7 simple steps to be richer than 95.7% of people you know…
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Getting rich happens in stages
That is unless you win the lottery which you probably won’t
As such, let’s go through the 7 stages of wealth
After doing so, you will have a clear path to all the money you’ve ever wanted…
That is unless you win the lottery which you probably won’t
As such, let’s go through the 7 stages of wealth
After doing so, you will have a clear path to all the money you’ve ever wanted…
Step 1: Total dependence
In this step, you are fully supported by others (parents, government etc.)
Typically, this phase is seen as a child or young adult
How do you exit step 1? Start earning an income
Get a job, freelance, build a business
Once you do, move onto step 2…
In this step, you are fully supported by others (parents, government etc.)
Typically, this phase is seen as a child or young adult
How do you exit step 1? Start earning an income
Get a job, freelance, build a business
Once you do, move onto step 2…
Step 2: Solvency
In this step, your next goal is to rid yourself of financial detractors:
- High interest debt
- Poor spending habits
- Low-value activities
Once you do, you will unlock disposable income
This brings us to step 3…
In this step, your next goal is to rid yourself of financial detractors:
- High interest debt
- Poor spending habits
- Low-value activities
Once you do, you will unlock disposable income
This brings us to step 3…
Step 3: Financial Stability
You now have disposable income - congrats!
You have power but with power comes responsibility
Use your excess cash to:
- Buy assets
- Invest in yourself
- Build an emergency fund
- Eliminate any high-interest debt
Once done, move to step 4
You now have disposable income - congrats!
You have power but with power comes responsibility
Use your excess cash to:
- Buy assets
- Invest in yourself
- Build an emergency fund
- Eliminate any high-interest debt
Once done, move to step 4
Step 4: Debt Freedom
Repaying debt sucks - we all know it
In step 4, you should aim to become debt free
Yes, even that mortgage has to go
Debt weighs on us financially but mentally too
With assets and no debt, you become unstoppable…
You can also move onto step 5
Repaying debt sucks - we all know it
In step 4, you should aim to become debt free
Yes, even that mortgage has to go
Debt weighs on us financially but mentally too
With assets and no debt, you become unstoppable…
You can also move onto step 5
Step 5: Financial Security
You’ve been investing, now it’s time to reap the rewards
In step 5, your investments should start to cover your core bills like:
- Utilities
- Groceries
- Taxes etc.
However, to elevate, you must keep investing which we will go over more in step 6
You’ve been investing, now it’s time to reap the rewards
In step 5, your investments should start to cover your core bills like:
- Utilities
- Groceries
- Taxes etc.
However, to elevate, you must keep investing which we will go over more in step 6
Step 6: Financial Independence
You did it! You never have to work again!
This is the step where your investment returns cover every last expense you have
Few get to this level but you’re not like most people
But, there is one final step - a step I hope you strive to achieve…
You did it! You never have to work again!
This is the step where your investment returns cover every last expense you have
Few get to this level but you’re not like most people
But, there is one final step - a step I hope you strive to achieve…
Step 7: Financial Abundance
Imagine never having to look at a price tag again?
You can spend at will and not think twice
This takes the combination of:
- A high income
- Decades of investing
- Luck
But, if all three come together, life will be full of bliss…
Imagine never having to look at a price tag again?
You can spend at will and not think twice
This takes the combination of:
- A high income
- Decades of investing
- Luck
But, if all three come together, life will be full of bliss…
If you enjoyed this thread, I'd appreciate a RT of the first tweet.
I write a thread a week on:
- Financial management
- Building generational wealth
- Investing for success
Follow me for financial wisdom that will change your life forever: @Adam_DelDuca
I write a thread a week on:
- Financial management
- Building generational wealth
- Investing for success
Follow me for financial wisdom that will change your life forever: @Adam_DelDuca
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