Too many people are paralyzed by their past money mistakes or ongoing financial troubles and that stands in the way of creating a plan now to build financial security for the future.
That’s been the experience of Brian Mills, a financial advisor with Northwestern Mutual based in Mendota Heights. One of the sponsors of Black Entrepreneurs Day at the Capitol, Mills specializes in working with people of color and Black business owners to help them build generational wealth.
“There’s so much embarrassment out there—-people think they shouldn’t be in so much debt, that they should know more than they do, that they should have saved more,” said Mills. “The irony is, most people I talk to think they are in a worse place than everyone else when usually they are in the same place.”
Mills said that many people think that they cannot begin working with a financial adviser while they are carrying debt or are not high income earners. He encourages consumers not to wait until they are on more stable economic footing to begin making a plan.
“They should start when they need the most help,” he said. “The most powerful force out there is inertia; people keep doing what they’re doing. Even if they have a compelling reason to change, they might not know where to go.”
While noting that building financial security involves “discipline, time, and behavior changes,” Mills explained that financial advisors like him help their clients build new habits. He guides clients to pay off high interest debt, spend less than they earn, and begin saving what’s left.
He then offers a detailed list of recommendations to help them achieve their financial goals, like buying a home, saving for college and planning for retirement. encourages them to diversify their portfolio and put away money that they won’t touch for a long time.
“With an advisor they can set up a road map, a path, system. They need a system because if they don’t have one they will just do what they’ve always done. An adviser can help their money systematically work for them,” he said.
Mills said that he encourages people who work with him to diversify their portfolios and put away money that they won’t touch for a long time to give it time to grow. While the stock market is surging right now, Mills thinks that “getting wealthy should be kind of boring” and discourages knee-jerk responses to economic cycles.
“It takes a plan so that no matter what crazy thing happens in life—and it will happen—it won’t throw you off the path. In my own life, I had to figure it out on my own. I want to build an ongoing partnership to help them build wealth,” he said. “I want to be the advisor that I never had and help them.”
To reach Brian Mills, you can connect through his LinkedIn profile here.