Name: How I Went From Broke To Multi-Millionaire - The 6 Levels Of Wealth
Uploaded: 2020-03-10T20:41:07.000Z
Duration: 11 min 13 s
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The imperative

Secrets of the rich event dot com Click the link in the description.

In a financial life, we go through different stages.

I believe there are six levels off wealth today.

I'm gonna share with you how 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 off direction.

I want you to imagine for a second that say you and I are in the car and we say that we want to go to downtown, which is about hour away.

We turn on GPS and I say, Let's go now What if the GPS on Lee shows you the destination and not where we are now? 00:00:58.410 --> 00:01:1.560  What are the chances of us getting to the destination? 00:01:1.570 --> 00:01:17.210  Getting two down count 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, where you at today.

Otherwise, you cannot get to that next level level number one, financial dependence.

What he means is, at this stage, you're with lying on someone else to provide for you financially.

It doesn't matter, and he has nothing to do with age.

He has to do where your money is coming from.

Because I know people who are India authorities in some cases forties, still relying on other people to provide for them financially.

Maybe you are a full time mom off full time, Dan. 00:01:56.770 --> 00:02:2.100  Now, when it comes to parenting to me, you are level six because you're taking care of your kids. 00:02:2.360 --> 00:02:15.540  But when it comes to your finance, in this case, what we're talking about, if you were lying on your spouse to provide for your 100% financially when it comes to finance your 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 stock its way.

The key is how quickly we break free from level one level 2345 and six Level to financial survival.

You are well, lying on a job to provide for you.

You're just surviving Bailey. 00:02:55.810 --> 00:03:9.440  Month after month after month, I was stuck at this stage for number off years because off my business failures, living with my mom and I remember their waas those nights away. 00:03:9.440 --> 00:03:14.090  I couldn't sleep because I was constantly worrying about my finances.

How we gonna pay the bills, how we gonna eat, right, and then remember there times where I would wake up in the middle of the night.

I would be sweating because I was worrying that I was in this state off fear or the time that's level to financial survival.

And unfortunately, most people they're stuck in level one and two and then you have level three, which is financial stability.

Now you're financially stable when you have number one.

When your income, it's greater Daniel expense.

That's the first criteria. 00:03:51.710 --> 00:04:3.850  The second thing is you have, at least at these six months off cash that's equivalent off your monthly expense in the bank in a saving account somewhere. 00:04:4.020 --> 00:04:7.760  So let's say your monthly expense is $5000. 00:04:8.180 --> 00:04:11.710  You should have at least $30,000.

30 K Set aside that you don't touch for your emergency for something that might happen.

That's when you know you're financially stable.

You also have no bad debt, no bad consumer debt.

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 interest makes sense right now.

It doesn't matter if you're self employed.

As a matter if you're working at a job that 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. 00:04:57.980 --> 00:05:1.320  How I got to level Fi wasn't through traditional saving. 00:05:1.330 --> 00:05:18.520  I did it by increasing my income dramatically by improving my skill sets by upgrading my excuses by developing high income skills, skill sets that I could offer, I could sell to the marketplace in exchange off money.

That's how I got out of level, too, because I was stuck in number two for many, many, many years.

Now maybe you want a lone excuse it 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 takes you 3 to 5 minutes.

Then you would know if you want to know what is the ideal high income skill that you should pursue.

Now, this is a level that most people never reach. 00:05:52.350 --> 00:06:3.070  Chances are when you're at level four, maybe you have a portfolio stop before Leo that are growing, and maybe you have a couple income producing properties they're throwing off. 00:06:3.070 --> 00:06:8.080  Cash flow chases you already the top earners in your industry. 00:06:8.090 --> 00:06:11.180  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, not the only investment strategy that you have.

But it is one of the things that you are already taking care of, the material you have at least two years off living expenses put aside.

So let's use the $5000 example $5000 a month.

So that means you have at least $120,000 in cash.

Beg you put aside in a savings account on top off your investment, Count that your best for the long term.

And let that magic power compound interest of work for you.

Maybe you like I said, a couple of properties. 00:06:54.570 --> 00:07:0.820  Also, it means that you've got a couple insurance policies in place in case anything happens to you. 00:07:0.940 --> 00:07:13.910  Your family is protective, so proper insurance in place on top off your investment account, investing for long term and two years off, cash off living Spence is put aside.

Now you may be thinking level for it's already easy.

It is not a milestone that most people will ever hit financially, but let's have a level five and there's financial independence because you hear this a lot.

People say I want to be financially independent, right?

So now, assuming you've already arrived, Level four, it's all good, right?

Financial independence means now you've got your investment working for you.

You're getting dividends from your stocks, maybe getting cash, forgetting rental income from your real estate investments.

Right now, you got your investments that are producing cash your money, making you money. 00:07:59.340 --> 00:08:0.900  Let's say the easiest example. 00:08:0.900 --> 00:08:2.670  You're your overhead again. 00:08:2.670 --> 00:08:13.270  I'm gonna use $5000 your living expenses $5000 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 that fancy vacation, that fancy car.

I'm just talking about you know, your 5000 you're living okay, but your investment covers that now you're a level five financial independence, and then that'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 for than what you're earning right now.

So I'm gonna use the $5000 example again. 00:08:50.940 --> 00:09:5.100  Your month expenses $5000 But your investment income are producing 50 $7100 a month, multiple way more than what you are spending now. 00:09:5.100 --> 00:09:11.590  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.

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.

You don't have to do something if you don't want to write.

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.

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How I Went From Broke To Multi-Millionaire - The 6 Levels Of Wealth

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