Jul 30, 2019
What this episode is about:
In this episode we discuss the Hierarchy of Wealth which is a blueprint for how you should build wealth. We will discuss which account is best for storing your opportunity fund and we discuss what banks say you should do with YOUR money versus what they do with THEIR money.
Abraham Maslow was a psychologist in the 40’s and 50’s and was well known for his Hierarchy of Needs model. This idea states that a lower level must be completely satisfied and fulfilled before moving onto a higher pursuit. We apply Maslow’s framework to money in a model that we call The Hierarchy of Wealth. This model is made up the following four tiers:
Tier 1: Cash/Cash Values
Tier 2: Control
Tier 3: Collateral
Tier 4: Speculation
When people begin saving money where are they told to begin: Tier 1 or Tier 4? Cameron and Anthony discuss why people begin saving in Tier 4 and ask if it makes sense?
Mentioned in this episode:
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