The 7 Levels of Financial Freedom

0:00This is an iHeart Podcast. Guaranteed Human Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com.

0:37Not an Empower client paid or sponsored.

1:00and access to work and codecs in ChatGPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more. They don't realize smart people use smartphones, huh? Send through BS they thought was gonna slide. Download TextNow because it cuts out clownery. You can literally activate it from your couch. nationwide 5g with the same towers the other companies use pay what you want or not at all you're in control show these ridiculous carriers we ain't paying for stupid because we're way too smart to pay dumb free app-based talk and text via the text now app requires wi-fi or data connection data plan sold separately 5g where available when traveling for events or festivals throughout the country every dollar matters we compare flights prices hotel rates and restaurant route options so why wouldn't we compare rides personally i always check lift before booking a ride prices can change throughout the day depending on traffic weather and what's happening in the city if you're headed to a concert out to dinner or catching up with your friends on a friday night taking a few seconds to check lift could leave you with more money to enjoy the experience save money check lift let's talk about this seven levels of financial freedom charlie um i think you get to seventh level if you steal some labels and masters real quick um but i do want to ask you um if a person it doesn't have breathing room or stability like what can they do to get to that sixth or seventh level from the conversations you've been able to have with robert smith and steve and tyler etc like what what are some of the patterns that you see well let's go through each one of them i think so the first one is clarity right it's like you've just identified where you're at currently and you identify where you want to go.

2:57That is actually very beneficial. You're actually already ahead of the game. Yep. 70 % of the people, 70 % of the people don't even really know where they're at financially or where they want to go, right? So having that ability, that's why meditation is extremely important. Having some level to just, you know, calm down for a minute and take things through. Clarity, very important. And then self-sufficient, where you're actually able to cover your own expenses without outside support. Right. And then the breathing room. OK, breathing room is that's when you this is when you really start to pick up momentum where you can actually be.

3:36You're no longer living paycheck to paycheck. I was at this point in time, you would have probably six months of of liquid expenses saved. The reserves. Yeah. So now you get to the point where you got$40 ,000,$50 ,000 saved. So now it's like I can breathe. If something happens today, I'm okay. I'm not okay forever. I'm not living paycheck. When you live in paycheck to paycheck, it's very difficult to think clearly because you're in survival mode. when you're in survival mode it's extremely difficult to process things and you can justify anything when you're in survival mode as well so that's why you never you never want to be in survival mode or when you're in survival mode you want to get out of survival mode as quickly as possible yeah you hear this once again this is permeated in a lot of you know um things that we kind of grew up in right where it's like i had to do what i had to do my daughter got to eat right what does that mean yeah your daughter has to eat so i gotta die or you could have made better choices along the way knowing spending all your money at the club for four weekends in a row could have led to devastation but that's that's a survival mode right so yeah and then stability so now yeah you're not living paycheck to paycheck but you have um you have no bad debt you're fully funded your emergency fund right no debt fully funded your emergency done now you're stable right flexibility is the key point years off right i could take 24 months off i'm good right you know i got two hundred thousand dollars saved in the in the bank i'm good two two i could take two years off i want to yeah right um financial independent now you can pretty much just live off your assets yeah and whether that's real estate, whether that's stocks, whatever.

5:38Well, now it's to the point where it's like your assets, worst come to worst, you can live off of that. And then abundance on the wealth side is when you have more money than you'll ever need. So the key to get to that point, I think, is, well, it's all through investing, right? It's all through investing and making early sacrifices early on. We talked about this before. Keep your expenses low. Yes. A ways to raise your income. invest as much money as possible because then you start playing multiple games, right? Where it's like, okay, if you get to that million, now you double that million to two million, right?

6:14But now you double that two million to four million. Now you double that four million to eight million. You just need one more flip. Quick one before you jump back in. You're listening for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use. Chat GPT for Business can help. Chat GPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in Chat GPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using Chat GPT for Work.

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10:14Once you double the 8 to 16, you're out of here. Now you're out of here. Now that next flip is 32. The next flip is 64. The next flip is 108. You're out of here at that point in time. But you might not ever get to it. So really, you got to get to 8. but you might not ever get to eight if you buy the big home, if you go on 30 vacations. Yeah, you buy the big cars. Watch. If you have a$500 ,000 wedding, because you're a millionaire, right? You're a millionaire at one, two, three million. Yeah. You never get a chance to get to that point. so now that could hinder your ability to ever get to that last level it's like a video game you got to get to the last level so when you don't want to get a casual vibe the the rent money it was a bad investment because that's what you could have spent in media or in video right and people joking say no well you have it i didn't get it by giving it all away and somebody wants to take it from you no but there's no sympathy when you lose it oh absolutely not You know, I said this, like when you back at the bottom, they're going to treat you like you're worthless.

11:34Nobody's going to have sympathy for you when you don't have money no more. Like if you have money and you lost it, you they're not going to they're not going to loan you any money at all. They're not going to treat you how they once treated you when they when you or when they thought you had money. Yeah. When you back at the bottom, they're going to treat you like you worthless. so don't try to take advantage of me when you didn't help me get it how much as a million should you loan out per year if we made it like a budget item I know my number mine's changed dramatically I mean you know loan is a tricky word I would say give because I don't even expect to get money back if I'm giving money I'm just going to give it like I said bro I'm not really giving too much money these days I'd rather employ you Well, that's it.

12:25Get this W9 form. Let's let's let's let's figure it out. I'd rather have you on payroll. Yeah. At least I can get a tax deduction and I can actually find something productive for you to do. Whether that's cleaning the house, whether that's, you know, whatever it is. Right. I'm sure there's something that you can do that's been as opposed to me just giving you money. but to answer your question I would say you know 10 is max for me for the year though and that's just emergency like I don't want to have to go to that level but I ain't giving out more than 10 ,000 yeah listen I move my shit down to a grand 1 ,000?

13:07it's over with for me though 10 is like my max hopefully I'll stay way underneath that but as far as like the 30 I need 30 ,000 I need 50 ,000 I had none for you. I'm sorry. I'm blocking your number. I'm sorry. I'm blocking your number. I'm sorry. The 500 play, cool. 1 ,000 is crazy. I've given and got nothing in return. People gave me their ass to kiss after. I'm like, yo, I could have just saved this shit. It's the crazy part. People ask me for money that my child has never asked me for when he can have all of it it's like yo if he if xander asked me for 2500 yeah y 'all won't even repost the fucking link to join stock club why you need 25 you could get a 25 get an affiliate link i'm cool i'm cool i tried it i've done it i've given out i could have bought a mayback with some of the shit i gave away i'm cool no hard feelings no moss before you sign off you tuned Tuned in for ways to help teams move faster, make sharper decisions, and turn scattered contexts into work they can use, ChatGPT for Business can help.

14:26ChatGPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in ChatGPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for Work. Download the ChatGPT desktop app or contact sales to learn more.

15:15You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com. Not an Empower client paid or sponsored. Earners, what's up? Look, on Earn Your Leisure, we're all about smart money moves. Here's one most people skip, and it starts with Insurify. Most of us never shop our car insurance. The policy renews every year, the rate creeps up a little at a time, and nobody calls you to tell you. You stay with the same company because it's easy, and that convenience costs you real money. That's what Insurify fixes. Real quotes from more than 120 top insurance companies side by side.

15:53About two minutes, free, no phone calls, no pressure. And if there's nothing better for you right now, Insurify keeps watching and tells you when that changes, so you're never stuck overpaying. Millions of people have used Insurify to shop for their car insurance. So insure with Insurify. Insurify. Go to insurify.com. That's I-N-S-U-R-I-F-Y.com. Insurify.com. When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check Lyft before booking a ride.

16:30Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check lift could leave you with more money to enjoy the experience. Save money. Check lift. This is an iHeart Podcast. Guaranteed human.