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Money Guy Show

5 Levels of Wealth AND How to Achieve Them! (2024 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

🗓️ 12 January 2024

⏱️ 45 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. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Your favorite time a year?

0:02.0

Five levels of wealth!

0:05.0

Right, I am so excited about this because we love that we get to do this show every year.

0:17.8

We talk all about money all year long, but we know that money is not a goal is just a tool and so if we want to

0:24.2

understand how to use that tool well we have to understand that there are different

0:27.6

levels of wealth there are different things that we are working and striving

0:32.1

towards and we want to break those down for you.

0:34.0

Yeah, I think it's interesting. Creating wealth is surprisingly simple, but don't fall into the trap.

0:40.0

Simple does not mean easy. And that's what I want to kind of go into what are the things

0:46.4

and the steps along the way and we have found these build upon each other

0:50.6

this is not I don't want you to think that you're going to come in and you

0:53.4

be able to navigate all over the place. Pay attention because I think this is

0:58.5

important you'll find out where the average American is, you'll find out what the average American aspires to, and then

1:05.0

we try to go a step further and tell you where the intersection of both the math of the situation

1:11.2

as well as mindset create the best of all worlds.

1:14.8

So we think that there are five levels of wealth.

1:17.6

There are stability, strategy, security, freedom, and abundance.

1:20.3

We're going to walk through each one of those like a pyramid. You work through one level to get to the next level. We're going to kind of talk about how to know at each stage if you're there and how to assess, am I doing this right, am I doing it wrong. But it's more of a Maslow's hierarchy pyramid,

1:35.1

not a pyramid scheme type period.

1:36.4

That's right.

1:37.4

You got it. Nailed it.

1:38.6

Let's talk about stability first, Bo.

...

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