way to allow everyday families to fill the gaps to better their financial situation.

    Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

    You might also like...

    Unplug & Recharge//

    Why I Became a Snowbird in My 30’s

    by Sara Mann
    Community//

    “Everyone You Hire Will Be Older Than You” The 5 Lessons I Learned Being a 20-Something Founder

    by Jean Ginzburg
    YUBO/ Getty Images
    Wisdom//

    Stranded in a Snowstorm: How a Random Act Of Kindness Warmed Our Bodies and Our Hearts

    by Cecile Popp

    Sign up for the Thrive Global newsletter

    Will be used in accordance with our privacy policy.

    Thrive Global
    People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

    - MARCUS AURELIUS

    We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.