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What are the Levels of Wealth · Earn Your Leisure

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  Speaker 1: What are three major tiers of financial security that everyone
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  Speaker 1: needs to hear, needs to strive for.
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  Speaker 2: What are three tiers?
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  Speaker 3: This post on viral and every time I posted it
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  Speaker 3: usually does. But the first level of security that you
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  Speaker 3: want to get to is one hundred thousand dollars invested
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  Speaker 3: in the market. Now, I've always said that you won't
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  Speaker 3: feel safe until you get to a minimum one hundred
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  Speaker 3: thousand to six hundred thousand dollars invested. I know that
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  Speaker 3: number is scared some people, but our job on the
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  Speaker 3: show is to tell you the truth, even if it's
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  Speaker 3: a scary thing to hear one hundred thousand. Here's a
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  Speaker 3: quick exercise. Multiply what your bills are now times the
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  Speaker 3: next five years, and let me know how much money
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  Speaker 3: in chat you would need if a disaster happens to
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  Speaker 3: not work for the next five years. So one hundred
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  Speaker 3: thousand is level one from the people that I've talked
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  Speaker 3: to that are doing really well. The second tier that
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  Speaker 3: you want to get to is like a level of
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  Speaker 3: like financial peace. That's the ten million dollar mark. So
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  Speaker 3: I know some people like that don't have it. I
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  Speaker 3: don't know how I'm going to get there, But one
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  Speaker 3: thing I would like to do, maybe at the London
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  Speaker 3: in Chicago shows, is to build out a blueprint for
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  Speaker 3: how to get you guys to maybe five million to
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  Speaker 3: ten million. Trading has considerable risk. Just because we give
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  Speaker 3: you a plan, that does not mean that it's a
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  Speaker 3: guaranteed way to do so please click this up. Might
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  Speaker 3: please put the displayer at the bottom. And then a
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  Speaker 3: third tier that I've said this before. The number of
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  Speaker 3: true wealth true freedom is twenty eight million dollars to
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  Speaker 3: thirty million dollars. So I know there's a lot of
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  Speaker 3: conversation around how much money is needed, and I know
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  Speaker 3: I even get some pushback every time I make this post.
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  Speaker 3: But as imagine if for the next five years we
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  Speaker 3: have inflation run like this for the next five years,
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  Speaker 3: one hundred thousand isn't what it used to be even
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  Speaker 3: ten years ago. Let them wone twenty five And yes
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  Speaker 3: it's scared to hear these numbers. I'm not doing it
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  Speaker 3: as number porn or feel porn, but I have to
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  Speaker 3: give you the real number. So right there's down one
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  Speaker 3: hundred thousand. Ten million is a second tier. Twenty eight
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  Speaker 3: to thirty is like the final tier where you can
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  Speaker 3: take care of you your family, others. And if you
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  Speaker 3: don't think this is true, why do you think all
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  Speaker 3: these artists are selling the catalogs at these rates for
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  Speaker 3: this kind of money after a signing the contracts that
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  Speaker 3: they are signing for some super max deals are now
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  Speaker 3: three hundred million. If twenty million or five millions enough,
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  Speaker 3: they will sell it there. It's not And what can
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  Speaker 3: we do to help you to get to one hundred
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  Speaker 3: thousand dollars mark faster if you're not there? So I
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  Speaker 3: know this post always gets a lot of pushback, This
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  Speaker 3: conversation gets a lot of pushback, But these are the
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  Speaker 3: real numbers that need to be hit to take care
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  Speaker 3: of your family. Yes, I'm sure you can go in
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  Speaker 3: Idaho somewhere and live off whatever amount of money per year.
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  Speaker 3: But if you live in New York, Texas, everyone from
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  Speaker 3: California's moving to Texas, Jersey, Florida, Israel tough to get by.
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  Speaker 3: I mean, I saw the report. You guys even posted
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  Speaker 3: like one hundred glands feels like what thirty two thousand
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  Speaker 3: in New York City.
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  Speaker 1: Yeah, six hundred thousand is equivalent to thirty six thousand
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  Speaker 1: in New York City.
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  Speaker 2: That's where it goes.
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  Speaker 1: The lowest and where it stretches the highest is Memphis, Tennessee,
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  Speaker 1: and it's equivalent to eighty six thousand dollars. And that
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  Speaker 1: was taking it to local taxes, is local inflation. Transportation,
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  Speaker 1: housing is the biggest expense. They and they see how
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  Speaker 1: much of one hundred thousand is really equal to as
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  Speaker 1: far as you're buying pinion spending power.
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  Speaker 2: Yeah, it's instant. You you broke those numbers in the post.
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  Speaker 4: I kind of took the question and kind of flipped it,
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  Speaker 4: like from a practical standpoint, Like I did the levels
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  Speaker 4: in terms of like things that people can practically have
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  Speaker 4: outside of numbers, right, So I broke it down into
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  Speaker 4: financial stability being a level, Like that's a tier, right,
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  Speaker 4: having having and being confident enough with your financial situation,
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  Speaker 4: having enough money to pay your bills, having a little
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  Speaker 4: to no debt, and then having liquid assets, right, so
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  Speaker 4: that that's a tier. Right, people can obtain that type
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  Speaker 4: of tier. And then having six months save. I added
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  Speaker 4: that because I know Shoddy always says that. He always
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  Speaker 4: sayso you want to have at least six months, if
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  Speaker 4: not optimally twelve months saved.
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  Speaker 3: I think twelve given what they don't want to place you.
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  Speaker 2: So that that's financial stability.
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  Speaker 4: I think another tier is financial security, and that's having
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  Speaker 4: investments and assets generate passive income enough to cover your
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  Speaker 4: basic expenses, right, and so you go from stability and
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  Speaker 4: now you have security. I think another tier and these
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  Speaker 4: are like again practical ways, is financial freedom?
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  Speaker 2: Right? Most people are like, oh, that that's the goal
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  Speaker 2: I want to get to.
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  Speaker 4: And so I kind of defined it like having enough
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  Speaker 4: passive and residual, So passive meaning that you have money
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  Speaker 4: coming in and residual meaning coming over continuency coming in
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  Speaker 4: to cover living expenses, that you can spend time doing
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  Speaker 4: the things that you want to do and love doing
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  Speaker 4: rather than doing.
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  Speaker 2: Things to make money.
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  Speaker 3: Right.
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  Speaker 2: And so there's there's three tiers.
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  Speaker 4: There's financial stability, just find a security and his financial freedom.
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  Speaker 4: And then the last piece, and I shout out to
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  Speaker 4: my brother ashcast is financial abundance, right.
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  Speaker 2: And most people that's like.
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  Speaker 4: Having enough now having all of those things, but also
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  Speaker 4: having the philanthropic part of it. Now you've accumulated from
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  Speaker 4: residual and passive and now you have actual money to
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  Speaker 4: now give back to others. And so when we look
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  Speaker 4: at it in tiers, and it's interesting because I saw
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  Speaker 4: the post that you put up.
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  Speaker 2: I was like, Yo, let's attack it a little differently.
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  Speaker 4: Its like, from a practical standpoint, like how long will
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  Speaker 4: it take for me to get to this tier?
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  Speaker 2: Right? Earners, what's up?
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• 5:28
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• 5:30
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• 5:34
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• 5:38
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• 5:40
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• 5:42
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• 5:52
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• 5:54
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• 6:01
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• 6:07
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• 6:21
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• 6:23
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• 6:30
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  Speaker 2: I made it to this tier? How do I get here?
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  Speaker 2: How do I get here?
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  Speaker 4: Rather than put in a number to it, because I
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  Speaker 4: feel like everybody's They're like, well, I'm gonna get to
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  Speaker 4: one hundred thousand, Well let's figure out because it doesn't
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  Speaker 4: even matter the amount. It is like, are you in
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  Speaker 4: this tier? Are you financially stable right now? Some people
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  Speaker 4: might be right. They may make a one hundred thousands,
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  Speaker 4: like I'm financially stable because I have enough to make
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  Speaker 4: my living expenses.
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  Speaker 2: So that was just it's interesting you went that way.
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  Speaker 2: I just went another route for other people too.
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  Speaker 3: I take it you were a teacher in the past
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  Speaker 3: life right, And I want to say this too for
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  Speaker 3: the entrepreneurs. So they just tier to being is like
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  Speaker 3: that five hundred thousand to a million space because you
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  Speaker 3: have cushion, but you don't have enough safety like two
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  Speaker 3: bad years, too bad product cycles, one PR disaster, you
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  Speaker 3: can be knocked out really fast. So that I know
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  Speaker 3: they're seems to be like exponential loops and bounds and
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  Speaker 3: those tiers. But there's a reason why even like for
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  Speaker 3: twenty years, it's like, hey, three to six month savings
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  Speaker 3: was okay, and then COVID through now hit and now
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  Speaker 3: I know some people that have been living off of
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  Speaker 3: savings to supplement savings for two years, you need way,
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  Speaker 3: you probably need five or six times the amount of
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  Speaker 3: money than whatever based on them they normally give you.
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  Speaker 1: And also put a post up today they got a
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  Speaker 1: lot of traction as far as the US medium income level,
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  Speaker 1: the sources of the US Census Bureau.
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  Speaker 2: So don't argue with me, argue with you pretty good.
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  Speaker 2: But yeah, all.
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  Speaker 1: Households together seventy thousand, married households one hundred and six thousand.
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  Speaker 1: That's interesting. A healthy marriage is a wealth hack, obviously
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  Speaker 1: for obvious reasons, right, But two incomes, it's not only beneficial,
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  Speaker 1: it's beneficial financially. We can have a different conversations about that.
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  Speaker 1: But twenty to twenty four to fifty one thousand, twenty
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  Speaker 1: five to thirty four, seventy four thousand, thirty five to
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  Speaker 1: forty four, ninety thousand, forty five to fifty four, ninety
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  Speaker 1: seven thousand, fifty four to sixty four, seventy five thousand,
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  Speaker 1: sixty five and up forty seven thousand. So this is
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  Speaker 1: interesting to me on a few different levels. A. You know,
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  Speaker 1: the highest earning potential that you have is from forty
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  Speaker 1: five to fifty four. That's interesting because most people that
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  Speaker 1: tune in and watch us and consume our continents between
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  Speaker 1: twenty four and forty four, So you you haven't even
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  Speaker 1: reached your full potential yet. Yeah, that's encouraging. But also
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  Speaker 1: you see how it goes up and it comes back
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  Speaker 1: down by sixty five people making forty seven thousand obviously,
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  Speaker 1: because that's they're retired and they're just living over there,
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  Speaker 1: So you have to figure out a way to continue
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  Speaker 1: to make money, even because sixty five not really that
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  Speaker 1: old these days, so it's like you don't want to be,
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  Speaker 1: you know, just relying off of your your kids to
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  Speaker 1: take care of you when you become sixty five years old.
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  Speaker 1: It also speaks to the income inequality from black and
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  Speaker 1: white people because a lot of people, like in the comments,
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  Speaker 1: they were surprised at these numbers and it seems like
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  Speaker 1: a lot of money to a lot of different people.
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  Speaker 2: But that's because.
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  Speaker 1: Most people hang around people similar to themselves, so you
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  Speaker 1: don't even realize the wealth gap. And I realized that
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  Speaker 1: when I was a financial advisor because I used to,
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  Speaker 1: you know, be around so many different people and they're like,
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  Speaker 1: you're my client. They're like, you don't just just have
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  Speaker 1: somebody just invest one hundred thousand dollars, And I'm thinking
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  Speaker 1: that my point, I don't even know anybody has one
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  Speaker 1: hundred thousand dollars.
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  Speaker 3: A thousand bucks.
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  Speaker 2: Yeah, but it was sod.
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  Speaker 1: But it's so common in a lot of different areas,
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  Speaker 1: from a lot of different people, right, But it's like
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  Speaker 1: we most most people hang around people similar to themselves.
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  Speaker 1: So you hang around people similar to yourselves, you don't
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  Speaker 1: realize that two miles down the road those houses are
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  Speaker 1: five times more than your house, or those people have
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  Speaker 1: two million dollars in year tirement account and.
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  Speaker 2: You have nothing.
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  Speaker 1: So it's it's kind of hard to really even appreciate
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  Speaker 1: it if you're not fully exposed to what other people
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  Speaker 1: are experiencing. So it's a lot, it's a it's a
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  Speaker 1: very you know, involved conversation, but it's interesting to see
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  Speaker 1: what people gauge as wealth, what people gauge as success,
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  Speaker 1: what people look at as far as you know, having
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  Speaker 1: an income that they can live well of as opposed
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  Speaker 1: to other people. So these these are important conversations to
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  Speaker 1: have because exposure very important.
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  Speaker 3: Absolutely, and if you're not there here, I would definitely
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  Speaker 3: advise you putting chat business side that you have that
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  Speaker 3: will allow you to get to that number. We all
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  Speaker 3: have built businesses to get there, being invested in the capital
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  Speaker 3: from the business into public equities and stocks. If you're
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  Speaker 3: not there yet, you almost add an advantage because you
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  Speaker 3: have a dream, you have the ability to dream to
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  Speaker 3: get there. Faster put in the comments what are some
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  Speaker 3: businesses that you can start if you're not there yet,
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  Speaker 3: to help you get there.
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  Speaker 1: About next year, my graduates from my school being forced
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  Speaker 1: back drop bag, drop Mike, drop back, dropp