Mom Was Right: Family Tragedy to Financial Freedom: How a Widowed Mother of Seven Retired Debt-Free

By Larry Mathis, CFP and AIF

How does a suddenly widowed 35-year old woman, with no job, no credit and no college education, successfully raise her seven children and still manage to retire debt-free at age sixty-two with money in the bank? A Certified Financial Planner professional, with extensive formal education in financial planning, author Larry Mathis, who was three when his father was shot and killed, credits much of his success to the lessons he learned on a daily basis from his mother. His emotionally charged, real-life stories about his family's personal and financial hardships offer hope to everyone facing similar challenges today.

• Language: English
• Publisher: eBookIt.com
• Release date: Jun 13, 2016
• ISBN: 9781939614674

Book preview

ACKNOWLEDGEMENTS

This book would never have been completed without the help of some very special people.

First, I want to thank my wife, Rhonda. You have been there with me throughout the entirety of this project. You have read, proofed, edited, and read again and again this manuscript. You were never afraid to give your opinion, even when you knew it meant that I would be spending more time writing and less time with you. This has been a project of my heart, the heart you hold in your hand. Thanks, hon!

Bob Kelly – Without your prodding this book would still be in the writing stage. I am so grateful for your gentle (and sometimes not so gentle) pushes along the way! It is finished because of you. God bless you, my friend.

Kathy Dempsey – Thanks for all your encouragement. You believed in me more than I believed in myself. And now, it’s done! You’re awesome!

Angela Ambrose – And I thought I was just hiring a copy editor! Thanks for asking the tough questions and getting the rest of story out of my head and my heart and on to paper. This book is complete because of you.

Naomi Rhode – Motivation lasts for a while, but inspiration lasts a lifetime, and it is passed from generation to generation. You are the most inspirational person I have ever known. Thanks for being my coach, my mentor, and my friend. God has blessed generations of people through your amazing life. Thanks for being you.

INTRODUCTION

The memory of my mother and her teachings were… the only capital I had to start life with, and on that capital I have made my way.

– Andrew Jackson

How does a single mother, suddenly widowed at age thirty-five, with seven children to feed and no job, end up putting two of her children through college, sending two kids to Europe for a month and still manage to retire debt-free at age sixty-two with money in the bank?

As I look back on the struggles my mom went through, I realize it was her old-fashioned values and work ethic that formed the foundation of her financial success and her ability to care for all her children. Mom’s story offers hope to everyone – no matter how dire your personal or financial situation is today.

Because you’re reading this, you’re probably someone who is looking to improve your life’s circumstances. Or maybe you’re reading this to see if you could help those you care about improve their financial situation.

Whatever your reason, I want you to know upfront that this is not your run-of–the-mill financial self-help book loaded with tons of facts and figures. Hundreds of how to books have been written about money and finances, and I see no point in adding another one to the already cluttered bookshelves. This book is not about teaching you how to pick the best investments. I won’t tell you what type of retirement plan you should have and I won’t describe any get-rich-quick schemes. Yes, I do sprinkle in a few how to facts about money management, but most of this book deals with the timeless wisdom and values passed down from my mother, which have the power to transform your financial and personal life on all levels.

Mom Was Right really focuses on the why of financial planning. Why? Because after twenty-seven years of experience in the financial services industry and growing up with a single mom and six siblings, I know this – If you know your why, you can learn the how. The vast majority of people in my business are only focused on the how, yet what matters most is the why – knowing your values and priorities so you can establish clear financial goals. That’s the hardest part. Once you figure that out, the rest is easy.

Based on my profession, you might conclude that my financial knowledge has come through the traditional educational process. And, indeed, I’ve had a significant amount of formal education. As a Certified Financial Planner™ professional, I’ve had extensive training in virtually all types of investment and insurance products and have worked with people of nearly every economic class. However, the vast majority of my practical education relating to managing money was instilled in me by my mother through life experiences while I was growing up.

In this book, I share emotionally charged, real-life stories about my family’s personal and financial hardships. I have learned the most powerful lessons of my life from everyday discussions – and sometimes even heated arguments – with my mom. Over the years, I’ve used these lessons to help live a happy and contented life with my family and friends. My wife Rhonda and I have tried to pass these lessons on to our three sons: Trent, Jared, and Cameron.

The idea for this book came to me more than ten years ago. I knew at that very moment that it was something I had to do – because deep down in my soul I believe this is one of my life’s callings. But I was filled with self-doubt, and I didn’t know if I could bring to life what has been buried in my heart for decades. Even as I write this now, I feel as though I can’t fully express the depth of my gratitude for my mother and all she did for my siblings and me. She was dealt a tough hand to play, and although she made some mistakes, I realize that the love she had for all seven of us kids was the driving factor behind the toughest decisions she made – both financially and in our day-to-day lives.

So why am I writing this book? Because I truly believe that most people, no matter where they stand financially, can improve their financial situation if they follow the same simple, back-to-basics advice my mother gave me over the years. That advice, of course, was by no means limited to matters of finance. Like so many mothers, she was wise in the ways of the world, and looking back, I’m grateful for her advice and guidance through the twists and turns we all face in that phase of life called growing up.

I must admit, however, it was on rare occasions that I realized the true value of my mother’s advice at the time she actually gave it to me. In most cases, it was only after learning the hard way – by making costly mistakes – that I realized just how smart my mom really was.

But like all parents, there were times when she stumbled and fell. And some of my most painful childhood memories and most enduring lessons came from watching her struggle through life’s ups and downs. But through it all, she always had a clear understanding of her values and priorities, and she never wavered from them. No, Mom wasn’t perfect; none of us are. But she always put her children first and never gave up on us no matter how weary she became.

Financial planning is the best way to ensure a secure, stress-free future for you and your family, regardless of your age or personal situation. Making smart financial decisions becomes even more important when you are faced with unexpected challenges such as long-term illness, divorce, losing a job, or – in my mom’s case – losing a spouse and the sole provider of her family.

May the lessons she taught me – about commitment and integrity, about life and love, and about managing money – help you discover the why in your life. Being true to your values is what brings long-lasting peace of mind and satisfaction not only in your personal finances, but also in all that you