How much money do you really need to live without financial stress? Most “gurus” throw out random numbers… but today, we break down the real wealth thresholds that determine financial freedom, security, and long-term stability for practice owners.

In this episode of the Financial Beast Podcast, Eric Miller (Chief Adviser & Co-Owner at Econologics Financial Advisors) and Eric Gersch, Financial Advisor, reveals the truth behind numbers like $5 million, $7 million, $10 million, and even $20 million—what each level actually means for your life, your income, your retirement, and your family’s financial future.

If you're a healthcare practice owner wondering how much net worth you really need to live your ideal life, this breakdown will change everything.

In This Episode You’ll Learn:

✔️ Why $5M is the true “minimum freedom number”

✔️ What $7M vs. $10M really means in lifestyle terms

✔️ How practice owners should structure wealth outside their business

✔️ The danger of listening to online financial influencers

✔️ The hidden expenses people NEVER factor into retirement

✔️ Why long-term care can destroy a weak financial plan

✔️ How to build “indestructible wealth” over time

CHAPTERS:

00:00 – How Much Money Is Truly “Enough”?

00:32 – Welcome to the Financial Beast Podcast

01:05 – The $20 Million Claim: True or Myth?

02:11 – What Wealth Really Buys You

03:14 – The Meaning of Indestructible Wealth

04:23 – Ultra-High-Net-Worth vs. Real People

05:08 – Why $5M–$10M Is the Real Target

06:10 – Breaking Down a $20M Lifestyle

07:32 – What $5M Actually Provides

09:01 – The Case for $7M and Up

10:14 – $10M: The Freedom & Charity Threshold

11:24 – Real Costs People Forget (Healthcare, LTC, etc.)

12:48 – Long-Term Care: The Hidden Wealth Killer

14:07 – Why $5M Is the Minimum Target

15:33 – The $7M Security Zone Explained

16:44 – The $10M Wealth Comfort Zone

17:52 – Real-World Client Examples

19:03 – Why Influencer Money Advice Is Dangerous

20:12 – Why “Get Rich Quick” Never Works

21:25 – The Psychological Trap of Fast Money

22:40 – The Path to Real, Stable Wealth

23:51 – Final Thoughts & Episode Wrap-Up

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🔒 Disclaimer

Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors.

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