In today’s bonus snippet, Bryce and Ben talk all things wealth. 💰 

Do you know what type of “rich” you are?  

Discover how understanding your current financial position can help you move forward with confidence, and why true wealth is measured in time, not money.  

Listen to the full episode here: Episode 335 | The Four Types of Wealth.

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Types of Wealth & The Seven Grades of Financial Wellbeing

Now that you know a little bit more about the different types of wealth, it’s a great time to conduct a health check on your finanes.

These are the 7 Grades of Financial Wellbeing: 

• 1 – Financial Turmoil 
• 2 – Financial Survival 
• 3 – Financial Consciousness 
• 4 – Financial Stability 
• 5 – Financial Control 
• 6 – Financial Peace 
• 7 – Financial Contribution 

Take the Financial Wellbeing Quiz now to work out what grade you’re in and how to move up a level!

Similar Episodes to TPC Gold | Types of Wealth – What Type of “Rich” Are You?

• Ep 146 | 10 Reasons Why You’re NOT Rich Yet 
• Ep 172 | 5 Rules for Mastering the Game of Building Wealth – Chat with Stuart Wemyss 
• Ep 275 | 7 Grades of Financial Wellbeing – Which One Are You? 

Transcript

Bryce Holdaway
In terms of financial wealth, we think there’s seven grades of financial wellbeing and it’s probably worth revisiting those Ben, because it’s been a little while since we covered this on an episode.  

Ben Kingsley
And it’s going to be more prevalent in the work that we do moving forward because we’ve done the fundamentals around asset selection and all those types of things, so the next part of the journey that we want to take the community on is: how do you then measure that? Because it’s going to be different for everyone – rather than putting a dollar value on it straight away, what we want to be doing is talking about just understanding where you sit in terms of your current position and how you take that forward.  

So your starting point is not financial turmoil, but that’s number one. If you’re in financial turmoil, you need to get some professional help. If you are at financial survival, it’s very clear you’ve made some judgment decisions that haven’t gone the right way, and so you’re in a bit of strife. The starting position is financial consciousness. So technically this is our benchmark. This is base camp where we start and then we want to try and move up the ladder and we get to financial stability. That’s really important. So all of a sudden we’re now starting to say righty-o, got a bit of a sense of what’s going on here, still more to learn. And then we move into financial control. And this is the big piece that we’ve been talking about on our podcast a lot is feeling on top of it all without necessarily spending too much time on it is our goal. That’s what MoneySMARTS is all about. 10 minutes a month, but just feeling like you’ve got that money control and now starting to lift your eyes to get into that investment space and making that money work harder for you. And then as you do that, you move towards financial peace.  

Now, what I love about these seven grades is that’s what we do every day. That’s our purpose in terms of why we get up and what we do in our business is move people into financial peace. Hopefully not from financial turmoil. Hopefully we’re getting them from financial consciousness or financial control, and then basically moving through that. And there (are) a lot of moving parts there but what today’s lesson about is we’re talking more mindset today than ever before in terms of the technical stuff that we talk about. But the one I really love and I’m glad we added it is because we do measure the progress of the clients that we’re helping towards financial peace. But when someone gets to a fairly significant position, we’re obviously in a great position to also have financial contribution. And from my point of view, that’s where you pay it forward. So if you’re in a blessed position where you can then set up a trust fund – maybe for the generation of children that are going to come through for education purposes, because education is everything. Or you can contribute to a cause or a purpose that you really have passion about.  

Bryce Holdaway
(Something) bigger than you.  

Ben Kingsley
It’s bigger than you and that doesn’t matter, that doesn’t have to be financial either, that could just be time because what financial peace gives you, the greatest thing it gives you is time and the choice of what you do with your time. So I think that’s important if you haven’t listened to a deep dive of that episode, it’s (episode) 275 that we did last March. I encourage you to do that. We also on the socials, I think on Instagram we have a nice little storybook around that and we have a downloadable on that as well. So I think there is something to do. So we’ll make sure that those are in the show notes. But that’s the scene setter for what we’re talking about.  

Bryce Holdaway
So let’s go through that again Ben, just to get that to land. So grade one was financial turmoil. Grade two was financial survival. Grade three was financial consciousness. Grade four was financial stability. Grade five was financial control. Grade six was financial peace and grade seven was financial contribution.  

Ben Kingsley
And we have some amazing things that we’re working on that are going to really bring this to life, hopefully at the second half of the year. So when I get back from my break, we’re going to be really focusing in on that. And we’ve got some exciting things to be sharing with the community in the second half of this year. So I can’t wait for that. That gets me out of bed every day.  

Bryce Holdaway
What I like about that too Ben is it shows us the first six are really a journey of the individual or of the family unit. And then grade seven becomes instead of just being about you and your family units, about how can you impact others and make a contribution? And obvious examples are Bill Gates and Warren Buffett who are benevolent.  

Ben Kingsley
Yeah, the Atlassian boys. You look at Mike Cannon-Brookes, he spent, you know, about over a billion dollars on renewable energy. He’s thinking there’s an amazing opportunity here for Australia for that. So we love stories like that. And again, that’s the stories that you see in the main press. But I mean, I don’t know whether you caught the Twinnies episode, the Australian story on the Twinnies. So there’s these girls in there. I suspect they’re probably in their 40s, maybe early 50s. They do damaged and injured bird life.  

And so they live in Queensland, and them and their mum and their dad basically put all of their money into looking after and recuperating these birds and then sending them back out into the wild. Now, talk about purpose, talk about contribution, talk about all of those things, right? It’s a charitable thing. So Jane and I watched that the other night and we were like, I’m so glad we watched that. That was such a cool little episode to see these people who are doing this type of work.  

So that’s also what we’re talking about. If you’re in a fortunate position or even (if) you say to yourself from a financial position, you’re not fortunate, but you want to dedicate your life to serve. That couple of ladies, a fascinating study on twins, but also a fascinating study on what they’re doing in terms of their contribution.  

Bryce Holdaway
Well sounds like that might be the balance. I don’t know if you’ve watched on Netflix Seaspiracy yet.  

Ben Kingsley
No I haven’t seen that one yet.  

Bryce Holdaway
For anyone who’s listening to this, I felt flat, significantly after that and it’s changed the way I (think) even if it’s 50% true.  

Ben Kingsley
So what is it (about)? Give us a little backstory on it. 

Bryce Holdaway
It’s talking about how the fishing industry is overfishing the ocean and the impacts of that, and the lengths that we’ll go to and how it’s not being talked about. So it sounds like you need to have that one for a bit of a balance. But a couple of things in financial wealth for this particular type, I mean, we’ve talked about it for six years. So we’re not going to do anything groundbreaking today that we haven’t talked about before, other than just a few key concepts around: it’s about passive income over active income. So everything we’re talking about to get to grade six, which is that financial peace is where, you get more passive income coming into your wheelhouse than your expenses. So then you are in a place where you can get type three back, which we’ll talk about shortly. And also just the concept that wealth is measured in time and rich is measured in money.  

Ben Kingsley
I love that, say that again.  

Bryce Holdaway
Yeah, the difference is really important because wealth is measured in time, whereas rich is measured in money. It kind of goes to the fact that rich is kind of a four-letter word on this podcast because it sounds dirty. In our industry it’s full of spruiker talk. But we’ve always talked about having meaningful wealth around being able to sustain a lifestyle that gives you the opportunity to do the things that you actually want to do.  

Ben Kingsley
There’s no race to the top. You know, we’ve talked about that before in terms of the richest person in the world. What do they really got? You know, how important is that? And will they ever stay there? And when you get there, so what? I think for some of those people, if they serve well and they’re successful in serving others, all power to them, right? Very empowering when you’re making a true contribution, and you’re rewarded for that contribution. But in terms of the whole idea of being mega wealthy or being in the billion-dollar club and all of that, it does lessen my respect or view of some of those people if that’s what they’re chasing, right? If that’s their motivation, (if) it’s purely around how wealthy they can be.  

Bryce Holdaway
Type number three is my favourite. It’s time wealth. And the reason it’s my favourite is because I get to spend more time with them.  

Ben Kingsley
Hope you liked that short TPC Gold, folks. And if you’re looking for the free download or the quiz, check out www.thepropertycouch.com.au/quiz-financial-wellbeing. The link is also in the show notes, so just swipe up on your podcast platform and check it out. Have a play around with the quiz and we hope you’ll be at the stage that you aspire to be. But until next week, knowledge is empowering, but only if you act on it.