In Episode 5, I have broken down the four common stages of the journey to becoming a wealthy woman. Read the excerpt under each stage and pick one that you identify with most. Then, read the stage below it to see what goals you should be setting and achieving to reach that next level.
Stage 1: Financially Unstable
You are barely making ends meet and need help with breaking the living paycheck to paycheck cycle. You are not confident in creating or sticking to a budget and have minimal to no money saved.
Stage 2: Financially Stable
You are able to afford all of your current living expenses and generally pay them on time. You create a monthly budget and stick to it (majority of the time) throughout the month. You currently have $500 – $2,000 in your emergency fund savings account. You are also in debt (credit card, student loans, auto loan, etc) but you are ready to create a repayment plan so you can attain financial freedom.
Stage 3: Financially Free
You are debt-free and have an emergency fund savings account with 3-6 months’ worth of living expenses in it! You are working towards achieving a financial goal (new car, down payment on new home, etc) and you are contributing to your retirement account. You are interested in learning about other investment options that are available to you.
Stage 4: Wealth-Building Woman
You have a fully funded emergency fund savings account, contributing to retirement, and you have educated yourself on how to choose smart investments! You are now ready to progress to a higher financial realm by creating an investment and wealth-building strategy that will produce a cashflow that pays for your ideal lifestyle!
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