5 Levels of Wealth AND How to Achieve Them! (2023 Edition)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 13 January 2023
⏱️ 43 minutes
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Transcript
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| 0:00.0 | Let's get you motivated with the five levels of wealth. |
| 0:03.2 | It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, |
| 0:10.1 | investing, taxing. You've got financial questions, he's got financial answers. It's Brian Preston, |
| 0:17.2 | the money guy. Run, I am so excited about this because I think most people have some sort of |
| 0:23.9 | desire. They are aspiring to get to a certain level of wealth. Well, I thought it'd be great if we |
| 0:29.6 | laid out for them the different levels that we categorize when it comes to wealth, but I can |
| 0:33.7 | talk a little bit about what each one looks like and how you might know if you're doing it well or not. |
| 0:38.8 | Well, I think so much of your financial life is logical. We've created the financial order of |
| 0:45.1 | operations. We've tried to create process. It is very important for you to understand that you |
| 0:50.6 | are on a journey where you're kind of making it through different phases. No matter what, |
| 0:56.2 | when everybody tells you you're cutting the corner off or get rich quick, it's always good to have |
| 1:01.5 | a reminder that we're actually on a journey to creating wealth and we want to give you the tools |
| 1:07.3 | so you can actually accelerate it and also not get distracted. In our mind, the levels of our |
| 1:12.5 | wealth are kind of like a pyramid. You can think about it similar to like Maslow's hierarchy of |
| 1:17.1 | needs that you got to kind of master the first level before you move to the next, before you move |
| 1:21.8 | to the next. So what we want to talk about is the five level levels as we've defined them stability, |
| 1:27.2 | strategy, security, freedom and abundance and walk you through exactly what those look like. |
| 1:33.2 | So let's jump right into this. So stability. First of all, what is stability? I can tell you what, |
| 1:39.6 | this is going to be beyond survival. This is not because I will tell you that we're going to show you |
| 1:44.4 | some stats I may show you. Most Americans are struggling just to get the basics right |
| 1:51.6 | and stability is beyond that. Exactly right, Brian. When you say beyond survival, what you're suggesting |
| 1:56.4 | is that you're no longer living paycheck to paycheck. That's not the area that you are at. Now, |
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