The White Wealth Belt™ is our lowest or entry level belt. If you are seeking knowledge to transform your personal finances and enhance your financial self-defense skills through our dojo, you are hereby granted a White Wealth Belt. But it also means that your finances are probably taking a severe beating and you need to learn some of the basic fighting techniques and strategies that will allow you to regain control of your financial future.
White Wealth Belt™ (WWB)
As the holder of a White Wealth Belt™ it means that you are at the beginning of your journey toward building lasting wealth. There are no age requirements associated with this or any of our belts. Each person must find their own path.
You could be someone who is right out of high school or university who doesn’t possess many assets. Or you could be someone much older who has made a few mistakes in their financial lives and just want to get back on track.
Regardless, the only things that we ask are that you maintain a positive attitude, have a thirst for knowledge, and possess a willingness to improve. We also request that you become familiar with our dojo and its philosophies, and complete the mindset training.
While these things are not a requirement for the White Wealth Belt™ level, they are a must in order for you to reach subsequent belt levels. You can get a head start now by simply going through all the information shown on the “Start Here” tab on the menu bar. This would include the Overview & Orientation Guide, The CALM Approach, Puzzle Box Paradigm, and Retirement Money Goal.
In any event, specifically for the White Wealth belt level, we’ve created this mini-course that is designed to help you focus on the right financial areas, and get you to the next level which is the Yellow Wealth Belt. But before diving in, you should take the White Wealth Belt Test below to confirm that you are in the right place.
Ultimately, this short course should begin to help shift your mindset and point you in a direction that gives you the best chance to succeed. After going through it, you’ll find more articles and content on this web site that will help to further deepen your knowledge.
Take the White Wealth Belt™ Test
Answer the three questions below to gauge where you stand financially. If you answer “yes” to any one of the questions, you’re in the right spot. Simply proceed through this course. On the other hand, if ALL of your responses are “no”, then take the Yellow Wealth Belt Test. If any one of your responses to that test is “no”, then you’re still at the White Wealth Belt level, so come back here. There’s a little bit of a growth gaps between the belts.
Spending Mastery Questions:
- Is your FICO Credit Score below 680?
- Are your total monthly debt payments more than 50% of your total monthly gross income (pre-tax)? (See Note 1)
Note 1: Your total monthly debt payment/commitment is comprised of the amounts you pay on all the loans, contracts, leases, and agreements you’ve locked into. Examples of this would be your mortgage (principal, interest, taxes, and insurance), credit cards, student loans, car loans, apartment lease, homeowner’s association fees, furniture financing, remodeling loan, legal judgments, child support, alimony, etc. So, it does not include basic living expenses such as utilities, groceries, car fuel and maintenance, etc.
Saving & Investing (S&I) Mastery Questions:
- Do you have less than $5000 in savings and investments?
So based on your answers to the above questions, you should now have confirmed whether or not this is where you need to be. Don’t worry, we’re going to do everything we can to help you get to the next level. It’s going to take some work, but I have faith in you.
In all likelihood, the biggest financial thorns in your side right now are debt and spending. And you won’t be able to get on a clear wealth path until these areas are under control. In fact, it’s best to get these areas handled before even thinking about any sort of robust saving plan.
With that in mind, this course covers cleaning up your credit file, handling debt if you can no longer make the payments, creating a household budget, and implementing a unique strategy for paying off debt quickly. And lastly, when the craziness settles, there are tips for ratcheting up your savings and investments.
The suggestions that I make are things that I have either done myself or would do if faced with the same dilemma. Let’s look at each of these.
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