The path to financial independence is difficult but is definitely achievable.
(insert ‘if I can do it, you can do it’ cringe comment 😅)
In my experience, there are six different stages of wealth that you will encounter before you reach financial independence.
Now, the first level is to build a consistently successful business…
Then, you’ll need to save buffers that will cultivate a stable environment and create deposits
As well as invest your monthly profits to increase your passive income to the point where it’s no longer all about the business’s profits.
E.g., if a client was to leave your business… it won’t be the end of the world like it used to be.
So, once you’ve reached this milestone…
You have hit the level of financial stability and sustainability.
Personally, this is the point where my properties have started to be more reliable than my business.
Businesses are volatile and unpredictable.
But hard assets like property (there are other asset options, too) can provide reassurance when the time comes for you to take your foot off the accelerator.
Because… let’s be honest, it’s unrealistic to expect to grind forever with no end in sight.
At this stage, it may be time to live a bit more for the lifestyle aspects
As well as spend more time with your family and friends.
It’s about choosing what you want to do, not necessarily what you have to do.
However, don’t be fooled…
I’m not suggesting that you should buy a Rolex and charter yachts (…yet 😉)
The next tiers are financial independence and the “let’s get wild” stage.
Eventually, you’ll reach a point where you can choose to work on projects that excite you,
With people you want to be around.
Fortunately, you’re right around the corner!
In this week’s podcast episode, Grant and I are uncovering the stages of wealth that you will be encountering on your journey to financial independence.
We’ll be discussing:
– Attaining financial stability
– Why sustainability is so important
– Getting the money to work for you
– As well as financial independence, the wild phases, and more!
Tune in now!
P.S. What stage are you at in this cycle? And what do you want to do when you arrive at the ‘get wild’ stage? Let us know by sending an email!
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision
Episode Highlights:
00:00 Welcome to Business and Investing
01:32 Entering into the investing stage
07:33 Charley’s investing experience
09:02 Know what you’re trying to achieve when investing
16:46 Attaining financial stability and sustainability
19:54 Why financial sustainability is important, too
26:14 Have you gone past financial stability and sustainability?
30:18 Getting the money to work for you
32:01 Let’s get wild!
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
RESOURCE LINKS:
-
- Business and Investing website: https://www.businessandinvesting.com/
- Episode 005: Core Wealth Creation Concepts Only Top Investors Know: https://businessandinvesting.com/ep-005-core-wealth-creation-concepts-only-top-investors-know/
- Episode 012: Building Your Wealth Creation Team: https://businessandinvesting.com/ep-012-building-your-wealth-creation-team/
SUBSCRIBE:
- Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
- Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Us:
- Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
- Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
- Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
- Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
- Send your enquiries or drop by to say hello: grant@businessandinvesting.com