5 Levels of Financial Freedom

I have developed 5 levels of financial freedom for the nurse practitioner. Every nurse practitioner falls under one of these categories. Utilizing the Elite Nurse Practitioner Model should help you get to levels 3, 4, and 5 much faster than your average job. The higher level you achieve, the more freedom you will obtain in your life.

It is important to understand what level you are currently in so that you can identify what you need to implement to reach the next level.

Level 1: The first level of financial independence is the lowest level and where the average American is at. People in level 1 live paycheck to paycheck. They have a negative net worth because they are in debt. They have car loans, student loans, credit card debt, mortgages, rental furniture, and other financially dumb things. These people have little savings and have nothing saved for retirement. People in level 1 also have no grasp or understanding of finances and are oblivious to what is possible with savings and due diligence.

Level 2: This level is one of self-realization and self-actualization. Individuals in level 2 are finally getting a grasp on their financial life. They begin to understand the importance of savings, paying off debt, saving for retirement, and getting ahead.  Usually people in this level have read articles or a book about finances and realize just how bad their financial health is. They want to change. This is the level where one begins to be more frugal with their money, pay off debt and to save for the future. Many of you reading my blog are at this level. Good for you for wanting to better your life!

Level 3: This is where one is close to being debt free or are debt free and they are beginning to build their wealth. Individuals at this level fully understand how important it is to build wealth for long term freedom. Their savings and retirement accounts are growing slow and steady. Usually individuals in this stage have already started one business or are preparing to start one. At this point in life, they have developed a career and have long term goals and objectives. This is where the astute and ambitious nurse practitioner begins their financial empire.

Level 4: Financial independence truly begins at level 4. Individuals at this level are debt free. They might still work full time for others but more than likely will own businesses and real estate. Individuals following the Elite Nurse Practitioner Model at this level will maintain a part-time job to live off while their businesses build their wealth. They have developed streams of active and passive income. They could stop working completely and be able to sustain their current lifestyle for 1 year without breaking a sweat because they have substantial liquid savings. This is not desirable though, people at this level enjoy building their wealth because they have a long-term goal of being 100% financially independent within a certain number of years.

Level 5: People at level 5 are 100% financially independent. They own multiple businesses, rental properties, and other investment vehicles that generate tens of thousands of dollars a month passively. They could live abroad for 3-4 months and devote little time to maintain their income. They have enough liquid assets to sustain their current life style for many years while still being able to invest. Individuals at this level have a very healthy 7 figure net worth and are able to do as they please in life. This is the end goal of the Elite Nurse Practitioner Model.

I am at level 4 at this point in my life. It has taken many hours of sacrifice and work to get there. I was at level 2 just 5-6 years ago. One of my goals in life has always been to be financially independent by the age of 45. I came to a realization 6-7 years ago that I was being financially irresponsible with my money and that I was doing the exact opposite of what I needed to do to achieve that goal.

If your goal is to develop a life of freedom, financial independence, and abundance, then you must identify what level you are at. Once you know where you are, you can develop a strategy to achieve the next level. What can you do at each level? Here are some tips:

Level 1: You must read books and articles about basic financial health and responsibility. You need to take a look in the mirror and admit to yourself that you are being financially irresponsible. All you need to do to elevate yourself to level 2 is simply educate yourself and want to make a change. If you are reading this right now, you are doing that exact thing! Keep reading!

Level 2: The first item on your agenda is to be debt free if you are in level 2. You need to develop a strategy to get out of debt as soon as possible. Read the article about debt to learn about the snowball effect strategy of debt reduction.

Level 3: Once you are almost debt free, it is time to begin dumping the money you are saving into your savings and retirement accounts. Begin saving for your first business; you only need $5,000-$10,000. You will never get to level 4 without owning a business. This should be your main goal once you are close to paying off your debt.

Level 4: To get to level 5, you must develop multiple income streams. You need to have money coming in on a monthly basis that can sustain your lifestyle as well as provide for retirement. The easiest way to do this is by starting multiple side businesses and investing in rental real estate. How nice would it be to make $10,000 a month passively?

Utilize the Elite Nurse Practitioner Model, it is designed to help each and every one of you reach levels 4 and 5 of financial independence.

I would love to know what levels my readers are in and what you are actively doing to reach the next one! Your comment will help others see that they are not alone in their journey to financial independence.

14 Responses

  1. I’m at level 3, my husband and I are a few months from being debt free! I’m currently in FNP school, but I’m hoping to use your advice to open a business in the future!

  2. I am at level 3. I got here in the last 6 months. My biggest obstacle was paying off my student loans! Now that those are gone, I am saving for my first business while putting money away into my 401k

  3. Level 2 transitioning to level 3. Thank you so much for your help, I love the blog. It has really opened my eyes.

  4. Unfortunately, I’m at level 1. Don’t really know where to start. I’m utilizing a financial coach to help develop a plan but I’m not really seeing a benefit in that. I’ve been approached by a credit repair company that states they will help me repair my credit and work on eliminating debt in a strategic way. Should I do this? I need guidance. I desperately want to be better with my finances and become debt free.

    1. Some times those credit repair companies can package all your debt and make it more manageable. I have heard good things about them. What are you having trouble with exactly in terms of managing your finances?

  5. I would say I’m at Level 2 and on my way to Level 3, the only bills I have are student loans and mortgage. I am In the process of launching my business.

    1. Good for you Joy!!! You are almost debt free! I consider mortgages a good debt, so really focus on those student loans, get that side business started, and enjoy the fruits of your labor. Thank you for reading!

  6. I’m at level 2 going to level 3. My only debt is student loan and mortgage. Got some rental property, still work full time and starting my practice in January. Very scared but hopeful. Hoping to add men’s clinic, weight loss and home assessment in 2022. God Help me… very ambitious.

    1. Very ambitious but totally realistic! You got this. Just take action and knock out one thing at a time! Congrats on entering level 3 🙂

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