Financial Tip: He covers the difference between being rich and being wealthy and overcoming setbacks.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. Willie Jolley.

SUMMARY OF THE INTERVIEW

In this energetic and motivational conversation, Hall of Fame speaker Dr. Willie Jolley joins Rushion McDonald on Money Making Conversations Masterclass to discuss his new book, “Rich Is Good, Wealthy Is Better.” The interview covers the difference between being rich and being wealthy, the mindsets required for long-term financial growth, and how individuals—no matter their background—can build generational wealth. Jolley also emphasizes discipline, humility, planning, multiple streams of income, overcoming setbacks, and the importance of insurance and protection of assets.

PURPOSE OF THE INTERVIEW

The interview aims to:

1. Introduce and promote Dr. Jolley’s new book

“Rich Is Good, Wealthy Is Better” and the teachings within it.

2. Educate listeners on the distinction between rich and wealthy

Jolley wants audiences to understand wealth in generational, not short-term, terms.

3. Motivate individuals to shift their financial mindset

From “working money” to “mailbox money.”

4. Empower entrepreneurs and families

To adopt discipline, drop pride, and create multigenerational financial systems.

5. Share Jolley’s personal setback‑to‑success story

To reinforce that anyone can grow wealth with the right principles.

KEY TAKEAWAYS 1. Rich vs. Wealthy

Being rich = high income, often tied to active labor (e.g., athlete contracts).
Being wealthy = passive income, ownership, generational sustainability.
A rich football player earns millions; the team owner earns billions and doesn’t have to “run up and down the field.”

2. The Five Money Mindsets

Jolley explains five financial mindsets:

One‑day mindset – living day to day.
30‑day mindset – fixed incomes/check-to-check living.
One‑year mindset – annual thinking (raises, annual income).
Decade mindset – typical for entertainers/athletes with multi‑year contracts.
Generational mindset (Wealth Mindset) – building wealth to last multiple generations.

Jolley’s goal: move people up just one level at a time.

3. Five Types of Wealth

Jolley breaks wealth into five categories:

Financial Wealth
Health Wealth (“A sick person has one dream; a healthy person has a thousand.” – Les Brown)
Relationship Wealth
Reputational Wealth (Brand)
Intellectual Capital Wealth (What you know and can charge for)

4. Discipline Is the Key

Wealth requires:

Living below your means
Investing the difference
Consistency
Avoiding arrogance and ignorance

5. Pride Is an Enemy of Wealth

Pride leads people to overspend to keep up appearances.
Jolley argues that pride “kills wealth” and must be replaced with planning and humility.

6. The Three Legs of Wealth

To build sustainable wealth, you need:

Income
Investment (letting money work for you)
Insurance (life, health, car, disability, long-term care)

7. Multiple Streams of Income

Jolley urges everyone to build at least two streams of income from:

Stocks
Bonds
Real estate
Crypto
Collectibles
Jewelry
Art
Content creation

8. Overcoming Setbacks

Jolley details his own journey from unemployed nightclub singer to globally recognized motivational speaker.
He reinforces that a setback is a setup for a comeback—the core message of his earlier bestselling book.

9. It’s Never Too Late to Start

He cites examples of:

A secretary who retired with $8M by investing small amounts over time
Invested $12,000 at age 65 and grew it to $890,000 by age 72

NOTABLE QUOTES FROM THE INTERVIEW On Time & Opportunity

“I have only just a minute… but it’s up to me to use it.”

On Mindset

“Wealth starts in your mind.”

On Rich vs. Wealthy

“Regular folks work for their money. Wealthy people make their money work for them.”

On Pride

“My pride was killing my wealth.”

On Growth & Learning

“If you’re willing to learn, no one can stop you.” [On Setbacks

“A setback is a setup for your greater comeback.”

On Starting Late

“When is the best time to plant a tree? Eighty years ago. The second-best time? Today.”

#SHMS #STRAW #BEST

Support the show: https://www.steveharveyfm.com/

See omnystudio.com/listener for privacy information.

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