Not overnight, but there is a logical, step-by-step process through which people progress on their financial journey. Here are the 7 Stages of Wealth: from mere survival to financial independence and abundance. Each stage builds upon the last to help you work your way from paycheck-to-paycheck living to a life of comfort and choice.

1. Survival: Living Paycheck to Paycheck

This is where many start. At this stage, you’re just able to pay your bills and essentials-rent, groceries, utilities-but there isn’t much, if anything, left over. You may feel stressed because you depend so heavily on each paycheck, offering little room in case of an emergency. You are looking, at this point, to cover your basic expenses and avoid falling into debt.

2. Solvency: Breaking Even

Once you’ve moved beyond survival, you enter the solvency stage. Now, your income exceeds your necessary expenses, which is to say you can cover your bills regularly without depending on anybody else’s help. You are still cautious in your style of living, and now you may begin to save something, although there may still be large debts, like loans or mortgages. The important word here is that you can develop some financial elbow room.

3. Stability: Building a Safety Net

Stability means that you have broken free of the cycle of living paycheck to paycheck and begin to save into an emergency fund. Normally, by this stage, some of the expensive debts would have been paid off, and your financial situation would look and feel more manageable. In this case, three to six months of living expenses saved will give you peace of mind, a cushion against unexpected expenses​.

4. Flexibility: Taking Calculated Risks

Once you have achieved financial stability, you can make choices without the money factor nagging in your head. You may even enjoy new opportunities such as changing careers, opening a business, or just traveling. You have some savings that you can always fall back on and may take calculated risks with your money, knowing your basic needs are very well taken care of​.

5. Independence: Money No Longer Controls You

This is the stage where your investments are working for you: the income they yield pays for your living expenses, and work becomes optional. You are financially independent, free to devote yourself to interests and passions instead of concerns about earning a living. This is a big milestone-what your wealth can provide in freedom to how you spend your time​.

6. Freedom: Financial and Lifestyle Flexibility

Freedom stage: This is the stage in which the returns on your investment build a much-more-than-enough in terms of your needs-especially comforts. Of course, during this time, you can enjoy nothing but the finest things in life-luxuries, travel, and high-ticket purchases-without compromising on financial health. You can take bigger risks or invest in projects that create delight rather than returns.

7. Abundance: Giving Back and Building a Legacy

The abundance part is the top of the wealth pyramid: here, you have far more resources than your needs, and here you can give back to society-philanthropy, causes you are passionate about, or leave a legacy behind. You will finally reach a point where money is no object, nor constraint to choice, and your wealth is able to create impact beyond your needs.