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Wealth Pyramid Update – 2010, April 26

I decided to review my progress on the Wealth Pyramid (also called my Financial Pyramid) that I created below.  You can also view the pyramid as levels, or even a journey down the sidewalk of success.

Back to me!  So far, I’m still at the “Action Plans For Wealth Development” level!  While I have some of the elements automated (401k, Life Insurance, etc), I’m still working on the non-retirement wealth accumulation part.  I’ve been waiting for my tax return to be deposited in my checking account before I start this piece, but that has happened this past weekend.  Now I need to focus on where to put that money.  Hopefully, I’ll blog about my decision by the end of the month.

Once I get the “Action Plans” level running, it will be a short jump to the “Asset Accumulation” phase, where unfortunately, I’ll be stuck at this level for at least a few years.  Now that my house is paid off and I’m totally debt free, I’ll have extra money for Asset Accumulation!

I don’t expect to get to the Financial Independence level for at least 10 years, and that’s if everything goes well.

Realistically, I don’t even expect to get to the top two levels (Gates and Wealthy), but the picture wouldn’t be complete without them, so I added them just to be whole.

For a better analysis of each level, check out my original post which explains each level in greater detail…  Click “here on My Financial Pyramid“.

Now on to my “Wealth Strategy Pyramid”!

I like to think of things from different angles, it helps me get a more three-dimensional feel for abstract thoughts.

Bests,

Don

2 Responses to Wealth Pyramid Update – 2010, April 26

  1. I was just looking at your pyramid and I was just curious about something. Are you looking to pay off your house completely before funding retirement/college, or am I misunderstanding?

  2. Kris
    Actually I did all at the same time, although my mortgage has recently been paid off…

    First I started the bottom one, then I did the next 2 at the same time. Now I’m solidly working on layers 3 & 4.

    Hmm, looking at the lower levels, I could have done a better job explaining them… Maybe I’ll add an update trying to explain at least that bottom level a bit better!

    Thx!