70 yo. My wife & I own & love our business. So used to being frugal I feel guilty when we splurge. We prefer eating in, exercise, our kids (1 in the business). Probably die with my boots on and a smile.
It took 68 years to get to abundance and building a successful business was the primary reason. Even though I’m in stage 7, I’m still working in my company, but… for the first time in 34 years, I’m a W2 employee! Hope my partners (they still call me that) will keep me around for another 10 or so years. I’m having the time of my life. Just recently found your channel and love it!
Same here. Tho I aint american but seems close enough to my situation. Only thing id say is that stage 7 feels over the top. As the famous quote goes, the first 100.000 are hard, after it goes easier
3 months away from stage 4. Been a long 3.5 years (will have paid off $67k in debt and I currently have a 4 month emergency fund). Crazy to think how quickly that time goes!!! For those of you thinking it's too late to start caring about finances, PLEASE rethink that. It's never too late. I can see the light and once I'm out of this shadow that the debt has cast on my life, I'll be saving 35% AND still having ~$500 per month leftover for fun. The days get brighter, just keep pushing (and you know what, the confidence knowing that you did what so many Americans are too weak to do makes the journey that much sweater)
I'm definitely in Stage 3 - I can see myself falling into some traps with lifestyle creep, and the urge to purchase a new car. This was an excellent reminder to tighten things up to move up to stage 4!
I would say 4/5 and looking at opening a business in a few years. Hopefully I’ll can get up to 6/7. Thanks for your videos you do a great job at creating them each week.
I'm between stage 2 & 1 right now. I was at stage 4 but at the beginning of 2020 I was in a workplace accident, then lockdown happened, then got laid off, then surgery, then drug reactions, etc. I had a 24 month safety net for overhead and had workmens comp for a year and a half. That helped but medical bills(after insurance) zapped my regular savings too so fast(workmens comp doesn't cover everything) So many things that were out of my control but affected my finances negatively. Had all the ducks in a row but still didn't matter. Hoping to get back to work soon & start to rebuild but it's so frustrating. Oh, and when you are at stage 2 it is extremely stressful, especially when you are single.
You got this @lilypud.. You made it farther than most people ever would and you’re still blessed.. Pat yourself on the back for being genuine about your situation and still pushing.. I believe in the power of our Holy Divine Creator and that he blesses the righteous and driven.. Trust in him and you will be fine.
Im currently between stage one and two right now. I just got to the point in my life where I was able to move out of my parents, and start my own life at age 20. Right now I’m starting to track my expenses, build a budget, and I already have a good amount in savings… However, I’m not sure if my expenses outpace my income at the moment. Essentially I was thrown into having all of these expenses and forced to get a job as soon as possible, when I might not have been ready for it… but here we are. I don’t believe I need multi millions in order to live the life that I want to, because I very much want to be off grid, and live that sustainable lifestyle… but it would also be nice to go on vacations and enjoy more expensive things as well; and not have to worry about finances.
I'm somewhere between 5 and 6. I left the Navy last year after 27 years and am now receiving a pension for the rest of my life 😀(I'm only 51). I'm completely debt free having paid off my mortgage a few years ago which took a fair bit of effort and sacrifices. Multiple vehicles all paid for. I've now got a job I enjoy and just live off that salary, saving the entirety of my pension each month. Still building up my investments inc TSLA stock, tax free savings in a cash ISA, premium bonds and a small amount of BTC/ETH for fun. I'm also making over payments into a works pension with my current job. By the time I retire I will have 4 different pensions paying out which is pretty nice. I'm single so can spend or save however I see fit.
You can absolutely achieve stage 7 via stocks. Gabe is real-estate biased because it's how he built wealth. But the compounding effect of equalities is even more powerful. People may need to go the real estate route when starting out because of leverage. But once you have built up considerable assets to invest, compounding equities are incredible to supercharge wealth ... without the work and friction RE entails.
Completely agree. The statement that "you can't get rich from a 9-5" is so wrong because it keeps people in that situation from even trying to be disciplined and grow wealth because they don't understand how investing actually works. In fact I would argue that getting rich from a 9-5 is actually easier than starting a business given that 65% of businesses fail in the first 10 years. The hard part is being disciplined, which is really difficult for people but I think it's largely because they don't truly understand what is possible through the power of investing and compound growth.
Sadly many who make stage 7 can burn there money in less then a year by wasting it. Usually its not the people who grew it but the people who depend on the people who grew it.
I'm between stages 3 and 4 right now. Being smart with money, but not super comfortable yet. We've saved a lot over time and are fairly frugal so that helps. Thanks for the video Gabe.
Stage 4... new cars aren't a bad option anymore with this market. They aren't depreciating when you drive them off the lot. A low mileage 3 year old car is within a few thousand dollars of a new car now.
Stage 3! Thanks for the video you made my goals seem that much more obtainable. I'm still "delusional" about my goals but I think that's a good thing. Currently saving/investing 27% of my monthly income and looking to get to 30% and then make enough off dividends to cover necessities.
I didn’t want to buy a new car but we needed it. My wife & I now have 2 kids, we needed a larger vehicle. APR’s are craaaaazy right now! We fought it down the best we could but yup we’re tied down for 7year payment on that vehicle.
I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. fully retired with over $3.5million, my dividends is supplementing my retirement at the moment. started saving and investing in 2010 in growth, No regrets and financially free
You're really doing well for yourself, my retirement plans are going down the drain, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
I have my portfolio overseen by a California-based wealth advisor 'Martha Cornell Kerns', Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
I'm 40 and at stage 4. Got 2 paid off cars, 10% of my check goes to 401k, rent is 9% of the monthly net income. My wife's check is 75% of what I bring in so her whole check goes to savings and her IRA and we basically live off mine. Got 6 months emergency fund.
Grate video, im @ stage 5 i would say i wouldn't wait until stage 4 to start investigating though? Small investments build over time, even if its $20. I would start investigating @ stage 3 and treat the money you invest like a bill you need to pay every month. That helps you to start good financial practices moving forward. Also dont spend that money you save after you pay off a debt, use it to invest with instead. Thanks again for the great video.
Stage 5 at the moment and a good few years (7-10) until stage 6. We just invested in a larger apartment for our growing family. You're right that at this stage it's so difficult to avoid lifestyle inflation...
I don't mean to disagree, but as a mid-stage-6 myself, you absolutely can get to 7 by saving and investing (call it deca-millionaire stage). We are likely to retire prior to stage 7, but our consumption is such that we'd reach stage 7 prior to age 65 simply on S&P.
I guess im not looking for that much out of life. Just finally getting into stage 3 at 52 years old becasue ive never really cared about future, i just roll along each day. Personally don't feel the need to go past level 4 myself. I can do what i wnat to now, go on trips sometimes, my job gives me a reason to get out of bed each day plus i get a free new car every 3 years and they pay for gas and all the expenses. I've never wanted to be a millionaire ever and am just hanging out until im put in the dirt like we all we be with no stress at all ☺️ Take care out there people ❤✌️
This is very well put together and will make individuals think about where money is going! Essentialism is key to success! Thanks, Gabe. Come on let's get Gabe some more likes 🏆
My biggest regret atm, it’s I bought a brand new truck this year! I could have been way ahead of this money game, but impulse buying took the best out of me!
I'm 63, and if I'm honest, I'm at stage one. I am dependent on my 87 year old mother's pension to help pay the bills (she lives with me, it's just her fair share). It doesn't take a genius to understand that I'm one stroke or heart attack away from insolvency, even in a land of universal health care. So stage 1 it is. Thanks so much for giving me a road map to moving up the ladder.
I'm at stage 4 and currently almost close to being debt free but got 30% in investments and 25% in savings and my goal is to retire by 47-49 and to have 6 properties and currently have 2 working on number 3.
I'm borderline stage 6-7, crazy to think just 10 years ago I was homeless and now own 19 rentals in hawaii! Only reason i cant claim stage 7 is my net worth is only like 4m, not the 10m you say qualifies a true stage 7. Thanks, Great video. Love all the comments.
If you're under 30 start now if you haven't already started. I was a graduate school bum until I was 34. Didn't get my first "real" job until I was 36. Only had that one job until I was 45 and then I got laid off for two years. That layoff opened my eyes and I built several modest revenue streams while looking for another "real" job. As luck would have it I was rehired by the same company but I kept those other revenue streams and then started a home business. The home business had modest earnings for its first ten years but this year all the pieces fell into place and the revenues are starting to rival that "real" job. I'm now 60 and have a net worth over one million. I am aiming to double that by the time I retire around age 67. All of which is to say the "seven revenue streams" is what I think is truly important.
Aged 68, fully retired, and stage 6c. If you have 6d, I would probably qualify. My wife and I have six figure pensions, in total, and haven't touched our nest egg in the last 7 years since we retired. Net wealth going up about 40k per year, mostly from our home. No significant bills, and we could write a check to pay off our house if we chose to. No real reason to, as it is at a 3.25% mortgage. We worked long and hard, with a patient, reasonably frugal lifestyle to get here.
5-6 hard to tell because i dont have security backup i prefer invest all that money. Otherwise low level 6 or high level 5 hard to tell. Im aiming level 7 in few years
I'm at stage 7 and its true money does not buy happiness. I'm happy but I live the same as when I was stage 5 or 6. I can't think of anything I need so in a sense, the money is not doing me a lot of good. You get to the goal and its not all you thought it would be
im at stage 6 and realized that most things i want i can just buy and all the other stuff i can easily live with out that cost alot eg a big fancy house, fancy car, big boat etc they are all meaningless maybe a better house would be nice but at the same time not worrying and not having to do overtime or hard work is so much better then grinding to stage 7 for meaningless things. in time ill prob get to stage 7 just cos im a tight ass lol and like to invest.
Been on Stage 1 before and now I am on stage 2, progressing to Stage 3. If I attend training and be qualified, get a permanent job, I could be on Stage 4.
Stage 3 mostly, although we own 2 rentals and are currently flipping a house as well. I’m a realtor and my husband is a property manager. Shooting to be at stage 6 within the next 3-5 years.
I believe Im in early stages of level 4 with alot of work to do if I want to move up. I do dabble in investing and side hussles but they arent paying off due to my own personal contributions with time/money/effort. I do feel comfortable but i reckon something could pull the rug out so to speak.
At ~5.7 at 54... what keeps me working is health insurance - this becomes very important as one ages. And everyone younger? Eat healthy, exercise, take Vit D (with K2) and find ways to relax and de-stress everyday. Go into later life healthy!
Ten million seems very high for top phase though if your a minimalist. I am not a minimalist and that is a lot of money for me to consider to even have.
Gracias este video me ayudo a darme cuenta de que no estoy para nada mal, solo que tengo estándares asquerosamente altos, los voy a seguir teniendo porque eso me motiva, pero esto me ayuda a no ser tan duro con migo mismo y apreciar mas todo lo que he conseguido, saludos desde latinoamerica arg
In 1966 married hubby w/ $300, spent that on trailer downpayment,- bought 10 acres/$2000 sold for $20,000, - bought first house $7500 sold for$15000,-. bought 2 1/2 acres subbed house for 40,000 sold for 75,000, -bought 1 acre 4200 sold for 16000 , ... now as recent widow owe nothing , downsizing from 10 acres 2500 sq ft house cost$100450 worth $350,000 to 1200 sq fr house paid off. no debt living on retirement/ss and heading to Christian missions... Real estate ALL the way! started out small but you gotta START!
Well it is quite hard to get from stage to stage... I was in stage 2-3 and then received a lump sum of money so working hard right now to get to stage 6 (I am sort of there also in a country where stage 7 is at about 2x my net wortg), but still very well explained...
I'd say we got to stage 5, then life threw us a curve ball (job loss) and we fell to stage 4 now. If things turn around we'll resume our climb. In the meantime we are making the sacrifice now so we can still invest something for retirement.
Sigh. Excellent advice. Retire in my 40s? Hell, I wanna be able to retire NOW, in my 70s! Instead I limp along in penury living on a very modest widow's pension and Social Security (which is quite low because of the way they calculate benefits). I'm legally blind, so not a lotta employment opportunities. I'm a decent writer and I'm trying to create a second career for myself with writing, but I have failed so far. I write really good books (I've won awards) but I suck so bad at marketing them that I've bankrupted myself trying to self-publish. I would really love some help with side hustles, 'cause I'm flat out of inspiration. I represent a minuscule fraction of your viewership, so I will understand completely if you can't fit it in; but my biggest problem is income. $40,000 per year just ain't what it used to be and I'm stranded overseas (Malaysia - super low cost of living) until I can figure this out.
I reached stage VI in my 40's. Stage VII implies you have to be a successful business person with a net worth beyond 25 times expenses. I think a net worth of 5 million might be enough to be beyond VI into VII.
I’d say I’m at a 2. It’s college debt but I do own a rental property and I have a good income and no other debt than my student loans. I payed off my 2021 Corolla. I do make impulsive decisions when it comes to investing, hopefully I have learned from my mistakes when I owned my business or tried to buy a tiny house lol 😅. Thank you for your videos, long time subscriber, first time commenting.
I am at stage 3 I think. 44k left on mortgage Fully paid off car 2 month emergency fund 4 different streams of income (2 main and 2 part time non sustainable) Nothing in retirement so far. I am 26 and live in post SOVIET country
Approximately stage 3 but also I have very little in my chequing account at any time because I've allocated every dollar towards paying off a shit-load of debt and within a month, that repayment amount will be saved to buy a more reliable car.
I think I would put us at stage 5. We could lose an income source and be ok. There are a few things we could do better. Currently still growing the career. Have a friend/mentor that I believe to be stage 7. Learned a good deal from them.
I'd say I'm at stage 1.5 I don't receive any food stamps. I have in the past. My daughter's are on disability for medical diagnosis. I do live paycheck to paycheck. My brother and I were talking. We wanted to know the actual classes in money. Can you make a video of the classes of money. I'd probably be considered low class but not sure.
i'm on stage 6! :) i became a travel nurse to pay down mortgage a ton!! and a year worth of savings ! gabe... are you totally debt free even your mortgage ?
The problem for me with moving somewhere cheaper is that I’m in the military which means my pay also gets cheaper because my housing allowance goes down.
You can get to $10m by working 40 years with a job with a six figure pension/ 7 figure lump sum option plus 2 earners maxing out 401k contributions with company matching in a diversified portfolio.
Go to my partner Mint Mobile mintmobile.com/gabe to get premium wireless for as low as $15 a month
Did this last year when I first subscribed to you 👍🏼
70 yo. My wife & I own & love our business. So used to being frugal I feel guilty when we splurge. We prefer eating in, exercise, our kids (1 in the business). Probably die with my boots on and a smile.
Thanks sir
Gabe, Make a video, top 10 books on finance that you recommend reading
done!
It took 68 years to get to abundance and building a successful business was the primary reason. Even though I’m in stage 7, I’m still working in my company, but… for the first time in 34 years, I’m a W2 employee! Hope my partners (they still call me that) will keep me around for another 10 or so years. I’m having the time of my life.
Just recently found your channel and love it!
I prefer not to work but its nice that you enjoy it
Stage 5, actually surprised myself, I would have thought I was further away. I don’t need 7, but 6 would be great. Next goal!
Same here. Tho I aint american but seems close enough to my situation.
Only thing id say is that stage 7 feels over the top.
As the famous quote goes, the first 100.000 are hard, after it goes easier
3 months away from stage 4. Been a long 3.5 years (will have paid off $67k in debt and I currently have a 4 month emergency fund). Crazy to think how quickly that time goes!!! For those of you thinking it's too late to start caring about finances, PLEASE rethink that. It's never too late. I can see the light and once I'm out of this shadow that the debt has cast on my life, I'll be saving 35% AND still having ~$500 per month leftover for fun. The days get brighter, just keep pushing (and you know what, the confidence knowing that you did what so many Americans are too weak to do makes the journey that much sweater)
I'm definitely in Stage 3 - I can see myself falling into some traps with lifestyle creep, and the urge to purchase a new car. This was an excellent reminder to tighten things up to move up to stage 4!
Brilliant as always... Unfortunately stage 1 on permanent disability (Canadian) but working on it Thank you
This is a great video that could help a lot of people! I'm stage 4 and you motivate me to get to stages 5 and 6.
I would say 4/5 and looking at opening a business in a few years. Hopefully I’ll can get up to 6/7.
Thanks for your videos you do a great job at creating them each week.
Stage 3. I've been fighting lifestyle creep and am keeping my spending within a budget. I believe your advice for this stage is spot on.
I'm 18 and already at stage 3! Super excited to be able to grow and reach my goals in the future :) Stage 7 I'm coming for ya! 🤗
I’m 40 and I’m at stage 3. Well done getting here at your age! 🎉
I’m 18 at stage 2
I'm between stage 2 & 1 right now. I was at stage 4 but at the beginning of 2020 I was in a workplace accident, then lockdown happened, then got laid off, then surgery, then drug reactions, etc. I had a 24 month safety net for overhead and had workmens comp for a year and a half. That helped but medical bills(after insurance) zapped my regular savings too so fast(workmens comp doesn't cover everything) So many things that were out of my control but affected my finances negatively. Had all the ducks in a row but still didn't matter. Hoping to get back to work soon & start to rebuild but it's so frustrating. Oh, and when you are at stage 2 it is extremely stressful, especially when you are single.
You got this @lilypud.. You made it farther than most people ever would and you’re still blessed.. Pat yourself on the back for being genuine about your situation and still pushing.. I believe in the power of our Holy Divine Creator and that he blesses the righteous and driven.. Trust in him and you will be fine.
Stage 3.5. I need to keep moving forward and not look back or dwell on the past or compare my stage to others.
For sure! Doesn't matter where you are just that your working on the next stage
Im currently between stage one and two right now. I just got to the point in my life where I was able to move out of my parents, and start my own life at age 20. Right now I’m starting to track my expenses, build a budget, and I already have a good amount in savings… However, I’m not sure if my expenses outpace my income at the moment. Essentially I was thrown into having all of these expenses and forced to get a job as soon as possible, when I might not have been ready for it… but here we are. I don’t believe I need multi millions in order to live the life that I want to, because I very much want to be off grid, and live that sustainable lifestyle… but it would also be nice to go on vacations and enjoy more expensive things as well; and not have to worry about finances.
I'm somewhere between 5 and 6. I left the Navy last year after 27 years and am now receiving a pension for the rest of my life 😀(I'm only 51). I'm completely debt free having paid off my mortgage a few years ago which took a fair bit of effort and sacrifices. Multiple vehicles all paid for. I've now got a job I enjoy and just live off that salary, saving the entirety of my pension each month. Still building up my investments inc TSLA stock, tax free savings in a cash ISA, premium bonds and a small amount of BTC/ETH for fun. I'm also making over payments into a works pension with my current job. By the time I retire I will have 4 different pensions paying out which is pretty nice. I'm single so can spend or save however I see fit.
Nice job, Ray!
YES I'm at stage 3! You hit the nail on the head! We save about 10%. Time to save more!
You can absolutely achieve stage 7 via stocks. Gabe is real-estate biased because it's how he built wealth. But the compounding effect of equalities is even more powerful. People may need to go the real estate route when starting out because of leverage. But once you have built up considerable assets to invest, compounding equities are incredible to supercharge wealth ... without the work and friction RE entails.
Completely agree. The statement that "you can't get rich from a 9-5" is so wrong because it keeps people in that situation from even trying to be disciplined and grow wealth because they don't understand how investing actually works. In fact I would argue that getting rich from a 9-5 is actually easier than starting a business given that 65% of businesses fail in the first 10 years. The hard part is being disciplined, which is really difficult for people but I think it's largely because they don't truly understand what is possible through the power of investing and compound growth.
The 7 baby steps 💜 i love them, because they are so clear.
0:04 S1 budget
1:16 S2 self sufficiency
3:06 S3 breathing room
4:55 S4 stability
6:36 S5 wealth building
8:04 S6 financial independence
9:06 never be broke again
Sadly many who make stage 7 can burn there money in less then a year by wasting it. Usually its not the people who grew it but the people who depend on the people who grew it.
I'm between stages 3 and 4 right now. Being smart with money, but not super comfortable yet. We've saved a lot over time and are fairly frugal so that helps. Thanks for the video Gabe.
Between stage 2-3 currently. I’m proud of this as for the past few years I’ve been at stage 1. So excited to keep going 😃 Thanks Gabe!
Let's go! It's all about just small steps in the right direction
I have been following you for about a year, and this is easily one of the best and well put together videos so far ❤
Thanks I appreciate it!
Really good stuff!
Stage 4... new cars aren't a bad option anymore with this market. They aren't depreciating when you drive them off the lot. A low mileage 3 year old car is within a few thousand dollars of a new car now.
Stage 3! Thanks for the video you made my goals seem that much more obtainable. I'm still "delusional" about my goals but I think that's a good thing. Currently saving/investing 27% of my monthly income and looking to get to 30% and then make enough off dividends to cover necessities.
You are trully God sent ! Keep doing these very life changing videos. Thank you much ! God Bless you !
23 at Stage 4! Comfortable, but gearing up to buy my first piece of real estate!
Great overview, will jump into your specific videos.
When I have money i don't know what to do with it eccept catch up. I need better goals.
I didn’t want to buy a new car but we needed it.
My wife & I now have 2 kids, we needed a larger vehicle.
APR’s are craaaaazy right now! We fought it down the best we could but yup we’re tied down for 7year payment on that vehicle.
Mid 6. LOTS of hard work to get here but I can breath. I can also help others which was/is a big goal for me.
I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. fully retired with over $3.5million, my dividends is supplementing my retirement at the moment. started saving and investing in 2010 in growth, No regrets and financially free
You're really doing well for yourself, my retirement plans are going down the drain, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
I have my portfolio overseen by a California-based wealth advisor 'Martha Cornell Kerns', Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
All the best. It’s a tough one to start, Just invest a bit each month but it’s up to you
@@Edgardo477
The comment sounded legit, ngl. Until the name drop of someone responsible for your wealth. Oh well
@@andrewwashere82Could tell straight away it was gonna be a scam comment.
I'm 40 and at stage 4. Got 2 paid off cars, 10% of my check goes to 401k, rent is 9% of the monthly net income. My wife's check is 75% of what I bring in so her whole check goes to savings and her IRA and we basically live off mine. Got 6 months emergency fund.
I’m 23 and currently at stage 4. Looking forward to progressing to further stages 🥳
Grate video, im @ stage 5 i would say i wouldn't wait until stage 4 to start investigating though? Small investments build over time, even if its $20. I would start investigating @ stage 3 and treat the money you invest like a bill you need to pay every month. That helps you to start good financial practices moving forward.
Also dont spend that money you save after you pay off a debt, use it to invest with instead.
Thanks again for the great video.
Such an underrated video. Loved this!
26 at stage 5, all prospects looking positive to keep increasing my income significantly in the next years.
Stage 5 at the moment and a good few years (7-10) until stage 6. We just invested in a larger apartment for our growing family. You're right that at this stage it's so difficult to avoid lifestyle inflation...
So true, Feel the same
1. But I watched the video and I can recognize when someone is teaching good stuff.
I don't mean to disagree, but as a mid-stage-6 myself, you absolutely can get to 7 by saving and investing (call it deca-millionaire stage). We are likely to retire prior to stage 7, but our consumption is such that we'd reach stage 7 prior to age 65 simply on S&P.
I guess im not looking for that much out of life. Just finally getting into stage 3 at 52 years old becasue ive never really cared about future, i just roll along each day. Personally don't feel the need to go past level 4 myself. I can do what i wnat to now, go on trips sometimes, my job gives me a reason to get out of bed each day plus i get a free new car every 3 years and they pay for gas and all the expenses. I've never wanted to be a millionaire ever and am just hanging out until im put in the dirt like we all we be with no stress at all ☺️ Take care out there people ❤✌️
Stage 5 and 24. This is a great video!
This is very well put together and will make individuals think about where money is going! Essentialism is key to success! Thanks, Gabe. Come on let's get Gabe some more likes 🏆
Definitely agree! Essentialism has been life changing
My biggest regret atm, it’s I bought a brand new truck this year! I could have been way ahead of this money game, but impulse buying took the best out of me!
It's an amazing feeling to have stage 6 at 33!
I'm 63, and if I'm honest, I'm at stage one. I am dependent on my 87 year old mother's pension to help pay the bills (she lives with me, it's just her fair share). It doesn't take a genius to understand that I'm one stroke or heart attack away from insolvency, even in a land of universal health care. So stage 1 it is.
Thanks so much for giving me a road map to moving up the ladder.
How?
I lived by the guidelines and I was able to retire and 56 and do what I want to do. This is great advice. Keep up the good work.
I'm at stage 4 and currently almost close to being debt free but got 30% in investments and 25% in savings and my goal is to retire by 47-49 and to have 6 properties and currently have 2 working on number 3.
I'm borderline stage 6-7, crazy to think just 10 years ago I was homeless and now own 19 rentals in hawaii! Only reason i cant claim stage 7 is my net worth is only like 4m, not the 10m you say qualifies a true stage 7. Thanks, Great video. Love all the comments.
If you're under 30 start now if you haven't already started. I was a graduate school bum until I was 34. Didn't get my first "real" job until I was 36. Only had that one job until I was 45 and then I got laid off for two years. That layoff opened my eyes and I built several modest revenue streams while looking for another "real" job. As luck would have it I was rehired by the same company but I kept those other revenue streams and then started a home business. The home business had modest earnings for its first ten years but this year all the pieces fell into place and the revenues are starting to rival that "real" job. I'm now 60 and have a net worth over one million. I am aiming to double that by the time I retire around age 67. All of which is to say the "seven revenue streams" is what I think is truly important.
Aged 68, fully retired, and stage 6c. If you have 6d, I would probably qualify. My wife and I have six figure pensions, in total, and haven't touched our nest egg in the last 7 years since we retired. Net wealth going up about 40k per year, mostly from our home. No significant bills, and we could write a check to pay off our house if we chose to. No real reason to, as it is at a 3.25% mortgage. We worked long and hard, with a patient, reasonably frugal lifestyle to get here.
Hi Gabe! 413k subscribers congratulations! I am level 5!
Thanks 🙏
5-6 hard to tell because i dont have security backup i prefer invest all that money. Otherwise low level 6 or high level 5 hard to tell. Im aiming level 7 in few years
On 5. I can't wait to be financially free!
I'm at stage 7 and its true money does not buy happiness. I'm happy but I live the same as when I was stage 5 or 6. I can't think of anything I need so in a sense, the money is not doing me a lot of good. You get to the goal and its not all you thought it would be
im at stage 6 and realized that most things i want i can just buy and all the other stuff i can easily live with out that cost alot eg a big fancy house, fancy car, big boat etc they are all meaningless maybe a better house would be nice but at the same time not worrying and not having to do overtime or hard work is so much better then grinding to stage 7 for meaningless things. in time ill prob get to stage 7 just cos im a tight ass lol and like to invest.
Love the practical videos mate! Thankyou 😂
Currently between stage 4 and 5. Working towards financial independence before 40
I’m in stage 5. I save about 45% of my income and I live pretty frugally. I have enough free time to get another job or start a side hustle if I want.
Been on Stage 1 before and now I am on stage 2, progressing to Stage 3. If I attend training and be qualified, get a permanent job, I could be on Stage 4.
Stage 3 mostly, although we own 2 rentals and are currently flipping a house as well. I’m a realtor and my husband is a property manager. Shooting to be at stage 6 within the next 3-5 years.
I believe Im in early stages of level 4 with alot of work to do if I want to move up. I do dabble in investing and side hussles but they arent paying off due to my own personal contributions with time/money/effort. I do feel comfortable but i reckon something could pull the rug out so to speak.
At ~5.7 at 54... what keeps me working is health insurance - this becomes very important as one ages.
And everyone younger? Eat healthy, exercise, take Vit D (with K2) and find ways to relax and de-stress everyday. Go into later life healthy!
Great video! Gabe!
Love this video and so wish I could get my older son to watch and learn from you...he doesn't want to hear it from mom...😉
I’m not going to specify the stage but I’m striving to improve!😊
Ten million seems very high for top phase though if your a minimalist. I am not a minimalist and that is a lot of money for me to consider to even have.
I'm between 2 & 3 but expect to be at 5 in 3 years .. I think you can live like 6/7 no matter, its about free time and mindset
Gracias este video me ayudo a darme cuenta de que no estoy para nada mal, solo que tengo estándares asquerosamente altos, los voy a seguir teniendo porque eso me motiva, pero esto me ayuda a no ser tan duro con migo mismo y apreciar mas todo lo que he conseguido, saludos desde latinoamerica arg
In 1966 married hubby w/ $300, spent that on trailer downpayment,- bought 10 acres/$2000 sold for $20,000, - bought first house $7500 sold for$15000,-. bought 2 1/2 acres subbed house for 40,000 sold for 75,000, -bought 1 acre 4200 sold for 16000 , ... now as recent widow owe nothing , downsizing from 10 acres 2500 sq ft house cost$100450 worth $350,000 to 1200 sq fr house paid off. no debt living on retirement/ss and heading to Christian missions... Real estate ALL the way! started out small but you gotta START!
100% agree! Imagine if people bought a few extra along the way to keep as rentals. We did that 30yrs after you exactly, retiring in our 40s.
At 0 but i have no where to go but up. Looking forward to the challenge of getting there.
Gotta start somewhere! Just keep making progress
I would say probably stage 2.5. We have most stuff paid off. But we still need to figure out how to earn more money
I’m in stage 2 working pay check to pay check. Paid off my mortgage, and 2 auto finance, I’m still broke. Now I’m worry paying for the house tax.
Well it is quite hard to get from stage to stage... I was in stage 2-3 and then received a lump sum of money so working hard right now to get to stage 6 (I am sort of there also in a country where stage 7 is at about 2x my net wortg), but still very well explained...
I'd say we got to stage 5, then life threw us a curve ball (job loss) and we fell to stage 4 now. If things turn around we'll resume our climb. In the meantime we are making the sacrifice now so we can still invest something for retirement.
Sigh. Excellent advice. Retire in my 40s? Hell, I wanna be able to retire NOW, in my 70s! Instead I limp along in penury living on a very modest widow's pension and Social Security (which is quite low because of the way they calculate benefits). I'm legally blind, so not a lotta employment opportunities. I'm a decent writer and I'm trying to create a second career for myself with writing, but I have failed so far. I write really good books (I've won awards) but I suck so bad at marketing them that I've bankrupted myself trying to self-publish. I would really love some help with side hustles, 'cause I'm flat out of inspiration. I represent a minuscule fraction of your viewership, so I will understand completely if you can't fit it in; but my biggest problem is income. $40,000 per year just ain't what it used to be and I'm stranded overseas (Malaysia - super low cost of living) until I can figure this out.
Between 3 and 4. Saving almost 50%, no debt, but staying away from real estate until I know if I really want to stay in this town.
Such a good video bro!! Thank you
I really don’t care for the background music, could just be me. But I think he’s been happy just to listen to you.
I reached stage VI in my 40's. Stage VII implies you have to be a successful business person with a net worth beyond 25 times expenses. I think a net worth of 5 million might be enough to be beyond VI into VII.
Ecstatically, I’m Stage 4! Time to grind onto to Stage 5! Up & onward 😜
I’d say I’m at a 2. It’s college debt but I do own a rental property and I have a good income and no other debt than my student loans. I payed off my 2021 Corolla. I do make impulsive decisions when it comes to investing, hopefully I have learned from my mistakes when I owned my business or tried to buy a tiny house lol 😅. Thank you for your videos, long time subscriber, first time commenting.
Well thanks for the comment! Don't be a stranger
I am at stage 3 I think.
44k left on mortgage
Fully paid off car
2 month emergency fund
4 different streams of income (2 main and 2 part time non sustainable)
Nothing in retirement so far.
I am 26 and live in post SOVIET country
Just reached level 5, looking for business ideas to reach lvl 6!!
This was an interesting video. Based on this video I’m at stage 4 and will hopefully be at stage 5 soon.
Great content as always man 🙏
Between stages 3 and 4 at age 24 (turning 25 in two months) with goal being to save 30%
Approximately stage 3 but also I have very little in my chequing account at any time because I've allocated every dollar towards paying off a shit-load of debt and within a month, that repayment amount will be saved to buy a more reliable car.
Wow wow wow ! Thank you
I am at early stage level 6. Stocks and rentals.
Stage 5 with 30k hedge and off grid living in an ekodome., looking into buying some mining stocks., and then an Airbnb.
Great page, 👍 👌
I think I would put us at stage 5. We could lose an income source and be ok. There are a few things we could do better. Currently still growing the career.
Have a friend/mentor that I believe to be stage 7. Learned a good deal from them.
Mid to late stage 5, similar path with house hacking a few times, investing on auto pilot and saving allot.
I’m somewhere between 4-6 at 51. I have a stable rental business now that I currently work in & love. Thanks for the get video!
I'd say I'm at stage 1.5 I don't receive any food stamps. I have in the past. My daughter's are on disability for medical diagnosis. I do live paycheck to paycheck. My brother and I were talking. We wanted to know the actual classes in money. Can you make a video of the classes of money. I'd probably be considered low class but not sure.
27 and Stage 5 🍀
46 stage 6 here. Barista fire with 3.5 Mil net worth. for Great video and I’d say very accurate.
i'm
on stage 6! :) i became a travel nurse to pay down mortgage a ton!! and a year worth of savings ! gabe... are you totally debt free even your mortgage ?
The problem for me with moving somewhere cheaper is that I’m in the military which means my pay also gets cheaper because my housing allowance goes down.
7 but I keep going for all of my team members that depend on me =D
Interesting. There are still higher levels. I’m actually at level 12! 🙏🏽❤️🔥
You can get to $10m by working 40 years with a job with a six figure pension/ 7 figure lump sum option plus 2 earners maxing out 401k contributions with company matching in a diversified portfolio.
Great video!!!!!