Welcome to the Roy Matlock Junior money and business hours where he'll help you fix your finances once and for all. To reach Roy, call (615) 843-2999. That is (615) 843-2999 or visit roymatlockjunior.com. Now here's your host, Roy. Alright.

Roy Matlock Junior. And today, we are going to go through, hopefully, get to all of them. 21 ways to protect you and, grow your financial net worth and doing it in the way that I would build it. And with the idea that, we wanna avoid mistakes, the typical person will make a number of mistakes in their lifetime. And I can go through as we talk through the show, mistakes that cost 50 to $500,000 over their lifetime.

And you have to ask yourself, you know, due to lack of knowledge or education, is, you know, can you afford to make $50,000 and $500,000 mistakes? And I'll tell you some of the stories of how that works. And so, anyway, we're going to start out today with protecting your income, your health, and assets. And so, what it starts with is, understanding that really you've got two things that keep you afloat. Your assets one day and your income, while you're coming along.

And so, we want to protect that and that typically has to do with insurance. And so we'll hit that, some of the things that you wanna be thinking about. First thing is, have adequate insurance coverage. Now what is that? That's health insurance, life insurance, disability insurance, auto homeowners, renters, and long term care as you get older.

So let's talk about some things you might consider. If we're gonna go out and protect our assets, the first thing we need to ask ourselves is what can happen to our assets? Well, you know we could get sued. Alright. And so, one of the best things you can ever do is when you buy your home and auto insurance is to add something called a personal umbrella policy.

Alright. And what that does is gives you an extra layer of protection. If you do your minimum coverages on your car insurance and you hit an expensive car and it's your fault, then you're gonna probably get sued for the difference and that's not good. Or if you have an accident happen and you know whether it's your fault or not, you get sued, you have to defend yourself. And so, what you want to do a personal umbrella policy is a cheap attorney.

So you want to look at that if you haven't done anything on that. Pick up a million dollars. It's not very expensive. And one of the ways that I've always told people is look at the junk fees on your home and auto and raise your deductibles as you get your emergency fund. And what that's what that will end up doing is give you the ability to lower your premiums because you're self insuring a little bit by raising your deductibles.

I've always had, you know, homeowners deductibles of, you know, 1,500, 20 5 hundred dollars and so on. And so you can do that. You can do the same thing when you look at your health insurance. You can buy catastrophic coverage or you can buy health shares. And that's gonna save you a lot of money for small business owner.

We have seen, you know, thirty, forty, 50 percent reductions in cost by going with the health share plan. If you want information on that, you can visit roymattlikejunior.com and schedule a call for one of our small business people, to help you on that. So you've got those kind of things. We protect our income. How do we do that?

We buy life insurance. Term insurance is an income protection type product where you can buy the most amount of coverage for the least amount of money and you buy it for a period of time with the mindset that one day when you retire, that amount of insurance you probably won't need as much. You'll still keep some life insurance because we still are protecting our income. One of the things that people forget about on life insurance and on, you know, keeping it as they get older. We still have losses.

And how do we have lost your income? Well, if you're married and you have 5,000 a month coming in and Social Security, twenty five hundred a piece, and one of you passes, then there's $2,500 that's not gonna pay anymore. The Social Security is a lifetime income and then it stops. The only benefit difference is on Social Security. You get to keep if you're married the higher of the two.

So that is an income protection. If you have a disability, you buy disability income. And how do you do that? Well, you buy disability income with the same mindset as you do with life insurance to protect your income in the event you have a disability. You also have things called living benefits.

Those are things where if you have critical or chronic illnesses, things like that to where you can, get your life insurance death benefit in advance. Alright. So how does that work? Most of the coverages that we see, you can get up to 90% of the death benefit in advance if you had any of the qualifying type events. And so I do think that having living benefits on your life insurance is good.

So what have we done so far? What we've gone in and done is we have basically said, let's protect. Okay. Let's protect if we get sued. We have auto homeowners.

We got renter's insurance. We'll protect your assets. If you have a more expensive car, you may keep collision coverage on it. And, but if you don't, you might decide to be self insured. Alright?

You buy disability income, pays in the event you become disabled, and you have health insurance protects your assets. One of the biggest bankruptcy places is people don't have their health insurance and then they end up getting sued. And that's no good. We buy life insurance with the idea to protect your income. So those are the insurances that we go through to provide a asset protection, income protection, those are things like that.

And so, if you want more information on any of those kind of things, visit roymountainlincjunior.com. We've got more stuff on the website to keep you educated. One of my goals when I went on the radio many, many years ago over over thirty years ago was I felt like that if I could put the education out there, people could make good decisions. And as a result of that, we have a lot of people that have been calling and they've been calling in the last month or so. I did a show just recently on, you know, how to handle market declines.

And the cool part is they've been calling, not stressing, they've been calling saying, hey. I got a little extra cash. Could it be a good time to be buying? And so that's the first section which is protect your income, your assets. The next one is let's protect our cash flow, alright, and our liquidity.

And, how do we do that? Well, one of the things that we run into is emergencies. And, the emergency fund, which is three to six months of expenses, reduces your need to borrow money. It also keeps you from paying penalties on retirement accounts that you have to access or selling at market downs when you need money, things like that. And then the other side is what's called an equity line of credit that I always tell people to set it up when you don't need it, so you can have it when you do need it.

It's interesting about banks. I love to loan money to people that don't need it. But if you need it, it's hard. And so what we're doing today is we're talking about building out 21 ways to, protect yourself, so that way you're without stress. My name is Roy Matlock Junior.

Visit roymatlockjr.com. We will be right back. Welcome to the Roy Matlock junior money and business hours where he'll help you fix your finances once and for all. To reach Roy, call (615) 843-2999. That is (615) 843-2999 or visit RoyMatlockJunior.com.

Now here's your host, Roy. Alright. We are, talking today 21 ways, to position yourself financially to, you know, weather weather the storm if that happens to arise, which it does for pretty much everybody at some point in their life, or to go and and build wealth. I wanna hit on something, that I think a lot of people don't realize. I had a client just recently that I spoke with, and I said, do you have any of the life insurance policies, it that you don't need?

And if you're, you know, 60 years old, 65 years old and up, a lot of times you get policies that are coming up for renewal and they become very expensive. And then the first thing we do is we drop those policies. There's value in those policies. There's actually companies that will buy that policy from you and write you a check. So do not cancel those policies without finding out if they have some value to you.

And so, you can visit roymatlockjunior.com. We have a form that you can kind of get an idea of what it might would be worth should you decide rather than dropping the policy. Have an insurance, what's called a life settlement company, write you a check. And this would fall for if you have a business and you have key man policies, or you have life insurance for, you know, buy sell agreements and you say sell your business, or you do anything like that. It's an opportunity and many people, they have group insurance that they can convert.

Wouldn't it be nice to convert your group insurance when you retire and then have somebody buy it from you and give you cash? And so that even works on a term policy. So I wanted to kind of hit that. And so we want to do things that allow us, know, let's take advantage of the money that, you know, that we earn. I had a lady, talk to her last night, and I said, you know, what would you do if your electric bill came back double?

You'd get on the phone. Right? Say something's wrong. I'm mad. All that kind of stuff.

Yet we let, taxes just take our money, and we don't care about it. We don't think about it. And so there's a lot of things out there that you can do to, you know, put yourself in a better position. So when we first came out of the break, we talked about protecting your income, your health, and your assets. And some other areas that you might want to consider is, different structures.

So if you have a business, you might want to have an LLC, or you may want to look at living trust. You know, a living trust allows you to get, you know, the what I think to be in many cases, probate court can be, you know, a den of thieves. You know, if it's not the lawyers that get involved in it, you know, trying to protect somebody which cost you money, there's someone else that's trying to steal your money in probate court. And so, a will is not enough. So you want to think in terms of, let's protect what we have so we can move forward.

And then once we do that, we start also looking at what are financial items that we need to have. We need to have an emergency fund. So let me give you an example why you have an emergency fund. First thing is this, if you have an emergency fund, you can raise your deductibles on your insurance because you have a period of time that you can survive. You can get to a point where you say, yeah, I got enough money set aside.

I've got an older car. I don't need that collision insurance. That'll save me some money there. I can, do a longer waiting period on my disability income before it kicks in. I can raise my deductibles on my home, my car, my health insurance, all that kind of stuff.

And that's because you have three to six months of expenses set aside. This will keep you from selling if you just happen to lose your job about time the market's down and your four zero one ks is your only access point, well you've got money. I also tell people get the equity line of credit. If you have a big asset, if you have an asset, your home has a lot of equity in it, set it up. You got nothing to lose.

Typically, it's a couple hundred dollars a year to keep it even if you don't use it, and it's better to have it and not need it than to need it and not have it. That would be another protection type thing. We want to avoid high interest credit card debt. We want to eliminate stupid stuff that we buy that goes down in value. One of the number one mistakes that people make is they buy new cars when they really can't afford it.

I mean, the rule of thumb on a new car. If you pay, if you buy a new car and it and you're not paying cash for it, and the amount of and when you do pay cash for it, it doesn't even matter. Then you need to be buying a used car. I mean, that's simple. I can assure you that if you're financing a car, a new car, you're getting killed.

Alright? And you don't want to do that. And so, we want to think about just let's let someone else pay the, depreciation on the car. Why do we wanna buy a car for 40 and pay 50 when it's worth 20 when we get done with it? Only to go back again and do it over again.

And I see people do that all the time and bad bad idea. Last time I bought a new car was in 1997. And the reason I did that was I was busy, I had triplets on the way, and I went in and wrote a check for a minivan. How about that? And it was I put it on the payment plan, one payment.

And that's the last time I bought a new car, and it was just I was busy. It wasn't that big a deal. And when I did buy the new car, I just didn't care. I had enough money. It didn't matter.

And so if you, if it matters, I used car. Your car is gonna be used anyway once you drive it. You're driving a used car. Right now, if you've got a car, you're driving a used car more than likely because it's only new when you want driving off the showroom and take the big hit. You want to refinance if you can.

Take a look at your mortgage and if you have an opportunity to refinance and just save a tiny amount of money. What I always tell people on refinance and mortgages is do par rate. That means all the costs are in the rate. And if the rate's cheaper, you can refinance and do it again, do it again, over and over and over again. And get on a plan to where you spend less than you make.

That's the budget forms. You can go to roymountainlikenjunior.com, get your budget forms, download them, calculate it, just put it in there. Then you find out what you're really doing, And then, start working on paying the debt off. So that's cash flow, liquidity, debt management. Rule of thumb when it comes to borrowing money, never finance depreciating assets.

That's the first thing. What's the difference in good debt and bad debt? Good debt, a, you can afford it. B, it's tied to something that appreciates. So, you may go in debt for a piece of equipment in your business that will make you money.

You may buy a house that has the easy payment, so it's still good. And it is tied to something that could go up in value. Bad debt would be anything that depreciates, high interest rates, and you can't afford it. How about that? Alright.

That's a simple rule of good debt, bad debt. Then we start building. We start building wealth. How do we build wealth? Well, first thing you do is you live below your means.

The primary number one thing that I know for a fact that is the key to accumulating money is to live below your means and be on a budget. So let me give you an example of what happens. I love nice things. I love to play golf at nice golf courses. When I travel, I like to stay at nice hotels.

I eat at nice restaurants, and so on. I mean, that's what I like to do. Alright? But if it involves me spending more than I earn, then that's not a good idea. And so how do you go about doing this?

Rule of thumb, live on 50% of your income. How about that? Make a hundred, live on 50. Take 25% of it and invest it. The other 25 is probably gonna be Social Security, taxes, all the stuff that goes along with it, and there you go.

And you said, but but $50 is not enough. Well, the second thing you always do if you want to get ahead or then or one of the two things is you start making more money. So, well, how do I make more money? You become more valuable. That's simple enough, right?

You find something you like to do, that you would do without pay. You like it. Alright? And then you get great at it. You've changed changed until you find something you love.

And then you wake up one day and you're loving what you do. You're great at it because you don't cut out at 05:00 on the nose because you're not liking what you do. You become great, and then you start becoming more valuable. And so if you're listening today, I'm gonna give you one other idea. Visit roymattlockjr.com.

We have a referral partner program where you can actually get involved in the financial business with us. Visit roymattlockjr.com. We'll be right back. Welcome to the Roy Matlock Junior money and business hours where he'll help you fix your finances once and for all. To reach Roy, call (615) 843-2999.

That is (615) 843-2999 or visit RoyMatlockjunior.com. Now here's your host, Roy. Alright. We are continuing today 21 things, you can do to protect your wealth and build wealth and, you know, just good common sense when it comes to money. And we're talking now on the section called building wealth.

And, you know, the first thing that you have to do is you have to learn to live on less than you make, control the spending, get on a budget. If you want to set up a budget, one of the easiest things to do is to set up automations. Here's some of the automations that I always tell people. Number one is you gotta have automatically have money pulled out of your checking account, or through your payroll, or both to where you have an automatic pay yourself first, type plan. One of the things that got me started is, I learned what a mutual fund was.

And I was like, wow. You know, I can put money into something that's, you know, gets better than the bank return, and I can do it for $50 a month. Wow. I could do that? And so, thirty years over thirty years ago, I did that.

Started drafting, my account. And I have one of the ladies, and she knows I talk about her because she's just excited about saving money. What happens is is, the more you you start saving and accumulating money, the more you don't want to spend money. And then you get excited about your account statements. And so what I always did is, I told my son this actually this morning, I said keep about $300 in your pocket.

Always. If you have cash in your pocket, you you don't feel broke. But you need to be broke in your, in your checking account. And how are you broke in your checking account? You got it all swept out of your account into an investment account.

And then you go look at your investment account and you're like, this is cool. I like this. And so, automate your savings and investing. And if you do that, you'll start moving in the right direction. And so now, what we've done is we've set up a plan to do this.

You want to teach your kids early on how investments work. I'm gonna give you one of the best things you can do if you're a parent or grandparent. I did this, I did a family financial workshop for my family. Alright. And, of course, I'm in the investment business.

Everybody, you know, that if you're listening, you know, that's what I do. And so one day, I decided you know, I went to a high school one of the high school graduations, and the, of one of my niece's daughter. And I looked around and there are kids everywhere, and I was like, you know, family and stuff like that. I said, you know, my my direct siblings, they do great. My, parents did great.

And the reason they did great was because they worked hard. They did all that stuff, but we also started you know, they were my very first clients. So, you know, give yourself thirty, forty years of compounding, in the right places. Everybody's doing good. And but their kids and their kid I mean, there's five generations of children.

You know, my mother's still living, and not all of them know everything. Not all of them they don't they're they're not connected like that. And so I thought, how do you change a family tree? Well, you do a family financial workshop. So I did it one day, and I said, look.

If you, if you show up and to my office, this is my family, we will do a three hour fill in the blanks if they're teenagers. If they're not teenagers, that's fine. I'll still do it. And I did a gift to all of my family that didn't have an investment account. I gifted them 250 into a fund.

And that way, once it's open, they could add any amount to it. You know, I encouraged all of them to put money in and do that. So if you have ever thought about, you know, really doing something great for your your kids, grandkids, stuff like that, reach out to us. We will do a family financial workshop for your family, and you can make a gift to each one of them and open the fund, and do it for as little as $250, and you never have to add to it. And then rather than teaching them to go to the bank and loaning the money to the bank in a savings account that's getting very little, you can show them how investments work.

And one day you'll wake up and they'll be like, they'll ask you about stuff that you, you know, I never thought about. And so anyway, but that's some things that we do to help, you know, build wealth and plan for the future, diversify our income and investments. We wanna have multiple streams of income, multiple areas of investing. So I'll give you an example. If you are retiring right now, one of the things that I always like to do is I say, well, let's look at your income streams.

Well, you've got Social Security. So what's that? And then from there, we said, well, where else can we get money? We could do an annuity that has lifetime income on it. I like that with a portion of money.

I wanna have a portion of money and stuff that's fairly conservative, like bond funds, things like that. Then I wanna have a portion of my money in something that has growth opportunities to it, and that would be stocks. And so then what happens is I have then I may have a business that brings money in, and then one day I might be able to sell that business or maybe I can bring someone in to run that business. But the long and short of it is is that we diversify our income and we diversify our investments. And so then we become bulletproof.

So you say, well, I got a pension. I got Social Security. I got a 401 k. I've got a business on the side that I can sell. I've got some new I got some money in a life insurance policy that gives me tax free income, and I got an annuity that gives me income.

And and before I know it, I got all these income streams and and it's coming in, and I got some money that's growing it for in the future, you know, that's out there. So that is what I do when I try to work with people and say, hey. What are your income sources? And what you always want to do is have multiple income streams. And if you do, that will allow you, okay, to, you know, get more bulletproof.

Some other things that we use to accumulate money. We've got Roth IRAs, we've got which are tax free. We've got life insurance policies. There's things called indexed life insurance and variable life insurance. And what that is, is it allows you to build up an additional tax free income that will eventually be tax free death benefit.

So those are permanent life insurance policies coupled with your term insurance. And it allows you to, you know, get some more tax free income. You got your four zero one ks's which is deductible. You can take a deductible four zero one ks and take the tax savings and throw it into something that's tax free, maybe. So, here would be an example.

If you're under 50, you put $20 in. You're right at $20, you deduct it. May say 5,000 and at 25% on your four zero one k. Don't blow that tax savings. Stick it into, something else.

Put in a Roth. Put it into some insurance or investments, stuff like that. And then you just bought one and got one free. Right? You bought your four zero one ks, the IRS funded it, the tax savings, and more than likely your employer said, hey, you put in 4% or 3%, we'll match it and so on.

We, build wealth for the future by investing in our self. As I mentioned, you know, get better at what you do, upskill certifications, education, boost your earning potential, be the the person at your business that they're scared you're gonna quit. Alright? And, I've always done this when it comes to, you know, my my business and my finances. I've always kinda started the year off.

I said, what's my income stream gonna look like? And I come up with that, and I said, well, let's fire everything. Let's fire all the expenses. I don't want them setting up the budget. Well, let's look at everything.

We're gonna we're gonna fire it all. Which ones am I gonna hire back and which ones am I gonna drop? And that's how you create some gaps, to save more money. If you have a business, you might decide, you know, I'm a I'm a fire all my employees, and not really. But you ask yourself, if that person was not working here now, knowing what I know, would I rehire that person?

And if you want a players on your team, you should say, yes, I would rehire those that person. If you don't have A players, you might say, no, I'll let that person go. And you start your year off and you say, well, they're not pulling their weight, so why am I paying them to show up? And so we're always thinking about how can I free up money to save? Take that money, invest it.

And then, once I do that, I'm in a position to where one day I can live off of that. If you want more information on getting a plan in place, go visit roymattlachjunior.com. We'll do a thirty minute phone call with you just to find out if we're a good fit. We'll be right back. Welcome to the Roy Matlock Junior money and business hours where he'll help you fix your finances once and for all.

To reach Roy, call (615) 843-2999. That is (615) 843-2999 or visit roymatlaijunior.com. Now here's your host, Roy. Alright. We are finishing up our last segment today.

This has been just a, you know, about twenty one ideas, you know, and there's let's see. What do we got? Like, six or seven of them left. And we're gonna get into now legal tax and estate planning. And, you wanna get your estate plan in order.

Why do you wanna have an estate plan in order? Well, it starts out, you know, from the moment that, I always tell people, when do you need something? Well, for sure, when you become an adult. And what I mean by that is is, you don't have anyone looking out for you. And so if you're single and you say, well, what do I need?

You can just, you know, sell my car and throw me in the ground. Okay. Well, yeah, you can do that. But what happens if you have some kind of health health issue and you need someone to make decisions for you? That's called a health care power of attorney.

Need someone to pay your bills because you can't do it. Or even worse than that, you're on your last breath and you need to have a directive. So someone can make a decision like you would want to have made on yourself. And so those are some things that are living type estate planning tools that you wanna have, but they're living tools. Because if you're, you know, once you turn 18 or if you have a child that is no longer a child, they're 18 and they're off to college having a power of attorney, especially a health care power of attorney, living will, that kind of stuff would be something important that you need to have.

We have referrals for those kind of things at roymountainkejunior.com. You continue, you build an estate, you start accumulating money, you work hard to accumulate money. It's always interesting to me that, people who don't have any money, don't think that big a deal about how important having this stuff is because I don't have anything. But when you've worked hard to accumulate, and you've lived and sacrificed to be able to provide yourself and your family what you've done, you want you don't want somebody to just take it from you. You don't want your, the ex husband or ex wife to take it from your child that is your daughter or son or whatever.

So you put things in place. You use different ways to avoid probate, so you can get the money out of probate court and get it to, you know, the proper beneficiaries. So there's a couple ways you can do that. One is you can title your property, POD, TOD. And that is is transfer on death.

And and what that means is is it avoids probate by doing that. And it doesn't mean you're giving it up, it just says you're transferring on death. And so you got joint the rights of survivorship, type accounts. So a lot of them are different if a brokerage accounts one way, a bank accounts another way, and so on. But at the end of the day, it gives an ability to do that.

Now that's better than having to go to probate, so you can set your bank accounts up that way. But also, you might consider if you have some assets, I think, you know, if you have any type of assets, if you have a home that's worth something and some retirement plans, you, want to get what's called a living trust. A living trust allows you to set things up to where you have a trust that owns, the property and that avoids probate. You can put your house in there and all your assets and stuff like that. Also, you can turn that into an irrevocable trust after your death, which means it's a trust fund.

You know, you can have a trust fund that protects your assets. One of the big things I run into is second people where they have second marriages and kids. And if you have been married, remarried, you both have kids, and you're about living in a house together, you might consider, you know, what would happen. If some happens to one of you, which one of you will pass, and when that happens, who gets the house? Do you have a life estate set up or someone can stay there, and then it divides to each of your kids since you both did it?

Or do you have nothing, and then the potential is it could go from one spouse to the other to their kids, and your kid the other set of kids get left out. And so that's important, that you do that. We have just, you know, just one thing that'll blow your mind, is the number of beneficiaries that when we do reviews, that are messed up. Let me give you an example. All children equally on a life insurance.

And then one of them, one of your kids passes away. Alright? And then all children equally. Alright? Well, that one child that passed away that may have a wife and kids, it's not included.

Alright? And so there's an example. Or you have kids and the last one didn't get added. Alright. Or you get a divorce and the beneficiary is your ex.

I can go on and on and on about beneficiaries. If you'd like to get a review on that, on your beneficiaries, just call us and we can go through and help you on that. It's (615) 843-2999. We do phone calls. Typically, I like to have, phone calls.

My advisers like to have phone calls first before we meet. That way, you can find out if it's a good fit. You can ask your questions. We can give you ideas on how we do things. And then from there, you can make a decision whether you want to meet.

That's the better way of operating. We are a financial advisory firm, and we do pretty much all things money. If we don't involve ourselves in it, we have a referral to be able to do that. So from a legal tax and estate planning side, you want to make sure that if you have a high net worth that you're not going to hand it over to the IRS in the form of estate taxes. We have gifting strategies, all that kind of stuff.

And then, we want to maximize tax efficiencies that's IRAs, Ross, 401ks, HSAs. That if you, if you work for a company, you can do an HSA and deduct about 4,000 a year. And that can turn into a other source. It turns into an IRA after 59 and a half. It works the same way.

Usually ways to reduce your cost and your tax drag and boost your long term returns. And so we have all types of resources that you can check out, you know, in addition to, we've got the a to z of personal finance recording, the replay. Go to roymattlakejunior.com if you want some, information on that. And then we get to the, oversight, accountability, professional support. Conduct annual financial reviews, review your entire financial picture yearly, update goals, rebalance investments, recheck risk.

So one of the things that I I do when I work with someone is, and and all of our guys do this, I like to show people where they're at, you know, and everybody wants to feel good about where they're at. And if you've worked hard, you know, I had a, client today that, this morning, and met with with that person. And I said, look. If we took your what you have and we took all of your money and stuck it into a fixed indexed annuity, I'm not telling you to do that. Alright?

But if we did that, it would guarantee a lifetime income for you and your spouse along with your Social Security. Here's your worst outcome. And I show people that. I was showing them this morning. I said you could get 6,000 a month, sixty six hundred a month, I think is the number, plus Social Security.

And that would pay that 66 would pay for as long as both of you live, and if you lose one Social Security, you'll lose one. You'll still have that 6,600. House is paid for, you're doing pretty good. Alright. I always like to give people a picture of where they're at, but then at the same time of where they need to go.

And so when we meet, we do a review of where you're at. If we meet the first time, we would say, where you at? What do you have? You know, your on your what's your house worth? Have you sold it today?

Do you have a mortgage? What about retirement plans? All this kind of stuff. And then we start digging, And I'm an implementer. What we do as a fiduciary business is we implement.

We implement outcomes for people. So what would be an implementation? You come and you meet with one of our advisors. We find out where you're at, what you're doing so far up to this point, and we come up with a budget. That budget then is put into some allocations.

Those allocations create a defense that protects you. We've talked about that. We create an offense to grow. We take look at your tax situation. How can we reduce taxes?

How can we if you're at or near retirement, how are we gonna make sure that you never run out of money? Those kind of things. And so, this is kind of the, you know, conducting financial reviews. We plan for large expenses in advance. For instance, if you wanna be without a car payment, the first thing you do is you save money in advance so you don't have a car payment.

So we do that. We look for sinking funds is what we do. And in your budget, it allows you to spend the money you're you're making, but at the same time, you know that there's money still set aside for future purchases, taxes if you're self employed, so you're in a position like that. So what we do is we do this. And when you work with a fiduciary, a fiduciary is legally bound to act in your best interest.

That's what we do. The intention is is that you're buying financial advice and you do that and over a period of time is proven. If you're with a good financial advisor, what will end up happening is you will do better just like anything else. If you want to do better with your health, I always tell people find somebody you trust and like as it relates to your doctor, your trainer, whatever it may be. I take golf lessons because I know that there's people that spend their entire day studying golf.

And they're gonna probably be able to help me more than me as an amateur, spending a few hours here and there, on my golf game. And so we do that. We want to maintain our credit. You can, in many cases, sign up for different types of of credit type scores, to where you can, you know, learn where your credit is. And we start building stuff like that.

And so, then what we do is we put all this together, and we put it into a form of a plan. So what is your plan? Your plan is, what we call a GPS, your goal, your plan, your schedule. So it starts with what's the goal. And when I start look looking with people, on how to do this, I said, what's what's the do nothing money?

What is do nothing money? How much do nothing money do you need? And you say, I need a hundred grand. Alright. We start, we say a hundred grand.

Generally, multiply it times 20. You need 2,000,000, 2 million at 5% gives you a hundred grand. And then we say, well, where's the shortfall? And then we how much time do we have? What kind of interest rate are we gonna do?

And that's how we start accumulating money. And so, guys, I hope you've enjoyed the show. This has been 21 ways, to put together a plan that will protect you, you know, from, the mistakes that people make. My name is Roy Matlick Junior. I would encourage you to visit roymmatlickjunior.com.

Pick up some of our free resources. We'll be back next week. Thanks for listening.