PODCAST: July 26, 2025 – Building Your Financial Foundation
Building Your Financial Foundation: How to Get Started the Right Way
In the July 26, 2025 episode of The Roy Matlock, Jr. Money and Business Hour, Roy delivers a foundational guide to building financial success from the ground up—perfect for young adults, newlyweds, new parents, or anyone rebooting their financial life. He outlines a practical, step-by-step roadmap that includes increasing income, budgeting, smart saving, strategic insurance, and avoiding common mistakes that cost hundreds of thousands over a lifetime. With Roy’s personal stories and straightforward approach, this episode provides timeless advice on how to build a secure financial future.
Key Takeaways
Grow Your Income Early
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Find work you enjoy and become excellent at it; passion plus skill leads to long-term success.
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Consider self-employment or increasing value in the corporate world to command higher income.
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Strive to reach $200,000 in income by building expertise and monetizing your knowledge.
Play Defense with Budgeting and Insurance
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Live on 75% of your income: 25% for taxes, 25% for savings, and 50% for living.
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Build a usable, proactive budget (not just a historical expense tracker).
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Set up 3–6 months of emergency savings before tackling other goals.
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Use proper insurance (term life, disability, health, liability) to protect income and family.
Avoid Bad Debt and Know the Difference
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Good debt is tied to appreciating assets; bad debt is tied to things that lose value.
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Never finance depreciating assets (like new cars or unnecessary luxuries).
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Use levelized payments and automation to eliminate debt (e.g., debt snowball method).
Start Saving with a Purpose
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Use the Rule of 72 to understand how money doubles over time.
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Make it your goal to save your first $100,000—this builds serious momentum.
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Automate savings into retirement accounts, mutual funds, or emergency reserves.
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Use compound interest calculators at SEC.gov to set achievable long-term goals.
Prepare for the Unexpected
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Set up wills, trusts, and guardianship arrangements, especially if you have children.
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Consider AI-enabled term life insurance with instant approvals and free estate planning tools.
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Think in terms of “months you can live without income” as a key security measure.
Think Long-Term for Generational Wealth
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Use tools like 529 college plans or UTMAs to start saving for children’s futures.
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Reinvest small savings into meaningful long-term gains.
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Practice frugality early—even Roy shared stories of shopping at Goodwill while earning well.
