21 Ways to Protect and Grow Your Wealth — Building a Financial Plan That Lasts

You’ve worked hard to earn your money—now it’s time to make it work for you. In this episode of the Roy Matlock Jr. Money and Business Hour, Roy breaks down 21 practical ways to protect your income, grow your assets, and create long-term financial security. From insurance to investing to estate planning, these strategies help you avoid the costly mistakes that can drain your wealth over time.

1. Protect Your Income and Assets First

Consider beginning with these core coverages to help protect your foundation:

• Health insurance – prevents medical bills from destroying your savings.

• Life insurance – replaces income for your family if you pass away.

• Disability insurance – covers income loss during illness or injury.

• Auto, homeowners, or renters insurance – guards your property.

• Long-term care insurance – protects retirement assets as you age.

Add a personal umbrella policy for at least $1 million—it’s inexpensive and provides legal protection if you’re ever sued.

Financial Protection Pyramid

2. Build an Emergency Fund

Three to six months of living expenses is your first line of defense.
An emergency fund keeps you from dipping into retirement accounts or using high-interest debt when surprises happen.

Bonus tip: once you’ve saved it, raise your insurance deductibles—you’ll save on premiums because you can now self-insure minor risks.

3. Use an Equity Line of Credit Wisely

Apply for a home-equity line when you don’t need it.
Banks love lending to people who don’t need the money—and it can be a lifesaver in a true emergency.

4. Avoid High-Interest Debt

Nothing slows wealth like credit-card balances or car loans on depreciating assets.
Follow Roy’s simple rule:

Never finance things that go down in value.

Buy quality used cars, skip luxury upgrades, and redirect savings toward investments that grow.

5. Distinguish Good Debt vs. Bad Debt

• Good debt builds value or income—like a mortgage or business loan.

• Bad debt drains wealth—like financing a new car or consumer purchases.

If you can’t afford to pay cash, you probably can’t afford it.

6. Live Below Your Means

Roy’s “50 Percent Rule” keeps you financially bulletproof:

• Live on 50 % of your income.

• Invest 25 %.

• Use the remaining 25 % for taxes and essentials.

If 50 % feels impossible, increase your income—become more valuable through new skills, certifications, or leadership opportunities.

7. Automate Your Savings

Make saving non-negotiable.
Set up automatic transfers from checking to investments or retirement accounts each month.
The less you rely on willpower, the faster your wealth grows.

8. Teach the Next Generation

Roy encourages parents and grandparents to host family financial workshops.
Open small investment accounts—starting at just $250—to teach kids and teens the power of compounding.
You’re not just giving them money; you’re giving them knowledge.

9. Diversify Income Streams

Financial freedom comes from multiple paychecks:

• Social Security

• 401(k) or IRA income

• Business or side-business revenue

• Annuities or pensions

• Rental or investment income

• Cash-value life insurance withdrawals

The more streams you build, the more resilient you become.

10. Maximize Tax Efficiency

Coordinate your investments for lower taxes:

• Contribute to deductible 401(k) or IRA plans.

• Use Roth IRAs or indexed life insurance for tax-free growth.

• Take advantage of Health Savings Accounts (HSAs)—deductible now, tax-free later.

Roy calls this “Buy One, Get One Free” investing—your tax savings fund your next investment.

11. Review and Refinance

Refinance your mortgage whenever a lower “par rate” offsets closing costs.
Repeat as rates drop, and you’ll save tens of thousands over time.

12. Keep Your Legal Structure Strong

If you own a business, form an LLC or corporation to protect personal assets.
If you own property or have dependents, consider a living trust to bypass probate and keep control of your legacy.

13. Check Your Beneficiaries

One of the most common—and costly—oversights Roy sees is outdated beneficiary designations.
Review every account annually to ensure the right people inherit your assets, not an ex-spouse or missing child.

14. Plan for Estate and Legacy Protection

Estate planning isn’t just for the wealthy.
Create or update your will, power of attorney, and health-care directive.
Use Transfer-on-Death (TOD) or Payable-on-Death (POD) designations for bank and investment accounts to avoid probate.

15. Maintain Your Credit

Monitor your credit score, pay bills on time, and keep utilization below 30 %.
Good credit reduces borrowing costs and opens doors to better opportunities.

16. Review Your Finances Annually

Schedule a yearly financial checkup—just like a medical exam.
Review your goals, rebalance investments, and update your risk tolerance as life changes.

17. Work With a Fiduciary Advisor

A fiduciary is legally required to act in your best interest.
They help coordinate taxes, investments, and retirement planning under one clear strategy—reducing risk and maximizing results.

18. Conduct “Implementation Reviews”

Roy calls this the GPS method:
Goal → Plan → Schedule.
Set your financial destination, map out how to get there, and check progress regularly.

19. Keep “Do-Nothing Money”

Aim to have 3 months, then 6 months, then 5 years of “do-nothing money”—cash or investments that let you live your life even if income stops.
Financial freedom is having enough to choose—not enough to worry.

20. Invest in Yourself

Your earning potential is your greatest asset.
Continuous learning, networking, and health investments multiply your lifetime wealth more than any single stock pick.

21. Build, Review, Repeat

Financial success is a cycle—protect, grow, review, repeat.
When you automate good habits and eliminate emotional decisions, wealth becomes inevitable.

Key Takeaway

Financial security isn’t about luck or timing—it’s about structure, discipline, and consistency.
Protect your assets, automate your savings, and review your plan every year.
Do that, and you’ll be ready for any storm life throws your way.

🎧 Listen to the full episode: 21 Ways to Protect and Grow Your Wealth

Business Owners on the Air with Roy
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