ancient life we go through different
stages I believe there are six levels of
wealth today I'm gonna share with you
how I went from Brooke to
multi-millionaire and my goal for you is
to walk away from this video with
clarity with confidence and also walk
away with a sense of direction I want
you to imagine for a second let's say
you and I are in the car and we say that
we want to go to downtown which is about
an hour away we turn our GPS now say
let's go now what if the GPS only shows
you the destination and not where we are
now what are the chances of us getting
to their destination getting to downtown
zero to none you see when it comes to
money when it comes to finance one of
the most important thing that you have
to do is to figure out where you want to
go with the destination and second where
you are and where you're at today
otherwise you cannot get to that next
level level number one financial
dependence what it means is at this
stage you are relying on someone else to
provide for you financially now they
could be your parents it could be your
grandparents it doesn't matter and it
has nothing to do with age it has to do
where your money is coming from because
I know people who are in their 30s in
some cases forties still relying on
other people to provide for them
financially they are at level one now
maybe you are a full-time mom or
full-time dad now when it comes to
parenting to me you are level six
because you're taking care of your kids
but when it comes to your finance in
this case what we're talking about if
you're relying on your spouse to provide
for your hundred percent financially
when it comes to finance you're at level
one does that make sense so comment
below to let me know where you're at and
then if you are good and there's nothing
wrong with it we all start this way we
all started at level one the key is how
quickly we break free from level one to
level two two three four five and six
level two financial so
maybe you have a job at this stage you
are living paycheck to paycheck you are
relying on a job to provide for you
maybe you have debt maybe you have
student loan maybe you have a mortgage
you are struggling you're just surviving
barely month after month after month I
was stuck at this stage for a number of
years because of my business failures
living with my mom
and I remember there was those nights
away I couldn't sleep because I was
constantly worrying about my finance and
how we're gonna pay the bills how we're
gonna eat right and then remember there
are times where I would wake up in the
middle of the night now would be
sweating because I was worrying and I
was in this state of fear all the time
and that's level 2 financial survival
and unfortunately most people they're
stuck at level 1 and 2 and then you have
level 3 which is financial stability now
you are financially stable when you have
number one when your income it's greater
than your expense that's the first
criteria the second thing is you have at
least at least six months of cash
there's equivalent of your monthly
expense in the bank in a saving account
somewhere so let's say your monthly
expense is $5,000 you should have at
least $30,000 30 K set aside that you
don't touch for your emergency for
something that might happen you don't
touch that that's when you know you're
financially stable number three you also
have no dad dad no bad consumer debt now
you may have a little mortgage that's
perfectly fine you have credit card
nothing wrong with credit card where the
guy is fine right you're collecting
points right you are being smart as long
as you don't have credit card debt
you're paying off that credit card every
single month right now accumulating any
kind of
tres makes sense right now it doesn't
matter if you're self-employed doesn't
matter if you're working in a job there
has nothing to do with that how you make
the money doesn't matter he has to do
with how you manage the money now with
myself how I got to level three wasn't
through traditional saving I did it by
increasing my income dramatically by
improving my skill sets by upgrading my
skill sets by developing high income
skills skill sets that I could offer I
could sell to the marketplace in
exchange of money that's how I got out
of level two because I was stuck in
level two for many many many years now
maybe you want to learn a skill set now
I don't know you and I don't know your
situation and what is the ideal skill
for you to develop if you want you I'll
put a link somewhere here or here you
can take my quiz it takes you three to
five minutes then you will know if you
want you what is the ideal high income
skill that you should pursue so that's
level three financial stability
therefore for financial comfort now this
is a level that most people never reach
chances are when you're at level four
maybe you have a portfolio or a stock
portfolio that are growing and maybe you
have a couple of income producing
properties they are throwing off cash
flow chances are you are already the top
earners in your industry you have a lot
of income coming in and you're putting
that aside it means that you are
regularly contributing to your
retirement account now not the only
investment strategy that you have but it
is one of the things that you are
already taking care of number two you
have at least two years of living
expenses put aside so let's use the
$5,000 example $5,000 a month that's
your overhead that's your monthly
expense it means times twenty four
months so that means you have at least a
hundred and twenty thousand dollars in
cash that you put aside in a saving
account on top of your investment count
that you invest for the long term and
letter
magic the powered compound interest of
work for you maybe you like I said on a
couple properties also it means that
you've got a couple insurance policies
in place or in case anything happens to
you your family its protective so proper
insurance in place on top of your
investment account investing for
long-term and two years of cash of
living expenses put aside that's level
number now you may be thinking level
four it's already easy it is not a
milestone that most people will ever hit
financially but let's talk about level
five and there's financial independence
because you hear this a lot people say I
want to be financially independent right
but what does it actually mean
so now assuming you've already arrived
level four it's all good right you're
financially comfortable financial
independence means that now you've got
your investment working for you maybe
you are collecting you're getting
dividends from your stocks maybe getting
cash flow getting rental income from
your real estate investments right then
you got your investments that are
producing cash your money making you
money let's say the easiest example you
are your overhead again I'm going to use
$5,000 your living expenses five
thousand dollars a month and now just
from the dividends income from the
interest from your rental income just
your investment alone now that pays for
your lifestyle I'm not talking about
luxuries I'm not talking about their
fancy vacation their fancy car I'm just
talking about you know your five
thousand your living okay but your
investment covers that now you're at
level five financial independence and
then there's one last level and that is
financial abundance and I believe this
is the level that you should aspire to
be when you are financially abundant
your investments are throwing off way
more cash flow than what you're earning
right now so I'm gonna use the $5,000
example again your month expense is
$5,000 but your investment income
are producing 50 60 $100,000 a month
multiple way more than what you are
spending now you're financially abundant
because you never worried about if you
lose that job if you lose the business
it doesn't matter if the economy goes up
and down you are protected you are
financially secure you know and you are
financially abundant because you've got
more money coming in not just savings
you've got that but you've also got cash
flow coming in income coming in
investment income coming in that it's
way beyond what you could spend now life
is very very interesting now your
vocation becomes your vacation you don't
have to do something if you don't want
to right this is what I call fu money
[ __ ] you money you don't have to deal
with anybody that you don't want to deal
with and you don't have to do anything
that you don't want to do because you
don't really need anything from anybody
you are okay
now then you can truly do something
because you want to do it not because
out of guilt not because out of
obligation because this is something
that you want to do something that you
choose to do that's level six so my
question for you is this where you are
right now and you got to be brutally
honest with yourself and that's okay
I started at level one everybody started
at level one I didn't get to level six
overnight but you have to be honest
where you're at now today comment below
and where you want to be and I want you
to set a goal for yourself with listicle
don't say I'm gonna go from level one to
level six in three months that's BS
right what is your goal what is your
time frame where you are now to where
you want to be and by the way you don't
have to always get to level six most
people never ever ever ever get to level
six for some people watching this maybe
you're perfectly happy you know what you
know I even get to level four I'm pretty
good right and once you get to level
four it doesn't mean you stop there you
can still strive to be more but that's
the six levels off well if you find this
video useful make sure hit the like
button and give me a thumbs up I've got
over a thousand videos on March
on various topics on finance on cash
flow on investing on entrepreneurship
don't stop right now go watch the next
video