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How Much Money Do You Need To be Financially Free? The Trick To Replacing Your Income! - Ep 32
Manage episode 407951835 series 3503111
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In this episode, Brett and Laura talk about their financial freedom number. When people hear "financial freedom," their first thought is being rich. However, that’s not what being financially free means at all. The whole point of financial freedom is to reach a point where you don’t have to sacrifice your time for money. If you have a very high-paying salary job, you’re still forced to work those hours to grow your wealth. When Brett and Laura talk about financial freedom, they are referring to replacing all your expenses with passive income. By doing this, Brett and Laura do not have to work anymore and can still be well off with their passive investments.
What is important to know is that this number is different for everybody. Everyone has different expenses depending on their lifestyle, preferences, family, where they live, and more. Brett lays out a few steps you can take to find this financial freedom number. For example, listing out your monthly expenses. By knowing your monthly expenses that stay constant each month, like rent, utilities, and car payments, you can have a baseline number of where you should be working towards. Watch this episode to learn more about financial freedom and additional steps so you can become financially free!
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