In this episode, Bill and Andy Bush discuss the "7 Stages of Financial Well-Being," a concept developed by Money Coaches of Canada. They explore each stage, from financial chaos to financial fulfillment, and provide practical insights into how individuals can move up the financial staircase. With a focus on building confidence and intentionality, this episode is a roadmap for anyone seeking financial freedom and stability.
Whether you're in financial chaos or nearing financial fulfillment, Bill and Andy share tips and strategies to help you navigate the emotions, behaviors, and actions needed to reach the next level.
Time-Stamped Chapters:
- 00:08 – Welcome and Introduction: The 7 Stages of Financial Well-Being
- 02:20 – Defining Financial Confidence and Well-Being
- 03:30 – Stage 1: Financial Chaos—Understanding the Struggles and Emotions
- 06:00 – Stage 2: Financial Avoidance—Awareness and Desire to Change
- 06:50 – Stage 3: Financial Awareness—Taking Charge and Building a Plan
- 09:00 – Stage 4: Financial Stability—Basics in Place and Moving Forward
- 11:39 – Stage 5: Financial Security—Following a Plan and Managing Risk
- 13:55 – Stage 6: Financial Freedom—Living the Life You Want
- 16:11 – Stage 7: Financial Fulfillment—Spending and Giving Aligned with Values
- 18:27 – Steps to Move Up the Ladder—Intentional Planning and Guidance
- 20:00 – How to Seek Help and Resources for Financial Growth
Sound Bites:
- "Financial confidence is about the freedom to make life choices without being overburdened by financial worries."
- "Organization brings about stability. When you know where everything is, you feel more in control."
- "If it is to be, it’s up to me.” Moving up the financial ladder starts with taking personal responsibility."
- "Financial fulfillment is about aligning your money with your values and using it as a tool to achieve your purpose."
Main Takeaways:
- Financial Chaos: Characterized by disorganization, fear, and living paycheck to paycheck. Overcoming this stage requires addressing behavior and habits.
- Financial Awareness: The first step towards change involves acknowledging the problem and building a plan.
- Financial Stability: Basics like emergency savings and retirement contributions are in place, but continued effort and organization are key.
- Financial Fulfillment: At the top of the scale, money is no longer an obstacle but a tool to live a purposeful life aligned with values.
- Steps to Progress: Planning and intentionality are the antidotes to financial fear, and seeking guidance can provide the clarity needed to move forward.
Resources:
- Money Coaches of Canada – Learn more about the "7 Stages of Financial Well-Being."
- Horizon Financial Group Resources—Explore tools and resources to improve your financial confidence.
Contact Information:
- Bill Bush – bbush@horizonfg.com
- Andy Bush – abush@horizonfg.com
- Horizon Financial Group – Website
Disclosures: The views depicted in this material are for information purposes only and are not necessarily those of Cetera Advisors LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice. Bill Bush and Andy Bush are registered representatives offering securities and advisory services through Cetera Advisors LLC, a broker/dealer and Registered Investment Adviser, member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Address: 15015 Jamestown Boulevard, Suite 100, Baton Rouge, Louisiana 70810.
