Pensions aren’t as common as they were back when my Dad was working at International Harvester. They made Farm Equipment there in Rock Island, IL. They had a Union there which my Dad was a Shop Steward for the Union. They also had a Pension and Health Care for life for Mom and Dad. Pretty good deal. I am going by what he told me I never read all the details of it.
Mills Way Rules
Many people I have talked to said one of the things they worry about is running out of money during their retirement years. I have those worries also myself. The more studies that I read about and people I talk to that withdrew 4% of their retirement funds and it worked out for them gives me a calming feeling.
We teach our boys that if they don’t take care of their health now, they could be paying for it in the future. Choices and Consequences from their actions now. It can affect their Financial Freedom plans they may have.
We get phone calls, emails and texts daily at our house of people trying to get our information or to scam us. Everything from someone in England that died and left us 8.5 million dollars to call this number right away or the IRS will be taking you to court.
Darlene and myself have many different checking accounts from Personal Accounts to Business Accounts. We teach our boys to have separate personal checking accounts if they are married or in a relationship. Also, we suggest they set up one checking account for each of the following; Home Bills, Debt Payments, investing to other accounts if needed.
Whether you are married, in a committed relationship to being single we teach our boys to agree with their significant other or if single than a friend or relative before a large purchase.
Communication is so important in any relationship. When we have our monthly review meetings with our Spouse or significant other one it can be a stressful time when money is involved. Seems hard for some couples to be able to openly discuss money and finances.
This is something I look forward to do each month and at the end of the year. I know I may sound weird but I like to work with numbers and analyze how we did for the month or year.
We teach our boys to maintain their cars and home to make them last longer and save money. Without proper care things can break down faster and cost lots of money. This is why this is one of our Financial Freedom rules we teach our boys.
Over the years I have known many people that spent too much on a home they bought or a place they wanted to rent. Then something happens to them like a job loss or going to a new job where they made less money and now, they couldn’t make their payments anymore.