Finances and riches occupy a significant portion of our life. From the time we become financially reliant on others through the time we gradually gain financial independence. It is critical to have a plan and sufficient information on how you will manage your funds in the future. Here are the 6 stages of wealth to help you comprehend on a deeper level.
1. Dependent
This is the point at which you are financially reliant on another person. Until you reach an age where you may earn money, you must rely on others to cover your expenses. You are either reliant on your family or a third-party at this level.
2. Solvent
This is the point at which you only have enough money to pay your bills. You’re only concerned with getting through the day. You are terrified of not earning money for a month because you are afraid of not being able to pay your bills. The idea of saving money gets out of play.
3. Stable
You can take the brunt of unanticipated spending at this level without worrying about whether or not your account balance is zero. You can take a few vacations to clear your head. The prospect of a bleak future without money gradually fades.
4. Secure
You have a solid financial foundation. Instead of worrying about how to put food on the table, you may attend to emergency circumstances and address them head on. You’re excited about your future career, and your outlook on life will shift dramatically. You can also treat yourself to a few luxuries now and then.
5. Independent
Except for the periodic rounding up of your fortune, you don’t worry about money at this point. You’re more carefree and financially comfortable at this stage. You can go on vacation and look forward to embracing life to the fullest.
6. Abundant
This is the point at which you’re most likely to consider how you’ll pass your fortune on to your children or grandchildren. You consider how you can pass on your legacy to future generations and reflect on your global impact.
Content created and supplied by: HealthyFit (via Opera
News )
