Updated about 10 years ago on . Most recent reply
BP podcast 151, $3000 passive income question
Hi, everyone, I listened to episode 151, and am interested in exploring more on the subject of a lifestyle by making $3000 to cover minimum family expenses. The question is how we get medical insurance coverage?
I knew there is individual medical plan for anyone to buy directly, which costs more than $600 a month for a family. That seems too much for the $3000 income. Or do we allgo Obama care? Thanks
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Lei Pan Why not just change your number to cover your added expenses? The whole point of financial freedom is that you take in more than you spend, so if you think the cost of medical insurance is too high, then why not adjust your financial freedom number.
My financial freedom number is 20k per month. I need that to keep my current lifestyle. However, if I decide to downsize, I can change that number to something less. With that said, 3k per month may not be realistic for your financial freedom number. I would suggest rethinking that number. Also, consider that you may need to adjust your mindset concerning money.
I have a friend who is frugal in his spending. He invests in multiple vehicles for diversified streams of income. He told me the other day that he lost his 230k job, and decided to take some time off, take out some cash and buy a new vehicle, and look for another job when he was ready. Not only that, he was in the process of paying for a his wedding. He even paid for my tux, and but bought me a new suit as a wedding gift.
I don't think he was concerned about how much he needed to spend on medical insurance if he couldn't find a new job. He probably could retire at the tender age of 47, but decided to go back to work and now has a new job. His mindset about money was the key! He made sure that he didn't spend more than he made, invested in multiple vehicles, and is in line for, or already has financial freedom.
So, increase your numbers to include medical insurance and don't think about it as though it cost too much. If you want more, you have to become more.