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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Money Tips: She discusses home financing options such as Reverse Mortgages, Zero Down Payment Programs and FHA 203K Program.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Latrease Price-Gistard. Purpose of the Interview The interview aims to educate listeners on the mortgage industry, highlight the role and benefits of working with an independent mortgage broker, and provide practical advice on home financing options, credit challenges, and programs that support homeownership. It also shares Latrease’s entrepreneurial journey and lessons learned. Key Takeaways Background and Career Path Latrease has a finance degree and started in investment operations in 1999. Transitioned from auto financing and co-owning a car dealership to mortgage lending. Became an independent mortgage broker in 2022 after being laid off during rising interest rates. Role of an Independent Mortgage Broker Holds her own license and partners with multiple lenders to offer tailored loan products. Advocates for borrowers to ensure they get the right product, not just approval. Specializes in helping first-time buyers, self-employed individuals, and those with unique challenges. Home Financing Insights Reverse Mortgages: Typically for seniors 62+, often used by those 75+ with equity and limited retirement funds. Provides tax-free cash without monthly payments; debt settled upon sale or refinance. Zero Down Payment Programs: Offers up to 3% for down payment, attached to the mortgage; other programs provide up to 5% for down payment and closing costs. FHA 203K Program: Allows buyers to finance home purchase and renovations in one loan—ideal for fixer-uppers. Credit Challenges Programs exist for credit scores as low as 500, but require higher down payments (10–20%) and result in higher interest rates. Latrease consults and provides “what-if” scenarios to help clients improve credit over time. Entrepreneurial Lessons Mistakes: Starting without enough capital and a strong pipeline; economic timing matters. Advice: Build capital, secure a solid client pipeline, and understand market conditions before going independent. Notable Quotes On independence:“As a broker, you serve as that advocate for your borrower to make sure they’re getting the right loan product.” On reverse mortgages:“The beauty of it is there are no monthly payments going back to the institution. The debt is paid off when the home is sold or refinanced.” On credit challenges:“Programs go as low as 500 credit score, but those borrowers need 10–20% down.” On entrepreneurial advice:“Make sure you have strong capital and a solid pipeline before stepping out on faith.” On perseverance:“It’s all about follow-through. It’s all about your dream and whether you want to make it happen.” #SHMS #STRAW #BESTSupport the show: https://www.steveharveyfm.com/See omnystudio.com/listener for privacy information.

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