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!
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!
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.
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.
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 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 ❤✌️
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.
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.
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.
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
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.
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...
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!
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.
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.
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'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.
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.
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 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.
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.
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.
Gabe, you mentioned you should have all of your debt paid off besides anythings that's under 3-5%, do you mean debt that takes up 3-5% of your income or debt that costs 3-5% in interest?
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...
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
I am in a weird place I think I am a high 6, but still a long way to 7. A lot of cash flow. Im far from 10 mil, but still multi-mill in assets. I may not ever get there as I am actually not that smart to develop myself any further. I am sorta un-motivated with making a ton more, Instead I want to find fun hobbies I can do, that will bring me some real world joy, but have no imagination, or am scared. LOL
I guess I am at stage 5 or 6. Retired at 46 and don't work nor need to but I don't have the amount invested to really be at your stage 6. Happy and steady income stream to live comfortably and invest close to 50% of income and everything paid off but not wealthy in the dollars in accounts way. Happy minimalism allowed this as did luck and some rare good choices.
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 ?
I'm 14 and i am already at stage three i have $5000 in my investing account, I am on track to saving 50k by the time i turn 18. I want to become a plumber and retire by the time i turn 40 with 3 million dollars, and I also want to start a plumbing business or some other business someday. Any advice? I would greatly appreciate it.
When you talk about investments is that while you still have a mortgage? My husband and I are very financially stable (we were very careful in our early years) but am just curious what you would recommend for younger people. In Canada it’s near impossible for younger people (20s to 30s) to buy a home. Most of my friends were able to get into a home at least by their 30s but now it’s just not happening unless you get help from parents. Where we live even townhome cost $1 million. It’s absolutely crazy.😩 Also have to congratulate you for doing so well at such a young age. It just shows being smart helps.🥰
For me personally I am investing while still paying off the mortgage because my mortgage rate is pretty low it depends on what your rate is and what you're doing for an investment
After 3 years of crunching and becoming as frugal as possible I have finally entered stage two!!! even though I can only save 10-30 dollars every month it’s something!!🎉 such a good feeling
I dont really know what stage im really at like id say im at stage 2 but also im homeless couch surfing but have like 1288 in savings… i just dont know how to like advance i feel stuck lol and i think its because i want a place to my own but like it feels impossible.
5/6. Could retire now but another year or two and become infinite with a six figure income stream. Just one more bit of investment debt to get rid of. Alternatively could sell investment and be debt free but be on a a lower income stream….
When someone has an emergency savings that would cover 3 mths of expenses but a new car is needed. For example it’s costing more than it’s worth. Should the emergency $ go to the car or instead finance a 3-5 yr old average car? I’ve never understood what to do in a situation like this.
I am now stage 5 or 6. Last year I had a major operation, this year car accident, which took me really down mentally and especially financially. Luckily I could stay home sick for 9 months and nothing happenened except wasting my savings. Meaning I am at stage 5. But still would like to have some passive incomes, because when I dont work, I dont earn;)
I have a goal of early retirement probably 28 years old and today I am 18 yrs old, though this is quite challenging for me but I don't want to stay on a job for the rest of my high energy so, I do hurry and rush things a bit probably. Also reading The cashflow quadrant and Rich dad Poor dad by Robert Kiyosaki, really helps me to lay down my foundation about the use of my time energy and the flow of money. It was all thanks to you Gabe because, I became more openminded to the ideas relating to a good living. will continue to support you
Hi I also started with Kiyosaki few years ago. First buying and selling bycicles, than trailors, now I made it to tiny house company. Kiyosakis book did really change my life. Cool that you start so early!
I was about to say stage 2 but my dad pays for my rent. Although I do pay student loans and help my mom financially... So I guess I'm right in the middle of stages 1 and 2?
