Episode 87

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Published on:

27th Feb 2023

Build a 6-Figure Net Worth in Your 20s | E87 Mills Bender

When I started my first “big boy” job, I signed up for our 401K program. HR handed me this packet of papers and essentially said good luck.

I remember sitting at my kitchen table that night trying to make sense of fund names, historical yields, and asset allocation charts.

Nothing will make you realize school did not prepare you for the real world like that kind of moment. I remember thinking, wow I’m never going to understand this. When I have money, I need to hire someone to make these decisions for me.


But I didn’t need a pricey advisor or even fancy software. I needed financial education so I could feel comfortable and confident in my choices.


I thought it was going to take decades of experience or even having to go back to college to get a degree in finance but once I got serious, it only took me about a year of learning and practicing before I felt like I could handle the money choices that life threw at me.


Today’s guest would argue that with her guidance, you’d only need 90 days to master your money and after getting to know her, I believe it.


In her early 20s, Mills Bender was lost when it came to money. So lost that she woke up one day with $1.50 in her bank account. Mills started to demystify and understand the different facets of money. Now she helps others do the same through her financial coaching business, Mills Knows Bills.


In this conversation, we cover a lot of money concepts including the cost of delaying investing, the 4 money mindsets, and creating a budget that reflects your priorities. We also discuss how to turn your passion into a business - something Mills has a little experience with.


Key Takeaways:

  • The cost of delaying investing
  • How to set up your 401K at work
  • Hiring employees based on skill set and value alignment
  • How to turn your passion into a business
  • Land a mentor to accelerate your learning
  • The 4 money mindsets and how to identify which bucket you are in
  • Creating a budget that is a reflection of your priorities


Mentions:

I Will Teach You to Be Rich by Ramit Sethi: https://www.amazon.com/Will-Teach-You-Rich-Second-dp-1523505745/dp/1523505745/ref=dp_ob_image_bk

Fearless Money Mindset by Arian Simone: https://www.amazon.com/Fearless-Money-Mindset-Broke-Doesnt/dp/173483000X


More of Mills:

Website: www.millsknowsmills.com

Instagram: www.instagram.com/millsknowsbills/

YouTube: www.youtube.com/channel/UCK5C-sp5RaFeFg-LuczmMoA

Debt Payoff Webinar: https://view.flodesk.com/pages/63ecee3e8e06d4dae9494316


More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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About the Podcast

FI Minded - Financial Independence Without the Extremes
Achieve Financial Independence & Have Fun Doing It
Pursuing financial freedom, a work-optional lifestyle, or early retirement often leads to the same questions: “one more year,” “do I have enough?” “what does life actually look like after this?”

FI Minded helps you think like someone who’s already financially independent so you can make smarter decisions about how you work, spend, and live.

From Coast FI and Slow FI to lifestyle design, career transitions, healthcare, and self-employment, each episode explores the real decisions behind building a flexible, work-optional life…without burnout, over-optimization, or missing out along the way.

We cover:
* Smarter ways to reach financial independence (without burnout)
* Designing a flexible, work-optional lifestyle
* Coast FI, Slow FI, and enjoying your time along the way
* What life actually looks like after FI (and how to prepare for it)
* The tradeoffs behind big money decisions

Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), and and others helping you rethink how to approach financial independence.
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