Live 4 Financial Freedom

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. Listen to the whole Podcast for all the details.

If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

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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.

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.

For example, if they are single and make up their Financial Freedom goals and plans there are many changes that could come into play during their lifetime that can change their plans and goals drastically.

Here are some examples that could come up for our boys;

- They could get married. Then they would come up with new plans and goals that work for the two of them.

- They could have kids of their own. Then they would have a huge change in their lifestyle and budget which could affect their plans and goals.

- They may have a large Medical Expense. Think if you had a large out of pocket bill of $50,000 and how that could affect your plans.

- They could encounter Job loss. Some people it takes over 12 months to find a new job. A person could burn through a lot of savings until they get a new job.

- They could encounter some major home repairs. Homes are expensive and repairs can add up. New Heating and Air Condition unit could run $5,000 to $10,000 depending on the size or a new Roof could run $10,000 to $20,000 depending on the size and type of your roof. Plus, things wear out around your house and need replaced. For instance, to have a Water Heater replaced with installation can run around $1,000. We factor in projected costs of home ownership into our plans.

The list could go on and on of things that could come up and alter their original plans and goals towards Financial Freedom. It could take them longer to hit their goals and they would need to accept the new time lines.

The choice is always there depending on what they encounter on if they try to increase their income coming in or to reduce other expenses to cover the new ones. The other choice is it could take them longer to hit their Financial Freedom goals. It will be what ever they choose to do.. Listen to the whole Podcast for all the details.

. If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

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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.

If you own a business then you know if you want to stay in business then you need to show a profit. If wages go up then you need to find a way to cover that expense. Most businesses raise the prices to cover the cost. This starts at the Manufacturing level to the Retail level. Each business needs to pass on the costs of operating so they maintain their profit margins to stay in business.

There is such a push to get the minimum wage up. In some states they are pushing to get it up to as high as $15 per hour. With the Federal Minimum rate at $7.25 per hour. Here in Arizona in 2020 we are sitting at $11.00 an hour.

The Federal Minimum wage rate in 1955 was 75 cents per hour. In 1975 it was $2.10 per hour and in 2015 it was $7.25 per hour. The link to this is in the below show notes. As you can see it has gone up quite a bit over the years so no wonder prices have risen. This shows why we need to factor an Inflation rate in our Financial Freedom plans.

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.

U.S Bureau of labor Stats in April 2014 listed some of the below food prices back in the following times. The link is below in the show notes.

Apples – 15.1 cents per pound in 1955. 34 cents a pound in 1975. We currently pay now around $1.19 per pound for the cheaper apples. For more info listen to the whole Podcast.

. If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

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Sources and Resources from Podcast (Available in Show Notes)

1. Prices in the past from U.S. Bureau of Labor Stats April 2014 - https://www.bls.gov/opub/mlr/2014/article/one-hundred-years-of-price-change-the-consumer-price-index-and-the-american-inflation-experience.htm

2. Inflation Caculator - https://www.usinflationcalculator.com/

3. Past Inflation Rates by Year - https://www.thebalance.com/u-s-inflation-rate-history-by-year-and-forecast-3306093

Bottom line with all the news and experts out there the final decision when it comes to our Personal Finances is our own. That is what we teach our boys when we are teaching them our rules 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.

Some people you hear on the news can say we are in a Bull Market and then the next channel they can say we are in a Bear Market. Today I read one article on-line that said the market looks solid for the next year with the solid earning reports and low unemployment. Then another article said to basically sell now that we were entering into the next recession. For a second when I was reading it, I was thinking what if they are right? Maybe I should sell everything?

Being married we have two opinions in our relationship when making big decisions or strategy towards our Financial Freedom. If a person is single, they only have to worry about themselves and can make a decision by themselves. In our marriage we like to talk things out and agree on big decisions.

We both have been to seminars together; we have talked with several different Financial Planners. We have studies and read a lot about Personal Finance. We don’t have a crystal ball to know what the future will be though, but we have a strategy we are going to try and stick with.

So, no matter what a friend or relative tells us we should do we are going to stick with our own opinions. We listen to people and try researching things to see if maybe we should change our strategy or not. We try to not let other people or the news sway us. Darlene is really amazing at like blocking away what other people say and sticking with our plans. I think she does a better job than I do at times.

We are both human and when a trusted person said that they are doing something a certain way we take the time to analyze if we should make a change or not. Most of the time we never alter from our set path.

I still remember back in when the Dow Jones broke 8,000 and people said to sell now, it is going to crash. It won’t get any higher. Then I heard a lot of the same news when the Dow Jones broke 10,000.

Of course, we had different events over the last 20 years that brought the market down for a while. But things rebounded. Year 2000 we had the Dot Com Crash. Years 2005 to 2010 we had the Real Estate, Auto Manufacturers and Banks effecting the down turn the Stock Market. Listen to the whole Podcast for full details.

If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

Thanks, and Have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

Click here for some Side Income and Part-time Business Ideas

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Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.

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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.

Yes, we had a library in the town I grew up in but Personal Finance or Investing wasn’t even talked about in our house or at school. When I was with my friends we talked mostly about Cars, Sports and Girls. We didn’t ever talk about Personal Finance or Investing that I can remember. We just wanted enough money for the weekend.

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 stress to our boys the importance of studying about Personal Finance and Investing the whole life. We feel that can’t read enough different books on the subjects. If they don’t like to read books then they could attend classes to seminars. There are also audio books available also to them. I am old school and like to read books but our boys like to watch videos on subjects. How times change. LOL

Here are some personal finance books to start with reading after you read my books of course. LOL Remember I am not saying their way or my way is the way to the magic land of wealth. I am saying I feel we can learn from anyone. Some of them may be opposite views from other authors. We suggest to the boys to learn the most they can and make their own beliefs or strategies. If you check them out at your public library you can save some money also. Here are some books to check out besides mine; Listen To Podcast for Full Details

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.

Visit my Podcast at www.Live4.Club on Anchor.fm, Spotify, Pocket Casts, Breaker Audio, Google Podcasts, Radio Public, I-tunes, Apple Podcast and more. If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

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Thanks, and Have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

Click here for some Side Income and Part-time Business Ideas

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Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.

#financial freedom #financial independence #FIRE #Hustle #Live4 #podcast #millsway

Some people say they don’t want to retire early because they enjoy what they do for work. It makes them feel good and they can’t imagine not doing it anymore.

We teach the boys that they don’t have to retire early just because they may reach their Financial Freedom goals early in their life. But it is nice to have options if they choose to retire early.

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.

If someone decides not to completely retire early because they like to keep busy or they just like their job. Maybe they like their co-workers, helping their customers to the daily challenges of the job.

People can have many options though if they want to keep busy or feel productive. Here are some ideas to think about if you reach Financial Freedom at an early age; For full details listen to the whole Podcast show.

If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

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Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.

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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.

We teach them that they need to try to always pay cash for anything they need or want in their lives. If they don’t have the money at the time then they need to wait on buying it. They can also find ways to make more money so they can buy it sooner.

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 are all faced with so much temptation everywhere we go. Almost every place has their own Credit Card also and offers special perks if you use their Credit Card when purchasing stuff. Yes, if you play the credit card game right you can make a little money or some extra savings on the stuff you want to buy. A lot of people though aren’t able to play the game and end up not paying the credit card balance off right away. They end up making the minimal payments and paying high Interest rates. That is what the credit card companies love to see.

Our boys think they need that video game now and can’t wait till they save up the money. We tell them that they won’t die not getting the game until they have saved up the money for it. We don’t want them to get into a habit of buying things on credit. It is a dangerous habit we feel.

The boys if they don’t have money to buy a car let’s say for an example then they have options until they have the money saved up. They could take public transportation, walk, ride their bike or see if a co-worker lives by them and maybe they can give them some gas money to ride with them.

They need to know even if they just have enough money for that car to buy, they need to also save up for Insurance payments, title and registration costs, gas, oil and possible repairs in the future. Cars are expensive and they need to have enough money saved up to be prepared. We want them to stay out of debt. Listen to the full Podcast Show for more info.

If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

Thanks, and Have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

Click here for some Side Income and Part-time Business Ideas

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Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.

#financial freedom #financial independence #FIRE #Hustle #Live4 #podcast #millsway

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.

One of the jokes the boys make to me is about my food choices. The boys know one of my long-term goals is to get my BMI (Body Mass Index) under 25. So, if I am eating Ice Cream or Cookies, they will joke with me about my Choices and Consequences.

I know they love me and are joking with me. But they are correct in what they are saying. If I eat have a bowl of Ice Cream or a bunch of cookies then I need to be able to live with the consequences that could happen to me if I do. For instance, I could gain more weight and be further away from my weight goal. The food could give me less energy and drive to exercise which could cause me to gain weight.

If I keep gaining weight it could hurt my golf game, which would be sad. LOL But also it could hurt my wallet or finances since if I out grow my current clothes I may have to buy new clothes from belts to pants. That could affect our Financial Freedom goals in a way also.

So, the poor eating choices that I may be making could hurt me in several ways. If I choose to eat those sweets then I have to be OK with living with the consequences.

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 also remind them each time they leave the house to make good choices. Seth when ever he leaves the house, we for sure to remind him to make good choices. Since he is our wild child. LOL

It doesn’t matter if he is going to school or to the park to play with friends, we want him to make good choices or we want him to be able to handle living with any consequences that may come about because of his actions. To hear all the details listen to the full Podcast show.

If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

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Click here for some Side Income and Part-time Business Ideas

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Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.

#financial freedom #financial independence #FIRE #Hustle #Live4 #podcast #millsway

We like to teach the boys that nothing is always black and white in our lives and there isn’t always just one way to achieve your goals that you want to achieve.

Of course, we hope they follow the Mills Way to Financial Freedom rules that we have taught them over the years and what we have taught to other people around the world. We even turned the Financial Freedom rules we taught them into a book.

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 raised the boys with golf in their lives besides education for success and personal finances. With golf and life, we have showed them that their can be many ways to get from Point A to Point Z.

For an example of that is if the four of us go golfing. We could have four different Tee shots, like I hit it 300 yards, Seth drive short at 139 yards, Logan drives the ball to the way right about 175 yards and Darlene drives it 220 to the way left.

Then we all hit our second shots up short of the green. My ball goes in the left sand trap, Logan’s is 25 feet short in the right rough, Seth hits his ball 12 feet short in the left rough and Darlene hits the ball just a foot off the green.

Then we each take our third shots and we all end up on the Putting surface. We all end up two putting on the green for a bogey. Since the hole was a par 4. Isn’t it funny how four people can play the same game but play it four different ways and yet still score the same score? This happens so often when I play golf with my friends.

That is why we teach our boys that it is OK if they decide to make up their own set of Family Financial Freedom Rules. We know ours worked for us but maybe the boys want to pave their own path in life. Listen to the whole Podcast Show for more details.

If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

Thanks, and Have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

Click here for some Side Income and Part-time Business Ideas

Millsway.com and Live4.Club

Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.

#financial freedom #financial independence #FIRE #Hustle #Live4 #podcast #millsway

Emotions can factor in many money decisions. Emotions also can come into play when Money is part of the topic in a relationship. Especially when both people in the relationship has totally different views in their mind.

We teach the boys to work on keeping their cool when in a relationship and if they are single if money issues start to get their emotions out of sorts.

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 teach the boys the Mills Way to Financial Freedom Action steps and rules to help them achieve their goals. We want them to know that it is OK if they want to change some of the rules or not follow them at all. It is their choice. The main thing is that they are happy and can live with their choices and consequences.

If things go sour for them then we want them to accept it and learn from their choices. It isn’t the end of the world and many people have lost everything and recovered from it even stronger than before.

If they are married or in a relationship Emotions can even run higher.

Each of them could have been raised by different beliefs from their families and friends when it comes to money. Which can make things challenging. Listen to the full Podcast show for all the details.

If you would like to be a guest on my Podcast drop me an email at [email protected] or Text me at 480-389-6224

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

Thanks, and Have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

Click here for some Side Income and Part-time Business Ideas

Millsway.com and Live4.Club

Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.

#financial freedom #financial independence #FIRE #Hustle #Live4 #podcast #millsway