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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