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Speaker 1: What are three major tiers of financial security that everyone

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Speaker 1: needs to hear, needs to strive for.

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Speaker 2: What are three tiers?

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Speaker 3: This post on viral and every time I posted it

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Speaker 3: usually does. But the first level of security that you

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Speaker 3: want to get to is one hundred thousand dollars invested

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Speaker 3: in the market. Now, I've always said that you won't

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Speaker 3: feel safe until you get to a minimum one hundred

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Speaker 3: thousand to six hundred thousand dollars invested. I know that

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Speaker 3: number is scared some people, but our job on the

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Speaker 3: show is to tell you the truth, even if it's

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Speaker 3: a scary thing to hear one hundred thousand. Here's a

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Speaker 3: quick exercise. Multiply what your bills are now times the

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Speaker 3: next five years, and let me know how much money

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Speaker 3: in chat you would need if a disaster happens to

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Speaker 3: not work for the next five years. So one hundred

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Speaker 3: thousand is level one from the people that I've talked

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Speaker 3: to that are doing really well. The second tier that

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Speaker 3: you want to get to is like a level of

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Speaker 3: like financial peace. That's the ten million dollar mark. So

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Speaker 3: I know some people like that don't have it. I

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Speaker 3: don't know how I'm going to get there, But one

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Speaker 3: thing I would like to do, maybe at the London

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Speaker 3: in Chicago shows, is to build out a blueprint for

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Speaker 3: how to get you guys to maybe five million to

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Speaker 3: ten million. Trading has considerable risk. Just because we give

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Speaker 3: you a plan, that does not mean that it's a

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Speaker 3: guaranteed way to do so please click this up. Might

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Speaker 3: please put the displayer at the bottom. And then a

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Speaker 3: third tier that I've said this before. The number of

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Speaker 3: true wealth true freedom is twenty eight million dollars to

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Speaker 3: thirty million dollars. So I know there's a lot of

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Speaker 3: conversation around how much money is needed, and I know

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Speaker 3: I even get some pushback every time I make this post.

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Speaker 3: But as imagine if for the next five years we

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Speaker 3: have inflation run like this for the next five years,

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Speaker 3: one hundred thousand isn't what it used to be even

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Speaker 3: ten years ago. Let them wone twenty five And yes

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Speaker 3: it's scared to hear these numbers. I'm not doing it

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Speaker 3: as number porn or feel porn, but I have to

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Speaker 3: give you the real number. So right there's down one

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Speaker 3: hundred thousand. Ten million is a second tier. Twenty eight

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Speaker 3: to thirty is like the final tier where you can

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Speaker 3: take care of you your family, others. And if you

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Speaker 3: don't think this is true, why do you think all

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Speaker 3: these artists are selling the catalogs at these rates for

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Speaker 3: this kind of money after a signing the contracts that

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Speaker 3: they are signing for some super max deals are now

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Speaker 3: three hundred million. If twenty million or five millions enough,

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Speaker 3: they will sell it there. It's not And what can

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Speaker 3: we do to help you to get to one hundred

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Speaker 3: thousand dollars mark faster if you're not there? So I

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Speaker 3: know this post always gets a lot of pushback, This

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Speaker 3: conversation gets a lot of pushback, But these are the

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Speaker 3: real numbers that need to be hit to take care

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Speaker 3: of your family. Yes, I'm sure you can go in

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Speaker 3: Idaho somewhere and live off whatever amount of money per year.

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Speaker 3: But if you live in New York, Texas, everyone from

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Speaker 3: California's moving to Texas, Jersey, Florida, Israel tough to get by.

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Speaker 3: I mean, I saw the report. You guys even posted

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Speaker 3: like one hundred glands feels like what thirty two thousand

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Speaker 3: in New York City.

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Speaker 1: Yeah, six hundred thousand is equivalent to thirty six thousand

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Speaker 1: in New York City.

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Speaker 2: That's where it goes.

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Speaker 1: The lowest and where it stretches the highest is Memphis, Tennessee,

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Speaker 1: and it's equivalent to eighty six thousand dollars. And that

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Speaker 1: was taking it to local taxes, is local inflation. Transportation,

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Speaker 1: housing is the biggest expense. They and they see how

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Speaker 1: much of one hundred thousand is really equal to as

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Speaker 1: far as you're buying pinion spending power.

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Speaker 2: Yeah, it's instant. You you broke those numbers in the post.

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Speaker 4: I kind of took the question and kind of flipped it,

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Speaker 4: like from a practical standpoint, Like I did the levels

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Speaker 4: in terms of like things that people can practically have

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Speaker 4: outside of numbers, right, So I broke it down into

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Speaker 4: financial stability being a level, Like that's a tier, right,

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Speaker 4: having having and being confident enough with your financial situation,

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Speaker 4: having enough money to pay your bills, having a little

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Speaker 4: to no debt, and then having liquid assets, right, so

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Speaker 4: that that's a tier. Right, people can obtain that type

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Speaker 4: of tier. And then having six months save. I added

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Speaker 4: that because I know Shoddy always says that. He always

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Speaker 4: sayso you want to have at least six months, if

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Speaker 4: not optimally twelve months saved.

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Speaker 3: I think twelve given what they don't want to place you.

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Speaker 2: So that that's financial stability.

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Speaker 4: I think another tier is financial security, and that's having

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Speaker 4: investments and assets generate passive income enough to cover your

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Speaker 4: basic expenses, right, and so you go from stability and

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Speaker 4: now you have security. I think another tier and these

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Speaker 4: are like again practical ways, is financial freedom?

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Speaker 2: Right? Most people are like, oh, that that's the goal

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Speaker 2: I want to get to.

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Speaker 4: And so I kind of defined it like having enough

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Speaker 4: passive and residual, So passive meaning that you have money

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Speaker 4: coming in and residual meaning coming over continuency coming in

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Speaker 4: to cover living expenses, that you can spend time doing

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Speaker 4: the things that you want to do and love doing

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Speaker 4: rather than doing.

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Speaker 2: Things to make money.

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Speaker 3: Right.

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Speaker 2: And so there's there's three tiers.

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Speaker 4: There's financial stability, just find a security and his financial freedom.

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Speaker 4: And then the last piece, and I shout out to

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Speaker 4: my brother ashcast is financial abundance, right.

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Speaker 2: And most people that's like.

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Speaker 4: Having enough now having all of those things, but also

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Speaker 4: having the philanthropic part of it. Now you've accumulated from

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Speaker 4: residual and passive and now you have actual money to

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Speaker 4: now give back to others. And so when we look

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Speaker 4: at it in tiers, and it's interesting because I saw

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Speaker 4: the post that you put up.

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Speaker 2: I was like, Yo, let's attack it a little differently.

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Speaker 4: Its like, from a practical standpoint, like how long will

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Speaker 4: it take for me to get to this tier?

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Speaker 2: Right? Earners, what's up?

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Speaker 4: You ever walk into a small business and everything just works,

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Speaker 4: Like the checkout is fast, the receipts are digital, tipping

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Speaker 4: is a breeze, and you're out the door before the

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Speaker 4: line even builds odds are they're using Square? We love

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Speaker 4: supporting businesses that run on Square because it just feels seamless.

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Speaker 4: Whether it's a local coffee shop, a vendor at a

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Speaker 4: pop up market, or even one.

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Speaker 2: Of our merch partners.

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Speaker 4: Square makes it easy for them to take payments, manage inventory,

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Speaker 4: and run their business with confidence, all from one simple system.

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Speaker 4: If you're a business owner or even just thinking about

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Speaker 4: launching something soon, Square is hands down one of the

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Speaker 4: best tools out there to help you start, run, and grow.

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Speaker 4: It's not just about payments, it's about giving you time

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Speaker 4: back so you can focus on what matters most ready.

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Speaker 4: pushing your vision forward. This episode is brought to you

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Speaker 4: by P and C Bank. A lot of people think

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Speaker 4: podcasts about work are boring, and sure, they definitely can be,

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Speaker 4: but understanding a professionals routine shows us how they achieve

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Speaker 4: their success little by little, day after day. It's like

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Speaker 4: banking with P and C Bank. It might seem boring

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Speaker 4: but keeping your money boring is what helps you live

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Speaker 4: P and C Bank National Association Member FDIC.

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Speaker 2: I made it to this tier? How do I get here?

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Speaker 2: How do I get here?

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Speaker 4: Rather than put in a number to it, because I

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Speaker 4: feel like everybody's They're like, well, I'm gonna get to

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Speaker 4: one hundred thousand, Well let's figure out because it doesn't

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Speaker 4: even matter the amount. It is like, are you in

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Speaker 4: this tier? Are you financially stable right now? Some people

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Speaker 4: might be right. They may make a one hundred thousands,

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Speaker 4: like I'm financially stable because I have enough to make

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Speaker 4: my living expenses.

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Speaker 2: So that was just it's interesting you went that way.

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Speaker 2: I just went another route for other people too.

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Speaker 3: I take it you were a teacher in the past

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Speaker 3: life right, And I want to say this too for

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Speaker 3: the entrepreneurs. So they just tier to being is like

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Speaker 3: that five hundred thousand to a million space because you

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Speaker 3: have cushion, but you don't have enough safety like two

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Speaker 3: bad years, too bad product cycles, one PR disaster, you

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Speaker 3: can be knocked out really fast. So that I know

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Speaker 3: they're seems to be like exponential loops and bounds and

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Speaker 3: those tiers. But there's a reason why even like for

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Speaker 3: twenty years, it's like, hey, three to six month savings

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Speaker 3: was okay, and then COVID through now hit and now

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Speaker 3: I know some people that have been living off of

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Speaker 3: savings to supplement savings for two years, you need way,

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Speaker 3: you probably need five or six times the amount of

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Speaker 3: money than whatever based on them they normally give you.

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Speaker 1: And also put a post up today they got a

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Speaker 1: lot of traction as far as the US medium income level,

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Speaker 1: the sources of the US Census Bureau.

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Speaker 2: So don't argue with me, argue with you pretty good.

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Speaker 2: But yeah, all.

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Speaker 1: Households together seventy thousand, married households one hundred and six thousand.

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Speaker 1: That's interesting. A healthy marriage is a wealth hack, obviously

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Speaker 1: for obvious reasons, right, But two incomes, it's not only beneficial,

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Speaker 1: it's beneficial financially. We can have a different conversations about that.

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Speaker 1: But twenty to twenty four to fifty one thousand, twenty

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Speaker 1: five to thirty four, seventy four thousand, thirty five to

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Speaker 1: forty four, ninety thousand, forty five to fifty four, ninety

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Speaker 1: seven thousand, fifty four to sixty four, seventy five thousand,

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Speaker 1: sixty five and up forty seven thousand. So this is

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Speaker 1: interesting to me on a few different levels. A. You know,

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Speaker 1: the highest earning potential that you have is from forty

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Speaker 1: five to fifty four. That's interesting because most people that

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Speaker 1: tune in and watch us and consume our continents between

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Speaker 1: twenty four and forty four, So you you haven't even

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Speaker 1: reached your full potential yet. Yeah, that's encouraging. But also

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Speaker 1: you see how it goes up and it comes back

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Speaker 1: down by sixty five people making forty seven thousand obviously,

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Speaker 1: because that's they're retired and they're just living over there,

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Speaker 1: So you have to figure out a way to continue

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Speaker 1: to make money, even because sixty five not really that

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Speaker 1: old these days, so it's like you don't want to be,

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Speaker 1: you know, just relying off of your your kids to

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Speaker 1: take care of you when you become sixty five years old.

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Speaker 1: It also speaks to the income inequality from black and

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Speaker 1: white people because a lot of people, like in the comments,

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Speaker 1: they were surprised at these numbers and it seems like

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Speaker 1: a lot of money to a lot of different people.

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Speaker 2: But that's because.

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Speaker 1: Most people hang around people similar to themselves, so you

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Speaker 1: don't even realize the wealth gap. And I realized that

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Speaker 1: when I was a financial advisor because I used to,

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Speaker 1: you know, be around so many different people and they're like,

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Speaker 1: you're my client. They're like, you don't just just have

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Speaker 1: somebody just invest one hundred thousand dollars, And I'm thinking

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Speaker 1: that my point, I don't even know anybody has one

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Speaker 1: hundred thousand dollars.

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Speaker 3: A thousand bucks.

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Speaker 2: Yeah, but it was sod.

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Speaker 1: But it's so common in a lot of different areas,

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Speaker 1: from a lot of different people, right, But it's like

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Speaker 1: we most most people hang around people similar to themselves.

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Speaker 1: So you hang around people similar to yourselves, you don't

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Speaker 1: realize that two miles down the road those houses are

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Speaker 1: five times more than your house, or those people have

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Speaker 1: two million dollars in year tirement account and.

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Speaker 2: You have nothing.

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Speaker 1: So it's it's kind of hard to really even appreciate

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Speaker 1: it if you're not fully exposed to what other people

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Speaker 1: are experiencing. So it's a lot, it's a it's a

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Speaker 1: very you know, involved conversation, but it's interesting to see

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Speaker 1: what people gauge as wealth, what people gauge as success,

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Speaker 1: what people look at as far as you know, having

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Speaker 1: an income that they can live well of as opposed

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Speaker 1: to other people. So these these are important conversations to

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Speaker 1: have because exposure very important.

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Speaker 3: Absolutely, and if you're not there here, I would definitely

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Speaker 3: advise you putting chat business side that you have that

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Speaker 3: will allow you to get to that number. We all

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Speaker 3: have built businesses to get there, being invested in the capital

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Speaker 3: from the business into public equities and stocks. If you're

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Speaker 3: not there yet, you almost add an advantage because you

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Speaker 3: have a dream, you have the ability to dream to

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Speaker 3: get there. Faster put in the comments what are some

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Speaker 3: businesses that you can start if you're not there yet,

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Speaker 3: to help you get there.

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Speaker 1: About next year, my graduates from my school being forced

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Speaker 1: back drop bag, drop Mike, drop back, dropp