Ep 0080 Becoming a Millionaire on a Teacher’s Salary with Ed Mills

Becoming a Millionaire on a Teacher’s Salary

Take away: Building wealth is easy but it takes time.

Action step: Put your financial numbers on the fridge so you constantly seem them.

Money Learnings: School never taught Ed about money. His family taught him the value of hard work, but he didn’t learn about money skills.

Bio:”Ed Mills” blogs at the Millionaire Educator (hyperlink here?), a website dedicated to teaching educators how to build wealth on a teacher’s salary via frugal living, hardcore saving, and prudent investing. From 2002 to 2016 both he and his wife worked as public school teachers in Georgia. During that time they enjoyed a seemingly normal middle-class lifestyle, had an incredible son, and grew their net worth from $100k to $1 million. The Mills family spent the 2017-18 school year in Merida, Mexico where they studied Spanish, worked out daily, and simply enjoyed life.

Highlights from this episode:

Cash flow doesn’t equal wealth.
Ed teaches his son to work hard and also about saving and investing. He also talks about the danger of debt.
Some of the money mistakes he made during his 20’s and 30’s.
The power of creating a plan.
How Ed and his wife saved a lot of money on a teachers salary.
The power of being intentional.
Find the big wins to propel you forward.
Ed is hanging out in Mexico for the past year enjoying life. He has not worked for the past two years.
What is life like in Mexico?
The MBA program doesn’t teach you about money; you are taught to be a worker.
Trading time for money.
Why so few people promotes saving a lot of money.
The current state of education.
The power to reinvent yourself.
Letting go of stuff and being content.
Tim Ferris’s diet program, the low carb diet and intermittent fasting.
Setting small goals and exceeding them.
Why you need to put yourself first instead of last.
Success in one area creates success in other areas.
The power of gratitude.
Building generational family wealth.
The power of having a balance sheet and cash flow statement