Description

In today's episode, we'll be taking a deep dive into the five financial phases I went through on my journey from a negative net worth to a seven-figure net worth. 

We'll explore each of the five Wealth Building phases in-depth, the mindset at each phase, and actionable steps to help you move into the next financial phase. 

This episode will clarify where you are and where you’re headed on your financial journey. Let's dive in!

Key Highlights

[00:00:00] Introduction to today’s topic: The 5 phases of building wealth

[00:03:06] How wealth-building phases promote internal and external growth

[00:05:33] Phase #1: Survival phase

[00:06:00] Reasons why you’re in the survival phase:

[00:11:09] Common ways of thinking while in the survival phase:

[00:13:16] What to do to get out of the survival phase

[00:14:06] Phase #2: Foundation phase

[00:17:38] Thoughts that keep people stuck in the foundation phase

[00:19:18] Specific things to do while in the foundation phase

[00:20:38] Phase #3: Growth phase

[00:22:12] Thoughts that keep people stuck in the growth phase

[00:23:36] What to do in the growth phase to move to the next phase

[00:25:45] Phase #4: Pre-freedom phase

[00:27:41] Thoughts that keep people stuck in the pre-freedom phase

[00:32:52] Specific things to do in the pre-freedom phase to move to the next phase

[00:35:11] Phase #5: Freedom phase

Notable Quotes

• I truly use the wealth-building phases as not only an outer growth exercise but also an inner growth exercise. And I am equally as proud and happy about the inner results that I've gotten for myself through my wealth-building journey as I am of the external results of the money and the freedom and the passive income streams.
• If you do identify as an underearner and you're not making enough money to support your lifestyle, then you really want to start to focus on your value, which is what you have to offer in exchange for money. You have to understand how to see your value and effectively communicate it in a way that speaks to the needs and the desires of someone else so they also see your value and want to give you money.
• When you have identified yourself in the survival phase, your primary focus while you're in this phase is to create positive cash flow by doing one of two things or a combination of both. Number one: increasing your income, or number two: reducing your expenses or some combination of the two
• If you are in the foundation space, the most important thing I want you to do first, even before you start making big payments to your credit card, is I want you to have at least one to two months of your lifestyle expenses in your emergency fund. And the reason is because if you don't have this cushion, then at any unexpected expense, you will have to go back to living on your credit cards.
• The risk aversion of you needing to play it safe, or you’re so scared to take any real risk or do anything interesting and creative with your money, is another thing that's going to keep you stuck in that growth phase or the pre-freedom phase because often you

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