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Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 13 January 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

We believe there are five distinct levels of wealth, but they aren’t solely dependent on income or net worth. We’ll walk you through each of the five levels - including how to know where you are at, how to advance to the next level, and signs you are doing it right. Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Check out our course, Know Your Number! - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

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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