debt free

Invest in your Companies 401K Plan if they have a Company Match

Some people ask the question if they would be better off investing in their own IRA rather than investing in their companies 401K plan? If your company doesn’t have a matching 401K plan then maybe that is for you. But what I see is that a lot of people lack discipline. What is nice about a company 401K is that it is coming out of their paychecks without any effort from them. They can just get used to seeing what their net check amount is to live on.

Debt Payoff Fast

This may not apply to your situation if you are currently debt free. Chances are though you may have someone you know that you could possibly help with this Mills Way to Financial Freedom rule. We taught this to our kids so if something happened and they found themselves in debt during their adult kids they would have the skills to get debt free fast. Of course, depending on how much debt they may fall into.

Save all Raises and Bonuses

Whether someone wants to get their debt paid off or if they want to really focus on investing for their Financial Freedom goals then this might help. We told the boys that if we would have tried to live off our old wages and just saved all raises and bonuses, we ever received we could have reached our Financial Freedom goals even soon.

No Loans to Family or Friends

Most people probably would say they love and care for their family and friends. Myself I like to solve problems because I don’t like to see anyone suffer. Especially when it is my family or friends. It normally has felt good when I could help them out with loaning people money but then normally those feelings go away and new feelings of pain seem to set in.

Once Debt Free – Stay Debt Free

Once debt free it is important to stay debt free. This is one of the lessons we teach our boys. It is easy to get back into debt if you let yourself once you are debt free. I know this from personal experience. I let myself do this several times until I got tired of the rollercoaster of debt and jumped off.