PODCAST: July 19, 2025 – Mastering the Money Mindset; 10 Wealth-Building Habits
10 Essential Habits to Unlock Wealth and a Winning Money Mindset
In the July 19, 2025 episode of The Roy Matlock, Jr. Money and Business Hour, Roy breaks down the key financial habits and strategies that separate the wealthy from the average person. Drawing from over four decades of experience, Roy walks listeners through ten foundational money principles, covering savings, investing, debt management, diversification, insurance, estate planning, and more. He also dives into essential business owner strategies, highlighting common pitfalls and proactive planning methods for long-term success. This episode is a comprehensive financial blueprint for anyone serious about building wealth and securing financial independence.
Key Takeaways
Pay Yourself First
One of the most consistent wealth-building habits is automatically saving a portion of every paycheck. Treat savings like a bill, pay yourself first, and let automation build your wealth over time.
Maximize Retirement Contributions
Take advantage of all tax-deferred accounts like 401(k)s, IRAs, and SEP plans. Use the “buy one, get one free” strategy by combining pre-tax savings with after-tax growth options like Roth IRAs.
Use Dollar Cost Averaging
Invest consistently regardless of market fluctuations to accumulate more shares when prices are low, benefiting from long-term market recovery and compounding returns.
Have a Written Plan
Putting your financial goals and strategies in writing dramatically improves your chances of success. Regularly review and update your financial plan to stay on track.
Understand Good Debt vs. Bad Debt
Not all debt is harmful. Good debt is tied to appreciating assets (like real estate or business investments), while bad debt finances depreciating assets or consumables.
Diversify Across Asset Classes
Balance your investment portfolio between stocks, bonds, annuities, and cash depending on your life stage and risk tolerance to smooth market volatility and protect your capital.
Build a Financial Defense with Insurance
Proper insurance is critical—cover income replacement, medical expenses, liabilities, and long-term care to avoid financial ruin from unforeseen events.
Create Multiple Income Streams
Wealthy individuals often have several sources of income, including businesses, passive investments, real estate, and retirement accounts.
Get Estate Documents in Order
Avoid costly legal battles by having wills, living trusts, and healthcare directives in place. This ensures your family is protected and your wishes are followed.
Meet with Financial Advisors Regularly
The wealthy consistently review their financial strategies with fiduciary advisors who act in their best interests, making adjustments as their life circumstances evolve.
