Many people are struggling financially in America, yet a select few are doing incredibly well.
You can learn their secrets if you listen to them: The rich get richer because they make their money work for them.
Too often, the poor get poorer because they don’t understand investments and compound interest or lack patience. That being said, nearly anyone can get rich if they know how money works and save or invest most of their resources, as long as they can cover their basic living expenses during that process.
THE FOUR STAGES OF WEALTH-BUILDING
Like anything worthwhile in this world, wealth-building is a process: It takes time to earn more than you need to cover your basic needs—such as rent and groceries—mainly if you are in a creative field and in the first phase of starting your business.
STAGE 1: POVERTY
A person can be called poor when they earn an income that does not fully cover all their necessities. A person in poverty is someone who is merely trying to survive. People in poverty may not even have the very basic necessities in life, including food, clothing, and shelter.
Poverty is the state where you are financially dependent on others to take care of you; family, church, or the U.S. government
Be encouraged. Even the wealthiest people, like Jeff Bezos with Amazon, began their lives at this level.
STAGE 2: SUBSISTENCE
In this phase, it seems like you sit down at the dining table every month with the same worries, fears, and problems? Are you having too much debt, too little savings, and no sense of control over your life? Are you tired of sitting down to “do the bills” and having a heaviness come over you? Are you feeling like a gerbil in a wheel – run, run, run, no traction, no ground covered; all the money coming in, all the money going out? No matter how hard you worked, it seemed like you couldn’t win.
You survive, but you don’t yet have enough to save or invest.
STAGE 3: COMFORT
You are financially stable and secure. Your debts are manageable. At this stage, you can start building a safety net for yourself to prepare in the event of an emergency. You begin to invest. You begin to address your future plans. You feel motivated and excited about new possibilities in life.
You might even be able to quit a job you hate and do what you love for a living because you’ve stashed enough away to support yourself for six months to a year.
STAGE 4: PROSPERITY
Few people reach this stage, but those who do experience ultimate freedom.
Now money has become your tool for making more money. At this stage, cash flow is king, so you can do whatever you want all day and still earn a living if you’ve invested a substantial amount of your earnings in the stock market, in real estate, or in cryptocurrency trading.
With financial freedom, you get to live your passion. You think of impacting the world for the better.
Achieving wealth is immensely challenging: Everyone would be doing it if it were easy! That being said, it’s important to remember what your individual goals are and plan accordingly: If you practice patience and play your cards right with your finances, the world is your oyster!
A ROAD MAP FOR YOUR FINANCIAL JOURNEY
Scroll down to the section where it says, “A Road Map For Your Journey.” Click on each mountain peak for each stage of prosperity-building. When you click on a button right above each peak, a definition will pop up explaining the prosperity model in an upward-sloping spectrum.
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