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.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

We want the boys to have a Financial Team to help them make sure they made educated choices towards their finances and that they are protected along the way.

Having a Financial Team is important, but to always keep a good relationship with them along the way and to keep in touch with them. For us we like to keep in touch yearly in one way or another. Once we have more Assets, we may need to see them more often.

Having a Financial Team can be expensive since they are professionals and may charge a lot for their time. Darlene and myself want to control our expenses so when we are working with one of our members of our Financial Team we are prepared and keep things on track to limit the time we spend with them. Since some of them charge by the hour and some by the project.

Some people may spend a lot on their Financial Team but we keep ours pretty low cost. Except for our Accountant we just changed this last year and they charge more than our last Accountant.

Our last one retired so we were forced to change after twenty years with him. It was hard change for me, almost like a death in the family. We took along time looking for a new Accountant. Once that we could trust and afford within our budget.

Nice thing about having a good Financial team that you can trust is that they can help you put together your Financial Freedom goals and plans to achieve them. As we know life happens and changes need to be made so it is good to keep in touch with them yearly at least. It will help with the relationship you build with them also.

Some of the members we teach our boys to have are;

  • Accountant – They not only help them with their yearly filing of their personal taxes and hopefully their business taxes. They could also help them create a good tax strategy for them. We like to work with a Certified Public Accountant. My accountant in Minnesota was great with giving me advice each year. I sure miss him.
  • Financial Coach – Depending on the coach can help them keep on track to achieving their Financial Freedom goals. If they have debt problems, they could help them with a plan for getting their Budgets planned out to a good plan to get the debt paid off. Some Financial Coaches could help them in ways to help them also get their Credit Scores up. Though I am not sold on Credit Scores for our boys because I want them to pay cash for everything in their lifetime. By them living that way and living debt free they don’t have to worry about a credit score. My dream for them. Depending on their situation they may need to see their Financial Coach more than just once a year.
  • Financial Advisor or Planner – Someone that could help them with their Retirement Plans to Investments. Depending on their needs they could hire one for a fee only or do like we do and use the free service we get from our Brokerage house. We have most of our assets with Fidelity Investments and we have a Financial Planner with them that we see once a year.
  • Insurance Agent – It is nice if the boys can find a good Insurance agent that can help protect their needs as their Assets grow and their family may increase due to marriage and if they have kids. I like Independent Insurance agents that also can shop around with multiple insurance companies for the lowest prices and the amount of protection we need.
  • Real Estate Agent – This is not an easy person to find. We had met with a lot of Real Estate Agents over the years. It is nice once you can find someone that will make the time for you and listen to you. Some agents seemed like they didn’t care or even hear what we were saying. For us Real Estate is a part of our Financial Freedom plans and we want a good Real Estate Agent to be on our team to help us along the way.
  • Lawyer – Lawyers seem to specialize now adays so it is nice to find one that is in an office with other Lawyers that specialize in different areas also. I like the lawyers that can help us with everything from our Wills to Business advice. We want to have a Lawyer there for us if we ever need them. We like to go with flat rate services. We still like to keep up date with them each year. Especially, to make sure we keep our Wills up to date.

We stress to the boys to check out their Team of Professionals and make sure they have the credentials you need. Also, to make sure that you trust them. We have also asked family, friends and business associates for references of who they worked with. If we don’t have a good feeling when working with someone then we move on to a new professional. We want someone we trust and like to work with on our Financial Team.

I want Darlene to feel good about them so if I would happen to die then she would feel comfortable working with them and that they would take good care of her. We hope to have our Financial Team for our life.

Do you have a Financial Team? How often do you meet with your Financial Team? Our boys will hopefully build up a good Financial Team and meet with them yearly to help keep them on track towards their Financial Freedom goals.


Here are some positive quotes I like;

“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill

“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett

“There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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