The 7 Levels of Wealth - What Stage Are YOU In?

In today's video we discuss the 7 levels of wealth and what distinguishes every level, popularized by Grant Sabatier. Depending on where you're at, you could have different goals for the next level including saving for retirement, building an emergency fund, starting or funding a Roth IRA or 401k, Investing, etc. You may even want to pay off your home. Enjoy!

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Timestamps:
0:00 - Start Here
0:24 - Dependence
1:16 - Survival
3:15 - Stability
5:42 - Security
8:07 - Independence
9:47 - Freedom
10:58 - Abundance

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PS: I am not a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

[socialcockroach]

I am personally somewhere between stage 3 and 4. Just 10 years ago, my wife and I had almost nothing in the bank, were swamped with debt and renting a single bedroom. We are now debt free (except for a mortgage), own a house that we are turning into a duplex for a rental (and already have a tenant) and more than 6 months of expenses in available cash. It is amazing how fast life can change for the better so long as you have a solid plan, spend frugally, and work hard to make your goals happen. Also, don't be afraid to take risks... so long as it isn't something stupid like "I am going to win the lottery!"

[scott]

I was at level 2 for a very long time, maybe 12 years, And the step up to level 3 believe it or not only took me about 4 months. He is right, Every time I would save up about $10, 000, a big unexpected bill would come, a vet bill, or a car bill, etc. so after the dog went to heaven and I got myself a bicycle those unexpected expenses I’ve limited to never come again. Now up to about $70k savings and counting, I think I’m not far to level 4 however financial knowledge needs to come a long long way before acheiving level 4 and 5. And that’s why I’m watching this channel.

[Louisbrus]

I appreciate how inclusive your content is for all investors. No matter the age. the financial situation, or the financial knowledge. everyone can find a piece of information that will help them or provide food for thought. Good job

[Ragtosina]

I am holding a cash position right now, of about 300k. I know a dip is supposed to be the buying opportunity, so whats the best stocks to dive into?

[MuscleBandit]

As a working class Englishman of 37yrs at the time of this comment I can say that I was brought up with the mindset of "I'm no success but a damn good survivor". I actually consider myself lucky because it's the people right at the bottom level that will tend never to leave dependence. I'm certainly only a survivor, in debt on a low income but I still feel abundant because I'm mostly in good health and I'm working on my career to increase income and will live as frugally as possible moving forwards. Being organised really helps with staying focused. Us survivors CAN make it....

[laurengreffe]

I hover between stage 2 and stage 3, especially this last quarter. I recently started cash stuffing as a budgeting tool and it's made me feel motivated to save my money, making sure I'm secure and moving my family comfortably into stage 3.

[kikyoass]

Financially free 34/yr. Retired pharmacist. Still have 3 cheap mortgages (2.7-3.8%) and have 4 cash flowing properties between 3-5k/mo/property. I can’t go buy a Lambo….but i don’t have to work and that’s all I care about! Good luck to you all

[Svartr.HrafnSvartr]

In theory, I'm at level 01 because I survive on disability benefits but in practice, I'm at 02. I feel I do better than some despite living in poverty because I have good money habits. I'm confident I could be quickly successful at level 03 if I find a way to boost my income, even modestly.

[nelsondenby]

I'm almost 25 and am level 3 moving to level 4. It helps to be a financial advisor and have a degree in finance as many of my habits I instilled in my late teen years. My biggest struggle now is being a young professional and not getting caught up in consumerism. I'm trying hard to practice minimalism and live below my means... Convincing my partner to do the same has also been an interesting task :)

[askmeificare]

22 years old and I am somwhere between Step 3 and 4 if I interpreted them correctly. Savings rate of between 40-50%. I don't make a whole lot of money, only around 35-40k per year, but I do save a whole lot of it. Currently a renter with a roommate, which definitely helps my savings rate.

Maxing out my Roth IRA every year for this year and the previous 2 (opened in 2021), and putting a bit in a taxable as well.

Only things I don't pay for is life insurance and health insurance (dad has a policy for me until 25), a car (I work from home, so no need for an auto loan, car insurance or gas expenses, I Uber where I need to go).

Hoping to reach FIRE quickly :)

[leonardblavatnik]

It is always good to have a financial plan. I work with a portfolio manager and fixed income planner in the USA. The fixed income portion of your portfolio won’t simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income.

[SylviaJoe]

The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400, 000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.

[merl]

38 year old here, level 4 and rapidly approaching level 5. 1.2m net worth and investing roughly 250-300k annually.

To those further on the path than me, congrats and I love seeing your success! To those still working on the earlier levels, you WILL get there, the simple fact that you're watching this video and reading this comment means you have the right mindset. Keep getting after it!

[TaylorOpee]

6 is essentially the last stage under these rules if you can, ‘do anything you want’. That’s all encompassing.

[nicolasbenson]

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[andreacansecoo]

I’m 26 at level 3 and looking for improving more. Thanks for all the content!
Greeting from Los Cabos, México 🤗

[GreenWaifu]

This breakdown of the 7 levels of wealth is spot on. As a young adult, I'm focused on building stability and independence. It's crucial to set tangible goals for each stage and work consistently toward them. The earlier I start, the better!

[the_debtfree_investor]

I am in Independence stage. I have no more debts (car, house and credit cards paid off). I live a humble and frugal life ($25, 000 a year) since I am single. I am retired from my 9 to 5 Engineering job. I am a caregiver now for both my parents (part-time) to keep me busy.

[angeldeschain]

I was level 2 since 2011 till the pandemic. That was my owe moment. Started to track my expenses, budgeting, using a motorcycle instead of my car, cheaper apartment, changed jobs and moved to level 4. I'd been working for ten years and didn't have savings or financial stability. Yes, I enjoyed my money. But now I'm so much more satisfied with my life though I don't have so many fancy things.

[matwx]

I hope everyone who sees this reaches level 6+.