Mills Way Rules

More Life Lessons for our Boys

Money Secrets to Make You Rich”. But you are now almost 20 and 16 years old and you are going to be going out into the world with us to have family learning time with you. Please know Mom and Dad love you both a ton and we will always be here for any advice or as a sounding board for you both. It is your time now to take action for your future. We can talk about it all we can but now is your time to decide what type of life you want to have.

Stocks – Hold or Sell

There are a lot of different philosophies on the subject of if you should stay in the market through the up and down times or not. Some of my friends say they get out when it is high and then buy when it is low. They swear they make a ton of money doing it that way. Yet, I don’t have a crystal ball on when the Stock Market is at around the top and not going any higher. I would have felt bad jumping out of the Stock Market when it was even at 20,000 and then waiting for a crash. I would be missing out on all these dividends and growth we have been receiving.

Financial Planner Costs and Questions to Ask

We have taught our boys to shop around for the best Financial Planner that they like. We have told them to do research on different Financial Planners from what they charge and more. We want them to feel good about who they work with and are able to talk with them comfortably. If they do choose one to work with, we prefer Free of course or if they do pay, then to pay a fixed cost.

Consult with your Financial Team Yearly

Everyone has different situations and goals in life. Not everyone may need to have a Financial Team or if they have one maybe they don’t need to see them yearly. For instance, my Mom who has no Assets and lives in a Nursing Home doesn’t need a Financial Team. We hope though our boys will acquire a lot of Assets in their lifetime and need a Financial Team along their journey to Financial Freedom.

Plans Change and it is

We teach the boys that it is OK to change their Financial Goals plan along the way. That things will come up and goals or plans will change and to accept the change.

Inflation Factors in your Retirement Projections

Most people that work at a job hopes to get a pay raise each year. Some employees want them more than once a year. Wages is one of the largest expenses they have to run their business.Most people that work at a job hopes to get a pay raise each year. Some employees want them more than once a year. Wages is one of the largest expenses they have to run their business.

Personal Finance Education

Growing up we didn’t have the power of the internet to be able to learn about Personal Finance and Investing for Financial Freedom. My parents didn’t have any books around are house that had to do with Personal Finance or Investing for your future.

Pay Cash and Don’t Borrow Money

Very few people probably don’t think this is possible to do. But I am telling you that anything is possible and some people are able to do it. Our boys for sure don’t believe in it but we are working with them on it. They want everything now and not to save up for it.

Choices and Consequence’s

We have talked about Choices and Consequences so much in our house that the boys will make jokes with me about it. We laugh and it does help me think about it when they say something about one of my choices.