The Three Stages of Wealth: Debt, Saving, Investing - Financial Freedom, #199

Becoming wealthy isn't about accumulating enough money to secure our freedom. It's a journey we must travel through the three stages of wealth. Debt is the first stage where most of us start our journey. Our goal is to control our urge to spend by budgeting and finding happiness outside of money. Saving is the next stage. Here, we focus on protecting what we built through growing an emergency fund and a large savings account. Investing is the last stage.
During this phase, we can protect ourselves and our families from financial ruin and also minimize the debt phase for our kids. Together, we will learn to spend less, live in the moment, and enjoy the small things in life. That is why we should seek wealth.