5 Stages of Financial Freedom
b"https://www.youtube.com/watch?v=jr1v5WgC77o\\n\\n\\n\\n\\n\\n\\n\\n\\nIf your goal is to be financially free, where your investments are completely paying for your life and you have choices to do what you want with your time then these stages are great signposts on your way to that goal.\\n\\n\\n\\nUnderstanding what stage you're in can help you stay motivated and help you to know exactly what to do to get to the next stage.\\n\\n\\n\\n0:00 - Introduction1:35 - Stage 1: Survival3:47 - Stage 2: Progress6:41 - Stage 3: Debt Free8:57 - Stage 4: Growth13:11 - Stage 5: Freedom\\n\\n\\n\\nRecommended:\\n\\n\\n\\nHow I Got Myself Into Debt\\n\\n\\n\\nHow I'm Paying Off Debt\\n\\n\\n\\nTranscription:\\n\\n\\n\\nhey you incredible people today i want to talk about the five stages towards financial freedom so if your goal is like me to be financially free where your investments are completely paying for your life and you have choices to do whatever you want whether that be go to the beach every day or pursue a job that you absolutely love then there's actually stages to get there we don't just get there overnight and these five stages five stages of progress towards financial freedom i find it just really good benchmarks really good goal posts so we can look at it and we can say okay where am i at right now in this journey and what do i need to do to move towards the next stage something really interesting in my life is that a couple years ago i was what i called sudo financially free started business an online business that was generating me enough income that i didn't need to work and so i had a couple of years where i basically didn't work because my business was paying for my life but what i didn't realize at the time was i was actually only in stage three of the journey towards financial freedom i hadn't even moved to stage four or gotten to stage five yet whereas if i knew this if i knew what the stages were i could have realized instantly you're only in stage three ryan you've got to keep working or you've got to be smarter with your money to move to stage four to ultimately get to that long-term financial freedom so that's the journey that i'm on now i'm excited to share these stages with you and i hope that you go through this and look at okay where am i at stay motivated what do i need to do to get to the next stage so starting with stage one this is the worst stage to be in and that's the survival stage this is the stage where you're just struggling to get by you've got a lot of bad debt consumer debt so that might be credit cards or car loans or personal loans or student loans you're kind of buried in debt you're buried in the expenses of life chances are in survival stage your income is actually less than your expenses so you're getting to the end of each and every pay cycle and you don't have enough money to keep living this means you either just go without you know fasting can be healthy so maybe you do that but more likely you've got a credit card and you're using that to get by at the end of each pay cycle so you're in this really bad situation where you're not getting ahead you're quite far behind already in terms of net worth you've got more debt than you have assets and so it's just it's just difficult and to be honest this is the stage that i've been in for the last year last two years maybe so i was in stage three with my business doing well and just kind of getting by and then my business went through a downturn i went through a separation ah a lot of stuff happened and i moved back to stage one so while we would like to be constantly moving up towards financial freedom stuff happens in life right life isn't a straight line it's not perfect things go wrong and that's definitely what happened to me i didn't prepare i didn't do well enough and so i ended up back in stage one which is survival now i'm still in this stage no i'm not i'm in stage two a year ago i was in this stage and it was horrible i couldn't really pay my bills i was living week to week paycheck to paycheck so to speak..."