Many people do not have enough money in their bank accounts to pay for a $1,000 car repair bill. I have worked with and talked with so many people that had less than $100 in their checking and savings account. Many had no retirement savings either. I have heard that one out of four people have no emergency savings fund.
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.
Everyone has different situations that can affect when they choose to start taking Social Security payments. Some of my friends started at age 62 and some waited till age 70. For your situation it would be good to visit with your Financial Planner and your local Social Security Office.
We just showed the boys again today how we were over charged at the store. It was only $4.20 on that trip but like we told them that $4.20 if it happened each week it would add up to $218.40 in one year.
Some people don’t like to think or talk about their own budget. They may feel like it is work to do or they feel they won’t have anymore fun in life if they start following a budget.
Down here in Arizona I have golfed with so many people that had plans on enjoying retirement and playing tons of golf but things happened with their adult kids that they had not planned about.
Have you ever co-signed on a loan for someone before? If so, how did it work out? I have had many friends that co-signed loans from student loans to personal loans for their kids, relatives or friends and some of those loans they ended up having to pay them off. I co-signed on a couple of loans and they both worked out but at times I lost sleep worrying about getting stuck paying for them. I tell myself I won’t put our family in that position again.
Prime reason why you should do Action Step 3 of the Mills Way to Financial Freedom 10 Action Steps just happened to us recently. I got a call from Darlene and she said that when she was leaving for work at 1am that the Garage Door wouldn’t close all the way down. It would go three quarters of the way down and stop and then go back up or just stay there at times.
What a wild ride of a year we had but it was a fun year. When I look back it is hard to believe we stuffed so much in to it. We had a lot of visitors to our house and we visited them in the summer. We lived life to the fullest and isn’t that what life is for.
We have the Mills Way to Financial Freedom rules that we teach our boys. Today let’s talk about the main Action Steps that we teach our boys so they can work towards reaching Financial Freedom.