S8 Ep28: You’ve Built the Wealth — Now What?

Roy Matlock Jr. here, and, uh, we are today gonna talk about, uh, you've made it.

You've got your million bucks, uh, and what are we gonna do? And, you know, as I've always talked through with people, there's three stages of investing, and the first stage is, or accumulation that is, is that you get started, and you get to 100 grand.

And the rule of thumb, I always call it the ma- the $500 secret.

$500 a month for 10 years will get you to your 100 grand typically if you have it invested in a reasonable rate of return.

And so then from there, your next goal is to get it to a million, and then typically people, if they have a million saved, and even if you, um, uh, just you have a million only, a million, and you retire, and you've got your Social Security, you've pretty well set yourself up to where you can survive and, and do whatever.

And then there's some of you that have two million, three million, four million, five million, that kinda deal, um, that you have different issues going on.

And so today I'm gonna kinda address a little bit more of that.

Um, I have people come to me all the time, and to all of my advisors, and they ask questions.

And some of the questions ten- uh, they tend to break down into really three types of questions.

Number one is a product question.

Uh, "Hey, I need life insurance," or, "Should I have dis- you know, disability?" Wh- whatever it may be, but it's either products, plans, or advice, you know? And when I'm meeting with people, I say, "You know, what's the, what's the number one thing? You know, what-- why did you take the time to, um, schedule an appointment, you know, to meet with me?" And they may have a specific, and typically the specific has something we call money in motion involved in it, and that means something happened.

You know, you got married, you got divorced, had a kid, sold a house, moved to Nashville, and you changed jobs.

You got an old 401[k].

I can go on and on.

You know, currently right now, I think I'm just within my [clears throat] personal client base, I've got three different scenarios where, um, people have passed away, and there's two houses for sale, and another one's got some stock that they're gonna be getting.

And so there's always something, all right, like that.

And they say, "Well, what do I do with this?" All right? And so what we're gonna do today is kinda talk that direction, uh, and talk about, you know, products and talk about advice.

What are decisions we make, uh, if you've accumulated some money? If you haven't done that yet, uh, the first most important thing is we get you started.

And in any instance that we're talking, I always tell people our business has been doing this 40 years.

We, uh, work with people from birth till death and beyond, um, setting up plans to help them get financially successful.

And so, uh, let's start, all right? Products, plans, or advice.

Uh, when I meet with someone, I typically would, uh, ask you this question: "What's the goal?" You know? And typically it comes back, "Well, you know, I'm concerned." I had, had someone recently, they say, uh, "Don't you deal with life insurance?" And I'm like, "Yeah, I deal with life insurance." I'm, I'm one of these guys that Jerry House back, if you ever listened, I would call in, and Jerry would say, "You know, Roy's the kinda guy that sits home at night and reads life insurance policies and mutual fund prospectuses." And truth of the matter is, it's almost true.

Uh, so I'm pretty well anything to do with life insurance or any of that stuff.

So people-- I had, had somebody ask me, say, "Don't you deal with life insurance?" I'm like, "Yeah, I do." And, and she was in a situation where she has two kids and, uh, is dependent on the, uh, ex-husband, uh, to be able to survive, uh, and pay, and she's raising the children and stuff like that.

And so we met, and we looked, and we came up with a term life policy, uh, that would protect income.