#shorts #shortsvideo #wealthsolo #wealth #buildingwealth #wealthbuilding #wealthbuilder #personalfinance #financialgoals #financialfreedom #moneymanagement #moneytips #smartmoney #smartinvesting What are the 4 stages of building wealth? There are four stages of building wealth: Survival: In this stage, you focus on meeting your basic needs, such as food, shelter, and healthcare. You may be living paycheck to paycheck or dealing with debt, and your main priority is stabilizing your financial situation. Stability: Once you have achieved financial stability, your focus shifts to building an emergency fund, paying off debt, and saving for short-term goals like a down payment on a home or a vacation. Growth: In the growth stage, you are focused on building long-term wealth through investing in assets that appreciate value, such as stocks, real estate, or a business. You are also focused on increasing your income and saving more of it. Preservation: In the preservation stage, your focus shifts to protecting your wealth and ensuring it lasts long term. This might involve diversifying your investments, creating an estate plan, and planning for retirement. Remember, building wealth is a long-term process that requires patience, discipline, and a focus on your goals. By working through these stages and staying committed to your financial plan, you can achieve financial security and freedom over time.
