Your Money Minute: How Your Freedom Number Leads to Financial Security

In this edition of Money Minute, Candy explores the concept of financial security and the psychological perceptions surrounding wealth. Drawing from a study by Charles Schwab, she reveals that many Americans believe they need around $840,000 to feel financially comfortable and $2.3 million to feel wealthy. However, the median net worth for those nearing retirement is only about $409,000. Candy emphasizes the importance of finding your own 'freedom number'—the amount you need to cover your lifestyle expenses instead of adhering to societal definitions of wealth. Listen in to learn how to calculate your freedom number and take actionable steps toward financial independence! Learn more about your ad choices. Visit podcastchoices.com/adchoices