Financial Freedom Bromberg’s How To

Isn’t it amazing that some people can talk about finances for hours?

Even though there are a gazillion books on financial management, likely hundreds of more books are being published as we speak and I would think everything has already been said about, well, moolah. There is always more to be said about money.

Most comics would talk about money in terms of the other end of the spectrum: Financial servitude. Being poor can be funny and many of us can relate to such times in life. I saw a comic on TV a long time ago and he had really big hair. He was talking about how his girlfriend ordered the most expensive things on the menu on a date. He then goes on to say, “that bitch ate my haircut!”

Funny and true, isn’t it?

The thing that I have realized most as I have been reading about financial crap is that the term financial freedom is loose and can be different for everyone. One man’s $100k is another man’s $500k. I read in a book recently that “five million is the new one million” meaning that it actually might take more than one million dollars to be considered set for life. As I am writing this the news is reporting on the top billionaires of the world. The number one guy is worth over 60 billion. Also, if you can believe it, they just noted that the combined net worth of these billionaires on whatever list (I think it was Forbes) still would not pay off the national debt! Wow, good luck to whoever is the next President of the USA.

Getting back to my point, I’ve seen stories about families that can be comfortable on $50k. Now, they don’t live in Manhattan, but they manage to get by and be happy. Certainly they are not financially free, but it would probably take a lot less than five million dollars to give that family financial freedom.

The simple economics of it is that as we make more money in life we incur more expenses and buy bigger houses or nicer cars and so the physician that makes $500k per year with the $800k house and upscale cars may actually net less than the average $40k government employee.

One of the key moments in the latest Wall Street film was when one of the characters was asked how much they want to make, he replied, “More.”

Financial freedom is about being able to achieve an income that meets all your life goals. If you desire a lavish lifestyle worthy of a hot pop singer, than you need millions. If you make your list of the things you want, like say, children and private school education for them, a nice house in a nice neighborhood, nice furniture, retirement funds, and whatever else, then you plan accordingly. You decide how much money you need to achieve that and if you can’t do this with your current job or your current job doesn’t have the potential to make that amount of income in the future, then you need to make choices in which your income can eventually change for the better.

Financial freedom is about planning and taking whatever initiative needed to make the math work. We won’t all be millionaires, but many of us don’t need to be so it really becomes a matter of managing your talent in a way to make the money you need to achieve at least your basic goals.

key to Financial Freedom

Easier said than done? Of course, but for some people a starting point is about thinking ahead and many of us don’t think about this enough, or we just dwell on financial problems instead of coming up with solutions. Stop thinking about that girlfriend who ate your haircut and figure out how to either find a cheaper barber, go to a less expensive restaurant, or get more gigs (or higher paying gigs).

If you take the time, today, to write down a list of things you ultimately want in life and then decide the pathway you need to take in order to get there, than you will eventually be in a good place (a happy place) in life. As they say in the movie Swingers, you will be “so money.”

 

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