Rich Habits Podcast
56: The 3 Phases of Building Financial Freedom
Mar 18, 2024
Delve into the three phases of building financial freedom, from overcoming debt and increasing income to strategic saving and investing. Learn the significance of hitting the $100k milestone and transitioning to an investor mindset. Explore ways to accelerate income through diversifying investments and investing in fine art for financial security.
27:59
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Quick takeaways
- Aggressively increase earnings and eliminate debt in phase one of wealth building journey.
- Save and invest at least 20% of income to reach $100,000 investment milestone in phase two.
Deep dives
Phase One: Starting with Negative Net Worth
Phase one focuses on individuals starting with a negative net worth, often common for young adults post-college. The key priority in this phase is to aggressively increase earnings by taking on additional work, side hustles, or seeking opportunities for career advancement. By actively working to eliminate debt and boost income, individuals can move towards leveling their net worth, setting a strong financial foundation for the future.
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