You would never have admitted it as a child, but your mother probably had a lot to teach you. This belief led Larry Mathis, founder and CEO of the Phoenix-based company Mathis Asset Management to write a book inspired by his mother’s story.

Light: What inspired you to write Mom was right?

Mathis: My inspiration came from watching my mother, a single mother raising seven children, achieve something truly remarkable: retire debt-free. In Mom Was Right: Financial Freedom Family Tragedy: How a Widowed Mother of Seven Retired Debt FreeI shared her story because I realized that the values ​​she instilled in me were not just life lessons; These are financial principles that have had a huge impact on my career as a financial advisor. I wanted others to see the incredible example she set and learn from the wisdom she imparted through her actions and words.

Light: What are the most valuable financial lessons you learned from your mother?

Mathis: One of the most important lessons was the importance of avoiding “debt bondage”. My mother was very clear about living within your means and avoiding unnecessary debt. I remember when my wife and I were newlyweds and struggling to make a down payment on a house in San Diego. My mother lent us money, but under strict conditions: she charged us interest and insisted that the monthly payments be on time.

Later, when I wanted to borrow more for a car, she said no because we missed a payment. This experience taught me that debt can be a trap and that you have to be disciplined in managing it.

Another crucial lesson was the need to “put things in writing.” My mother was diligent about documenting everything that was important. Whether it was a shopping list for the milkman or legal documents, she believed in the power of having things in writing. This has carried over into estate planning: ensuring you have a will, living will, and powers of attorney to protect your wishes and your family’s future.

Light: Please clarify what you mean by “debt bondage” or “debt trap”?

Mathis: Debt bondage, or what I call the debt trap, refers to the way debt can quickly spiral out of control, making it difficult or impossible to maintain financial freedom. It’s deceptively easy to accumulate debt, but once you’re there, you’re often stuck. For example, if you have high-interest debt, like credit cards, you may only be able to make the minimum payments, meaning the interest continues to grow and the principal barely decreases. This creates a vicious cycle in which your financial choices are limited by the need to pay off this debt.

In my own life, as I shared earlier, I learned this lesson the hard way. After borrowing money from my mother for a down payment on a house, we tried to borrow more for a new car. When she refused, citing our failure to pay, it was a red flag for me.

Debt gives you the illusion of freedom and flexibility, but if you’re not careful, it can rob you of the ability to make other important financial decisions. This is why I always tell my clients: minimize your debt as much as possible and only take on what you can reasonably manage. Debt should be a tool, not a trap.

Light: You mentioned the importance of estate planning. Why is it so essential to have these documents in place?

Mathis: Estate planning is one of the most important, but often overlooked, aspects of financial management. Without a clear estate plan, including a will, living will, medical power of attorney, and financial power of attorney, you are leaving critical decisions about your health, finances, and inheritance to chance or, worse, to the state.

My mother understood the importance of writing things down. Even as she left instructions for the milkman, she made sure everything important was clearly documented. The same goes for your estate.

If you don’t have a will, the state will decide how your assets are distributed, which may not match your wishes. A living will clarifies medical decisions, such as life support, so that your family does not have to make these agonizing choices under emotional stress.

Powers of attorney allow trusted people to make financial or medical decisions for you if you are incapacitated. Estate planning is about more than just wealth: it’s about making sure your loved ones are taken care of and your legacy is honored. I urge my clients to put their plans in writing, not only to protect their assets, but also to provide peace of mind for themselves and their families.

Light: How do these lessons shape your financial advice today?

Mathis: These lessons are at the heart of how I advise my clients. For example, debt management is an essential part of any financial plan, and avoiding excessive debt is one of the cornerstones of wealth creation.

I also encourage clients to document their financial and estate plans so that they have clear instructions to give to their family in the event of an emergency. One of the most valuable things I have learned is the importance of having a “why”. This is something I ask all my clients…Why do you want to achieve your financial goals?

Understanding your “why” clarifies the “how” of financial planning.

Light: How can the principles your mother taught you help others today?

Mathis: The principles by which she lived – common-sense financial discipline, living within your means, documenting your plans and knowing your purpose – are timeless. They provide a foundation for everyone, regardless of their financial situation, to start making smarter, more intentional financial decisions. If my mother’s story and the lessons she taught me can inspire others to take control of their financial futures, then I feel like I will continue to honor her legacy.