Last year when the Navy recruiters came over to our house the one recruiter brought up about how he wished his parents would have taught him the things we are teaching our boys. I told him that is why we are teaching our boys these lessons and why I am sharing it with the world with my Podcast, Blog and my book to be released hopefully before 2021.
The recruiter talked about how he paid his debt off differently than my method and it took him a lot longer to get debt free but he said he got such a good feeling when they reached debt freedom. He was now at the early stage of having some extra money but his wife was wanting to buy a new car.
We teach our boys that when they have any extra money leftover after they are completely debt free and their Emergency Fund is funded completely to Invest the money in their Brokerage Account.
They can also Invest in other Asset forms if they like, it is their choice. The main goal that we keep stressing to them is to work towards 10 times at least of their future expenses. So, if they think their future expenses at retirement will be $75,000 a year then they would need that amount times 10 plus their Emergency Fund of $50,000 for a total of $800,000.
If they want to retire-early we are suggesting they work towards 25 times their future expenses in their Brokerage Account since they won’t have their Retirement fully funded.
They of course can choose to have alternates to any of the rules that we teach them towards their Financial Freedom goals. Let’s say they decide to retire early and work towards 25 times their future expenses in both their Brokerage Account and Retirement funds accounts, plus their Emergency Fund. Nothing wrong with that either.
They just need to have enough in their Brokerage Account or in streams of Passive Income to cover their expenses until they can touch any of their Retirement funds. Darlene and myself hope to never touch our Retirement funds or at least not till I am in my 70’s.
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. Listen to the whole Podcast for more about Passive Income and more.
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