0:01

Welcome to the Josh

0:01

Bolton show. Die interesting and

0:06

inspiring conversations. And now

0:06

your host, Josh Bolton.

0:13

Hello, everybody. Welcome. Welcome. I had a wonderful chat for guests.

0:15

That's the service. Oh, man, we

0:19

have this awesome dudes over

0:19

here in the Vancouver area, and

0:23

I'm here in LA. Just so much

0:23

fun, the stuff he's doing. And

0:28

we got talking about his

0:28

podcast. We're in for an awesome

0:31

informative ride. Dustin, take

0:31

it away before I start rambling

0:34

wealth.

0:35

Thanks, Josh. There's so many different places we could go. So I think you know

0:37

your audience best and listener,

0:41

I know that you trust Josh. So

0:41

he will help steer this

0:44

conversation to where it needs

0:44

to be. So just what is what's

0:48

the most pressing? You know, he

0:48

read my bio on the media, the

0:51

kid what? What do you think is

0:51

the first and foremost thing

0:55

that needs to be talked about?

0:57

Your three

0:57

successful ways for wealth?

1:06

Yeah, yeah. So there's

1:06

a couple of things. So I'll

1:11

start really quick with, you

1:11

know, the basics of, you know,

1:15

not even investing or you know,

1:15

wealth. It's more of, you know,

1:20

getting organized and

1:20

intentional on where you want to

1:22

go. So one thing that my

1:22

partner, you know, she's been

1:25

with me for a long time, but my

1:25

wife will sit down, and it's

1:28

every September, it's kind of

1:28

like the summer ends. And Elena,

1:32

lots of people set their goals

1:32

in January, but we sort of have

1:35

this conversation in September,

1:35

because it's summer kind of

1:38

Weisen end, and it's like, hey,

1:38

let's make a Porsche. So where

1:41

are we going? What is, you know,

1:41

our intention is our intention

1:44

to travel is our intention to,

1:44

you know, couple years ago, we

1:48

bought a bigger property. So it

1:48

was, you know, let's work on the

1:50

yard. And let's reinvest any

1:50

extra money, we had an effort

1:54

into that. You know, so having

1:54

an open conversation with

1:58

yourself and writing that down,

1:58

you know, there's, I'm not an

2:00

expert on goal setting and

2:00

writing things. There's lots of

2:04

guys and girls that have written

2:04

lots of books on that, but, you

2:08

know, so that kind of sets your

2:08

TrueNorth Where are you going,

2:11

and then from there, you know, I

2:11

do think that there is a direct

2:14

relationship with the confidence

2:14

that someone has with their

2:18

money, that confidence, you

2:18

know, as it grows, you can

2:22

parlay that to other areas of

2:22

your life, and it just sort of

2:25

is a is a flywheel that gets

2:25

going. So one thing that that

2:29

many people don't like is a

2:29

budget or being told what they

2:31

could spend or not spend on. So

2:31

getting your statements

2:36

literally, even if you don't

2:36

want to print it, you know, I do

2:39

it every year, once a year, I

2:39

print three months of statements

2:41

for my visa and for my checking

2:41

account. And I literally just,

2:45

it's not a deep analysis, and

2:45

I'm like to an engineer, kind of

2:48

dorky brain, I like to analyze

2:48

things, but just serve the

2:52

transactions and just see that

2:52

what you're spending your money

2:56

out on is in line with what your

2:56

TrueNorth or your goals are. So,

3:00

you know, when we work with clients, you know, example that I always use is, it was a lady

3:02

who said she wanted to get

3:07

outside more and get active and

3:07

get a little more physically

3:09

fit. And so when I looked at

3:09

her, you know what we call bam,

3:13

so be AM. So your bare ass

3:13

minimum, embarrass. Minimum is

3:17

the expenses that exist for you

3:17

just to be around your mortgage

3:21

payment, your rent payment, your

3:21

groceries, your gas for your

3:25

car. So we looked at hers, she

3:25

had a $300 a month cable costs.

3:31

Her cable TV was $300. She

3:31

really liked the news. And so

3:34

when we asked her, you know,

3:34

hey, do you ever watch a TV? She

3:37

says, No, not that much. I just

3:37

watched the news. And so we

3:41

said, we'll be forever wanting

3:41

to get the news online. Number

3:43

two, you could probably reduce

3:43

your cable bill to you know, $50

3:46

a month. And she had been, you

3:46

know, the punchline is that

3:49

she'd been humming and hawing

3:49

over buying anywhere. And you

3:52

know, we're in Canada, we have

3:52

tons of snow. She'd been coming

3:55

home buying these $400 snowshoes

3:55

and that is that's a nicer pair

4:00

of snowshoes good, quality,

4:00

lightweight, etc, etc. and her

4:04

friends did this, but she

4:04

didn't. She was reserved to buy

4:07

these snowshoes. And we said,

4:07

well, wasn't there two months of

4:11

saving the cable bill and you

4:11

could get those snowshoes and

4:13

you'd be you know, getting

4:13

outside. So spending is a big

4:17

thing. And it isn't about

4:17

pointing the finger at your

4:19

spouse and you can't spend on

4:19

that or it's literally an open

4:22

conversation, you know, if

4:22

you're gonna do it, right, and

4:25

you have a partner, make sure

4:25

you you say to each other and my

4:28

wife and I do it. This isn't

4:28

this is a safe zone. This is you

4:32

know, we're gonna look at this and we promise that no matter what we see in the spending,

4:34

we're not gonna get mad. Now if

4:36

you're a person who hide stuff

4:36

then that's that's a different

4:39

story. But yeah, if you're open

4:39

about it, that's a very

4:41

constructive way to get on the

4:41

same page and know what your

4:45

outflow is. So that's that's a

4:45

really basic you know, analogy

4:49

of good that's that's the base

4:49

of starting to get into wealth.

4:54

That's awesome.

4:54

Yeah, I 100% agree with like

4:56

communication. I was actually

4:56

talking with my my girl Before

5:00

coming on this call, and that

5:00

was a big one because she has

5:03

some student loan debt. And I'm

5:03

like, okay, in America that's

5:05

kind of unavoidable anymore to

5:05

get around. But I'm like, How

5:08

bad is and she was like, Oh,

5:08

I've gotten down to like 7000.

5:11

Now when Mike, that's amazing,

5:11

that's great. Like, that's

5:14

really good. And she go, yeah, a

5:14

lot of people say it's bad. I'm

5:17

like, You're not looking at six

5:17

digits, you're not looking at

5:22

the like the 10k kind of thing.

5:22

I said, that's amazing that you

5:25

got it that that low, so quick.

5:25

And shake. Oh, and instead of

5:29

just telling her like, we need to set up a budget, and like, if I made you one, would you

5:31

actually follow it kind of

5:33

thing? And she's like, Yeah, can

5:33

you at least throw in like fun

5:38

spending lectures and get like,

5:38

you can get like, $50 fun

5:41

spending kind of thing?

5:43

Yeah, yeah, I think

5:43

that's you have to have one of

5:46

the major things that we you

5:46

know, we have like a pyramid

5:49

framework that we talk to

5:49

clients, and it's, you know, I

5:53

was I did engineering in school,

5:53

you know, we could make, I've

5:55

got lots of credentials, and we

5:55

could write 100 page financial

5:58

plans, but we just found that

5:58

people do not, they check out,

6:02

they read the first two pages,

6:02

and it's, you know, too much.

6:05

And so we just created one

6:05

picture. And it's, you know,

6:08

what we call a life clarity

6:08

Summit. And the life clarity

6:11

Summit is at the bottom, you

6:11

know, the widest part of the

6:14

pyramid is have a financial

6:14

plan. And that could just be

6:17

having a visit with a

6:17

professional that could be going

6:19

online and Googling basic

6:19

financial plan. And then the

6:23

next layer up is your risk

6:23

management, then it's

6:25

accumulation, and then sell your

6:25

business or estate planning to,

6:29

you know, your kids. And so it's

6:29

a really simple way to look at

6:32

it, one of the pieces of risk

6:32

management, is leisure spending.

6:36

Because if you don't understand

6:36

how to find that balance with

6:40

good spending, what I see again,

6:40

we we manage, you know, hundreds

6:45

of millions of net worth for

6:45

clients. And that has shown us

6:49

that a lot of wealthy families

6:49

can't spend when they get to

6:54

retirement, even though they have a lot of money. So even though we show them, hey, you've

6:56

got $4 million, you spent

6:59

100,000 a year, the you're gonna

6:59

run out of money, you're gonna

7:03

pass away with millions in the

7:03

bank. So maybe you should start

7:06

spending more. They can't they

7:06

have this hoarding preservation,

7:12

it will say, Well, why don't you

7:12

give it to the kids? They said,

7:14

well, we don't want to have them

7:14

up and make them entitled, so

7:17

we're not going to give it to

7:17

the kids. So you have this, this

7:20

thing where we'll say, Okay,

7:20

well, do you know that? You

7:23

know, you're 63 Now, Mr. Mrs.

7:23

Client, if you only had 2

7:26

million, you still wouldn't run

7:26

out of money? And they'll say,

7:31

oh, wow, okay. And then we'll

7:31

say, Well, would you if you

7:34

known that you could have had 2

7:34

million and not work six, seven

7:40

days a week while you were in

7:40

your career? Would you exchange

7:45

2 million now knowing that and

7:45

then, you know, only work four

7:48

days a week, or, you know, been

7:48

to more your kids events when

7:51

you were younger. And it's

7:51

really just an aha moment, I

7:54

share that story to help younger

7:54

people that are stuck in this

7:59

sort of mentality where they

7:59

were brought up in a place where

8:03

you're gonna get somewhere in

8:03

life, you got to work hard. I

8:05

don't know how hard but you just

8:05

got to work hard, like really

8:08

hard forever. And so there's,

8:08

there is a bit of an awareness

8:14

there that, you know, when we

8:14

get older, and you know, I'm 41

8:17

years old, when I was 20, things

8:17

got really embedded into my

8:21

head, you know, things that you

8:21

read things you saw, and I'm 41.

8:25

Now my wealth is a lot different

8:25

than it was when I was 20. But

8:29

sometimes my mind leaks back to

8:29

when I was 20. Even goals, I

8:32

have materialistic goals that

8:32

really, you know, I want to buy

8:35

XYZ, it's like, well, is that a

8:35

goal for right now? Or is that a

8:39

goal that I had, that I just

8:39

didn't check off the list when

8:42

really, it's not applicable now?

8:44

Yeah. Now, that's a

8:44

big one for me. Like I'm

8:47

teaching myself like trading in

8:47

the futures market and stuff

8:50

like that. And the biggest one,

8:50

because my mentor, he's been

8:55

showing me the ropes. And then

8:55

the biggest one, he said, he's

8:57

like, when you start making a lot of money, he's like, the first thing you're gonna do is

8:59

like you said, you're gonna go back to your 20 year old stuff,

9:01

like, Man, I didn't buy that

9:03

Corvette. I want to buy that

9:03

frickin Corvette all souped up

9:06

kind of thing. He's like, you

9:06

get it. And he's like, back in

9:10

my day, you could go drink and

9:10

crash it and be fine. You just

9:13

pay off the property owner be

9:13

like, here's 10 grand, this

9:16

didn't happen kind of thing.

9:16

He's like, but now he's like,

9:20

What is that sports car is gonna

9:20

cost you more tickets.

9:23

Yeah, it's very true.

9:26

So and that's just

9:26

like, how you resonated with

9:29

that? Because I'm like, Ah,

9:29

yeah, you had this, like,

9:31

somehow mentally check it off in

9:31

your head, like, Okay, I didn't

9:33

get it, but it's fine. I don't

9:33

need it. What was it like? I'm

9:39

just curious now, like, what's

9:39

the 120 when you were 20 years

9:43

old? What was that one thing

9:43

that you slipped back to every

9:45

so often?

9:47

I just thought that

9:47

that is, you know, when we were

9:49

20 You know, I got into it,

9:49

maybe it would be say 23 I got

9:53

into the financial space at 23.

9:53

I did engineering, you know,

9:57

from the time I was 19 to I'm

9:57

23. And at the time, when I left

10:03

the oil patch in Alberta, you

10:03

know, I was making six figures,

10:07

and I had bought a piece of real

10:07

estate and it was great. And my

10:11

first year in the financial

10:11

space, I made $15,000. And at

10:15

that time, my best friend, he

10:15

always groomed to be his best

10:18

man at my wedding, you know, he

10:18

was into real estate, and this

10:21

is going back to 2005 2006. So

10:21

pre crash and in our region, you

10:28

know, be like, kinda like the

10:28

California of Canada, where

10:31

it's, you know, it's right now

10:31

it's snowing outside, but it

10:34

gets up to what you would be 100

10:34

degrees in sunny for a lot to

10:38

the summer. So it's, it's very

10:38

seasonal, fun town, your average

10:42

house price just is about 1.1

10:42

million in a town of 180,000

10:47

people. So it's, it's a fun

10:47

place to live. And anyway, at

10:52

the time, real estate was going

10:52

nuts, and he was making, you

10:55

know, multiple, six figures. And

10:55

so, you know, for me for 15,000

11:01

He's making multiple, six

11:01

figures, you know, and we're

11:03

both, you know, just two bodies,

11:03

you know, watches, big watches

11:08

were like a thing. And so, you

11:08

know, that was something that I

11:11

always hang on to, it's like,

11:11

now when I'm like making I'm

11:13

gonna get a big watch, like, not

11:13

too crazy. Normally, five, nine

11:17

and a half. I'm not a big guy,

11:17

he can't really, really read the

11:20

big ones. But I wanted the you

11:20

know, like something that stood

11:22

out. And I never did get that.

11:22

And I sometimes like yeah, you

11:26

know, that'd be cool. But it's

11:26

definitely not a it's not part

11:30

of my, my ethos right now.

11:33

Yeah, I don't see

11:33

any, especially if like, you get

11:35

a 100% Gold, Rolex, there's a

11:35

whole complicated thing. It's

11:40

like, that's like 50k. But then

11:40

I don't know about Canada, but

11:43

you could buy insurance on it,

11:43

then there's that the whole

11:45

extra thing with insurance

11:48

is you want to manage

11:48

that risk. You know, someone

11:50

told me the other day, though,

11:50

like, in India, you know, and

11:52

and again, for any people who

11:52

are from India, if I screw this

11:55

up, I apologize. But he was

11:55

really angry in India, why it

11:59

is, so people were so much gold.

11:59

And they were you know, part of

12:03

the reason is like gold is

12:03

actually worth something, you

12:05

know, and so again, there's lots

12:05

of debate on where some are not,

12:08

but you know, so it's like, why

12:08

do they wear so much because

12:12

when you own it, the safest

12:12

place to own it is on yourself.

12:16

You can put it in the vault or

12:16

bank and it's like, it's pretty

12:20

safe on yourself, especially if

12:20

you know how to defend yourself.

12:22

So I thought that's an

12:22

interesting way that maybe the

12:26

gold Rolex maybe I could park

12:26

some of my money that's in the

12:28

bank account making, you know,

12:28

not very much interest. You

12:31

know, you put it in that but at

12:31

least it's at least I could tell

12:33

time, and I'll be late and look

12:33

very fashionable to. Yeah,

12:37

that's right. That's right.

12:39

Yeah, that's,

12:39

that's a big one. Like I've I've

12:43

come to realize, too, I'm like

12:43

minds will just buy the physical

12:46

product. I didn't think about

12:46

carrying it around. I mean, I

12:48

don't want to have all those

12:48

California gangsters with like

12:51

the thing 50 pound gold

12:51

necklaces. I mean, they look

12:54

cool. But is it practical?

12:56

No. Yeah, no.

12:59

But so I'm just

12:59

curious, then, what are some of

13:02

the methods, let's say people

13:02

are interested in cumulating,

13:06

their wealth, their small

13:06

business owner, they have an

13:09

extra like, six grand a month,

13:09

they're not sure what to do?

13:14

What are like the first few

13:14

steps the process to get there?

13:18

Keep your house.

13:19

So I'll use the analogy

13:19

of a conveyor belt and, and

13:24

buckets. So imagine, you know, a

13:24

conveyor belt, and under the

13:27

conveyor belt is various

13:27

buckets. And so the front of the

13:31

conveyor belt, you have a

13:31

machine, and that machine puts a

13:34

stack of hundreds down and at

13:34

$6,000, if that's the analogy,

13:38

right, so you've taken care of

13:38

your bam, so you've spent your

13:42

you know, you got your money to

13:42

live. And you've got money

13:45

leftover. And so now, you know,

13:45

this is this is for a lot of

13:48

people, this is a very stressful

13:48

and paralyzing situation. So a

13:52

lot of clients will come to us

13:52

and they'll say, my accountant

13:55

told me to phone you because for

13:55

three years, I've had 6000 A

14:00

month accumulating. I don't know

14:00

about the stock market. I don't

14:03

really like tenants for real

14:03

estate. And I just put it in the

14:07

bank. And so you know, three

14:07

years later, it's

14:10

190 200 300,000. What do I do

14:10

with this? I you know, and why

14:15

it's paralyzing is it's like,

14:15

they expect that they're going

14:18

to come in and a financial

14:18

advisor is going to invest it.

14:22

It's just like, you talk to a

14:22

financial advisor, obviously,

14:25

he's gonna tell you to invest

14:25

it. Right. It's like okay, well,

14:28

now listen, it's gone in my bank

14:28

account and where is it? And so,

14:32

we again, use a model that we

14:32

built called the spinning

14:35

accelerator. The spinning

14:35

accelerator is the machine. The

14:39

machine sets down a stack of

14:39

6000 on the conveyor belt, and

14:42

as the 6000s going along the

14:42

conveyor belt. There's little

14:46

kickers on the side of the

14:46

conveyor belt and so the first

14:49

bucket would be an emergency

14:49

savings bucket. So maybe we kick

14:53

off $1,000 into that bucket

14:53

every month. Right then 5000 is

14:58

continuing down. We Need to

14:58

maybe have some good insurance

15:01

again, if you're a sole income

15:01

earner for your family or the

15:04

bulk of the income for the

15:04

family, if you got disabled or

15:07

critically ill and couldn't work

15:07

and not generate income? That's

15:11

very bad. Your biggest asset is

15:11

your ability to generate income,

15:15

it's not your real estate or

15:15

your stocks. So your your

15:19

income, how is that protected?

15:19

Maybe, you know, I have clients

15:22

say to me, Hey, you know, my

15:22

family is significantly wealthy,

15:25

they would bail me out. I don't

15:25

agree that that's a responsible

15:28

adult sort of approach. But

15:28

there might be inheritance

15:31

coming, and maybe that's okay.

15:31

But the reality is, for most

15:34

people, what happens if we can't

15:34

work because we're sick or

15:38

injured? Does that affect our

15:38

plan, so we need a good

15:41

insurance. So along with bucket

15:41

6000 1000, goes to emergency

15:45

savings, another, say 1000, or

15:45

whatever, 1000 goes to

15:49

insurance. Okay, so now we have

15:49

4000. Left, this is where you we

15:55

talk to people about something

15:55

called their wealth edge. So

15:58

what a wealth edge is, and I'll

15:58

use an example, a carpenter,

16:02

hit, you know, his or her wealth

16:02

edge is the ability to fix up a

16:06

house. You know, I don't have

16:06

those skills, I didn't grow up

16:11

like that. So his or her

16:11

advantage over me is, if I did a

16:16

fixer up post, I would have to

16:16

pay for that a lot of the profit

16:20

would be eroded and my risk

16:20

would be higher, his risk would

16:23

be less in that he could, she

16:23

could buy a house fixed up, flip

16:28

it. So we say well, maybe we

16:28

steer more of your money to real

16:32

estate, because it's more in

16:32

line with your wealth edge. And

16:36

so that kind of take that

16:36

because I get kinds of countries

16:38

it. My neighbor says My mom says

16:38

My dad says I need to get put

16:41

money in the stock market. And

16:41

by the time I talked to them,

16:44

they're walking out of my office, and they're looking at listings on their phone, because

16:46

they're going to buy real estate, because it's the market

16:48

isn't for them. I also have

16:51

clients come and say, Hey, we

16:51

need to, like find some ways to

16:55

finance and buy this real

16:55

estate. And we go to the

16:57

analysis, we bring up real

16:57

estate listings we talk about

17:00

and by the end of it, they said,

17:00

You know what, we could buy

17:03

Wells Fargo Bank, and it pays a

17:03

4% dividend. And we don't have

17:07

tenants that we just parked the

17:07

money there and we collect debt,

17:11

we collect rent, essentially,

17:11

that's Sign us up for that it's

17:14

by Bank of America by Wells

17:14

Fargo, you know, so that sort of

17:18

scenario determines how much

17:18

money gets kicked off. Next,

17:22

let's say somebody is sort of

17:22

5050 they like real estate, I

17:26

like stocks. We have 4000 left

17:26

coming down the conveyor belt,

17:31

we're gonna kick off $1,000 a

17:31

month into a balanced portfolio,

17:37

maybe dividend stocks, we're

17:37

going to put 1000 into a savings

17:40

account for real estate. And

17:40

then we're going to have any and

17:43

we're still got 2000 left, we're

17:43

going to put 500 A month maybe

17:47

to a high risk bucket. Something

17:47

that's enough money that if you

17:50

have a big win, it will be

17:50

significant. But not enough

17:53

money that if you lose it to

17:53

zero, it makes you not have

17:57

groceries. Right, then, so we've

17:57

kind of done that. And then

18:01

we've got these buckets, all

18:01

these you know what we call

18:03

responsible buckets, there's

18:03

still 500 bucks left. And that's

18:08

where the spending acceleration

18:08

comes in. Because you've done

18:11

you've checked off all the

18:11

boxes, you've kicked money into

18:13

the different buckets, out the

18:13

back end of the conveyor belt,

18:16

what falls off is the money that

18:16

you intentionally spend on

18:20

upgrading your lifestyle.

18:23

That's, that's

18:23

interesting. So invest in

18:26

yourself at the end, good.

18:27

It could be a course it

18:27

could be. You know, you know, we

18:33

in my book that I wrote, we call

18:33

it Permission granted. So

18:36

permission granted to get a car,

18:36

that's fancier permission

18:41

granted, and one caveat with

18:41

that, watch how long you're

18:43

signing up for an extra payment.

18:43

Because really, it should be

18:46

more of a moving thing. So if

18:46

you wanted to buy something for,

18:51

you know, we got 500 A month

18:51

beyond you want to buy something

18:54

for 5000 Wait 10 months, build

18:54

up that thing. Now your

18:58

permission granted to do it, if

18:58

you want to buy something for

19:00

$500 You want to get a new pair

19:00

of skis or you're down in LA you

19:05

want to get into stand up paddleboard, whatever it is, it's like Yeah, go for it.

19:07

Because you've done all those

19:11

buckets, and you can look down

19:11

and you could say, you know, so

19:14

as this kind of is humming

19:14

along, you know, we have the

19:17

model where it runs out, you

19:17

know, say for 1015 years, and

19:21

then you could say, well, by the

19:21

time like I'm 55 I got 4

19:26

million. That's, that's more

19:26

than I need. So maybe I could

19:30

tone down some of those buckets

19:30

and kick off the conveyor belt a

19:35

little less. And then I'll have

19:35

more to spend now.

19:43

Now it's very true I like your analogy of the conveyor belt because that's

19:44

kind of how I explained it to

19:47

people Mike but ice more talking

19:47

steps are like a lot like ladder

19:53

rungs because I do a lot of

19:53

people like how do I do this and

19:56

my will will you need it like

19:56

you said the band we're gonna

19:58

need the bare minimum If you

19:58

don't have that, even if you

20:03

want it to the next few steps

20:03

are not gonna even work.

20:07

100,000 120,000 of the

20:07

income is is often not talked

20:13

about. And you know, again, I'm

20:13

a capitalist, I'm not afraid to

20:16

kind of share that. I know what

20:16

it's done for my family, you

20:20

know, there's been a lot of pivotal shifts I've had to do, but at the same time I see with

20:22

clients, not many options happen

20:27

until you make 100 120 where you

20:27

can even if someone makes 80,

20:32

let's say they have an okay

20:32

life, and and they save, you

20:36

know, $2,000 a month. That's in

20:36

a year that's $24,000. In La

20:44

24,000, you cannot use for a

20:44

down payment on anything. In no

20:49

five years, that's going to be

20:49

120,000. Or is it? What is that?

20:55

24,002 40? Yeah, so it's in five

20:55

years, that's 120,000 that's

20:59

probably is barely enough for a

20:59

one bedroom condo. For

21:02

downpayment,

21:03

barely, everything's a million or two. Right? So,

21:07

so when you start, you

21:07

know, so you go, Okay, well, you

21:10

can only reduce your expenses so

21:10

far to save. So, there's a

21:16

couple of ways that people, you

21:16

know, say you're making 80,000,

21:19

listener, and you're like, my

21:19

job is my job, I can't, and I

21:23

want to get out of the hole. I

21:23

talked about it yesterday in a

21:26

podcast, and I've never really

21:26

talked about it before. But I

21:28

think it's, it's it is important

21:28

that the way that someone like

21:34

that could get involved in

21:34

bigger things is going to

21:38

magnify your money. So I used to

21:38

have this business partner, and

21:41

he would say, why you keep

21:41

trying to subtract stuff, why

21:45

you start trying to multiply

21:45

stuff. And what his analogy was,

21:49

as if you know, people get kind

21:49

of slow in sales, or they're

21:52

slowing down either income

21:52

someone, they keep trying to

21:54

reduce their expenses. So

21:54

they're trying to minus their

21:58

their expenses to then make

21:58

where you start using the times

22:04

you try and multiply. And so the

22:04

way you do that is real estate,

22:08

easy one for people to kind of

22:08

wrap their heads around. There's

22:11

so much resource and technology

22:11

out there for everyday people to

22:15

find real estate to find a deal

22:15

to analyze a deal quickly. And

22:19

then when you find a good deal

22:19

again, Grant Cardone Love him or

22:23

hate him, it's like, he talks

22:23

about like, money will find you

22:27

when you have a deal. So if you

22:27

don't have the money, but you

22:31

can find a deal, and you're good

22:31

at like putting the mechanics

22:34

together and maybe write a one

22:34

pager on how you think that you

22:37

know, take a course on how to do

22:37

a limited partnership. Then you

22:41

present that, you know, look

22:41

around, where is the money, golf

22:44

course country clubs, you know,

22:44

like, just look around, where's

22:47

the money and start asking you,

22:47

the boss that you work for. My

22:51

first partnership was 24 years

22:51

old, when I moved back out of

22:55

the oil patch, and was making

22:55

15,000 I knew that I didn't want

22:58

to rent a place. I wanted to buy

22:58

a place. But I needed help. I

23:03

didn't have the downpayment money because I had another property. I approached my old

23:05

boss and I said, Hey, I rent out

23:09

this like agreement, I'm gonna

23:09

live in the house, we need to

23:11

buy at least a three bedroom

23:11

townhouse, I'll put two

23:13

roommates in it, I'll collect

23:13

the money. And we'll make sure

23:17

that, you know, everything's

23:17

handled. But the caveat is I

23:21

need the 80,000 from you to put

23:21

as a down payment down on the

23:25

place that will get our mortgage

23:25

low enough. And so again, we

23:28

held that place for three, four

23:28

years. We sold it for a profit,

23:32

I collected all the money, pay

23:32

down the debt till the bills and

23:36

you know, I only own 14% of that

23:36

deal. That was I don't know how

23:41

I kind of came to that. But at

23:41

the end of it, I made money

23:44

instead of paying rent out to

23:44

somebody else. So again, if you

23:49

can come up with it, there is

23:49

money and that can get you the

23:52

multiplication that you're looking for.

23:54

Oh 100% Especially

23:54

recently like as we've been

23:58

talking to different people

23:58

about my endeavors and trading

24:01

and looking at different

24:01

structuring for like LLC use for

24:04

properties. Suddenly, what am I

24:04

one of my trading buddies? He's

24:10

like a 76 year old dude, I do

24:10

martial arts with him is the

24:13

greatest thing. He does not act

24:13

like he's 76 at all. And but he

24:17

told me he's like, yeah, he's

24:17

like, if you ever get a project

24:20

and you like, buy your virtual

24:20

real estate, because he's like,

24:22

for heaven's sake, do not put

24:22

your LLC at your house kind of

24:25

thing. So he's like, pay the

24:25

extra 30 bucks a month? Extra if

24:30

no, you don't have random people

24:30

showing up at 3am. Yeah. And

24:35

then he's like, Yeah, and he's

24:35

like, when you have that one

24:37

piece of real estate, you can

24:37

also put multiple under that one

24:40

piece because you own it. And

24:40

he's like, and then call me he's

24:42

like, call me I will. I will

24:42

invest in a project with you.

24:46

But he's like, I will also find

24:46

projects. And as long as he's,

24:50

and then we could just pile the money in that we'll see. And we'll just go into partnership

24:52

with that. Yeah, I love it. So

24:56

yeah, Grant cardones raise like

24:56

you just got to ask around. Um,

25:00

When am I Oh, my rich when we're

25:00

it's hard right now. One of my

25:04

original like wealthy mentors.

25:04

He's a recycler scrapper make

25:09

stupid money every year. And

25:09

it's just one of those. He even

25:13

said, he's like, if there's ever

25:13

a real estate project, like you

25:15

see, because he's like, I don't

25:15

have time to look anymore, that,

25:18

uh, you can prove that it's

25:18

going to make money. Just tell

25:21

me and I'll write the check.

25:21

Yeah. Yeah. So yeah, it's just

25:27

one of those. I've always just

25:27

kept in my mind, I'm like, Okay,

25:30

if I ever needed like, a certain

25:30

project where I can just like,

25:32

drop, like you said, drop the

25:32

plan, handed to them and be

25:35

like, Okay, this is what I'm going to do.

25:37

Yeah, I think there's,

25:37

there's all sorts of avenues to

25:41

to go, I'm just jotting down

25:41

recycler I forgot about forgot

25:45

about that industry.

25:48

He makes crazy

25:48

money. Yeah. He has a contract

25:54

with exclusive a Tesla to get

25:54

all their scrap aluminum from

25:58

the doors. I was like, Dude,

25:58

that contract alone, people

26:03

would just want to pay by your

26:03

business just to get to that

26:06

contract. Yeah. So yeah. So

26:06

let's, is that the main way that

26:15

you did it to get your starting

26:15

your wealth is go into business

26:19

with your boss, or is there over

26:19

the other steps in between?

26:22

Because it wasn't just you lived

26:22

at one house for three years?

26:25

You didn't strike me as that

26:25

kind of guy? What were the other

26:28

projects you were working on?

26:30

I was big on. So the

26:30

the original firm that I kind of

26:33

settled down into nobody had a

26:33

real deep expertise in they had,

26:39

they had deep experience, but

26:39

not deep specialization in the

26:44

certain planning we were doing.

26:44

So we were doing a lot of work

26:46

with dentists. It was you know,

26:46

LLC or LLC. Why can't the other

26:52

corporation you guys have but it

26:52

was a corporation that they

26:57

operate under, so a dentist

26:57

clinic, and then they have

26:59

another corporation that holds

26:59

all their assets. So their real

27:02

estate, their investments,

27:02

dentists tend to on average,

27:06

make consistent good income. So

27:06

we were working in that

27:10

environment. So my expertise was

27:10

getting two credentials. One's a

27:15

certified financial planner, and

27:15

one is a chartered life

27:18

underwriter, which would be your

27:18

highest highest designation for

27:22

insurance slash estate planning

27:22

incorporations, legal, and tax.

27:27

And so you know, there's,

27:27

there's some advantage to having

27:30

someone on the team like that.

27:30

So I got those designations. And

27:33

then I was brought in as an

27:33

advanced case specialist. So

27:37

even though I didn't have the,

27:37

necessarily the leads, or the

27:42

they, again, I was young, I was

27:42

in my 20s, it didn't have the

27:44

rich, wealthy kind of people to

27:44

draw on. So I was able to

27:49

participate in those files, and

27:49

add value to my partners, but

27:53

then participate in some of the

27:53

income. So income was a big

27:57

thing for me and boosting it and

27:57

getting it in figuring out just

28:02

ways to get the income higher. I

28:02

even in the early years of my

28:06

financial planning, went back

28:06

and worked remote for the

28:11

engineering firm that I used to

28:11

work in the oil patch for just

28:14

to make more cash again, I told

28:14

you, I made 15,000, my first

28:17

year, the second year, I said

28:17

I'm not doing that again. So I

28:21

kept doing the financial stuff,

28:21

but then I would work from about

28:24

5am till 8am on engineering

28:24

stuff, and then I would work

28:29

financial planning till about

28:29

5pm. And then from seven, you

28:33

know, till late at night, I

28:33

would do more engineering. And

28:36

then so I'd be putting those

28:36

hours at least I was increasing

28:39

my cash flow. And making it

28:39

somewhat didn't have much of a

28:44

life. But you know, then, you

28:44

know, you're sort of in this

28:49

industry, you're underpaid for

28:49

for a number of years. But then

28:53

it can be quite rewarding. And

28:53

it's not so much the money, it's

28:56

you're dealing with people. And

28:56

again, I've been in business

28:59

almost 18 years, you have great

28:59

relationships with people. And

29:03

so it's a very fulfilling

29:03

industry. So for anyone consider

29:06

getting into the financial

29:06

planning space, I do highly

29:09

recommend it and recommend

29:09

someone look into it that the

29:13

average age for wealth managers

29:13

is probably 60. And there's not

29:18

a lot of younger people getting

29:18

into the business.

29:21

Yeah, a lot of

29:21

honestly, a lot of people my

29:24

age, especially with me talking

29:24

about trading, they're like, oh,

29:27

you know, it just sounds like a

29:27

stressful job and you're grossly

29:30

underpaid. I'm like, yes and no.

29:30

Like, if you're near the top of

29:36

the firm, you're making so much

29:36

money. You're just kind of like

29:39

I don't know what to do with

29:39

this all you do, but it's like

29:43

the analogy like keto bros, as

29:43

we're told them, like it's just

29:47

are you willing to work hard and

29:47

they're all like, no, grab,

29:51

they're just stay where we're at?

29:53

Well, it's it whether it's real estate or it's insurance or wealth, or selling

29:55

boats, you know, longer that

30:00

you're around, the easier, it

30:00

becomes just out of happy

30:05

customers give you referrals.

30:05

And so then you're not grinding

30:08

as much. So it's just gonna say

30:08

to people, if you worked at the

30:12

mill or a pulp mill or the

30:12

shipyard or wherever, for 25

30:16

years, you probably making good

30:16

money by the end, and your

30:19

seniority is pretty high. So

30:19

you're, you know, you feel good

30:21

from a status point of view. So,

30:21

I think, you know, there is

30:25

some, you know, some rewards for

30:25

sticking it out in the wealth

30:31

space, too, there's a lot of

30:31

different avenues, you could go

30:34

into banking, you know, you

30:34

could be helping people open,

30:37

you know, getting a mortgage,

30:37

you know, then you could go to

30:40

wealth and do investments you

30:40

could be doing, you know,

30:44

management, you know, other

30:44

things, like, there's other

30:46

avenues that you could kind of

30:46

if you got bored, you switch

30:49

gears. But, you know, the

30:49

younger generation, I think, is

30:54

under estimating. And I'm

30:54

stereotyping under estimating

30:58

how long it takes to get deep

30:58

skill set to, you know, acquire,

31:04

you know, a significant amount

31:04

of wealth year to year.

31:07

Oh, it's the, it's

31:07

crazy for me, the how they

31:12

think, Oh, just I watched the

31:12

Tick Tock and I deeply

31:14

understand the crypto market.

31:14

I'm like, You don't understand

31:16

shit.

31:17

Yeah. Yeah. You

31:17

understand the crypto market

31:21

when it's going up? When it goes

31:21

down? That's when people go, I

31:25

guess I didn't understand it.

31:28

Well, like my

31:28

favorite one is one of my

31:30

coworkers, he bought into some

31:30

meme coin. And I was like,

31:34

Alright, whatever. Like, I think

31:34

it was at the time he bought in

31:36

at three cents. And he's like,

31:36

it's at six cents. have doubled

31:39

my money. I'm like, good for

31:39

you. You lost half of that half,

31:42

just to taxes just so you know.

31:42

Yeah, kind of thing. And then he

31:48

was trying to show me something.

31:48

And I looked at the chart and

31:50

like, oh, it's gonna start falling. And he's like, wait, I'm like a top came in. There

31:53

was that's a perfect head and

31:56

shoulder and he's like, what's

31:56

that? I'll find out, Lord, sell

32:02

it now. Think we later?

32:04

Yeah, well, it's the

32:04

market is, is, is, is getting

32:11

increasingly more complicated.

32:11

And people say, you know, what,

32:14

so manipulated. In a way, maybe,

32:14

but there's just so much more

32:19

that goes into, you know, the

32:19

high frequency stuff that

32:22

computer AI like, but at the end

32:22

of the day, all that stuff

32:28

aside, you're really dealing

32:28

with human emotion. And that is

32:30

a long, that is a big trend.

32:30

That is going to be around for a

32:35

long time. So it's hopefully you

32:35

can find those patterns.

32:39

Yeah. Well, and

32:39

like for him, he got out and

32:43

that's where he actually didn't,

32:43

he made money even after taxes.

32:47

And that's where one of the

32:47

there's a proud crypto bro, and

32:50

whatever. And he said, Hey, so,

32:50

so and so told me you're good at

32:54

charts, like he shows me and I'm

32:54

like, I see all the lines where

32:58

you bought it. I'm like, Dude, you might want to sell everything now. Because it seems

32:59

like it's blowing off. He's

33:02

like, No, it's a buy on dip

33:02

opportunity. And like, yeah,

33:05

that's like chasing a straight.

33:05

That's not going to work. Yeah.

33:10

But, yeah, he I saved him. At

33:10

least somebody I think he'd lost

33:14

it after fees and taxes. But it

33:14

wasn't anything ridiculous. But

33:19

that's what's in there. Like,

33:19

how do you notice and like, I've

33:22

was obsessed with charts. I

33:22

understand. I understand charts

33:26

at times better than I understand humans.

33:29

Yeah.

33:31

And, and but like

33:31

Back to you, a lot of people now

33:34

coming to me, Oh, you just take

33:34

my money and manage it for me

33:37

make me rich? And I'm like no,

33:37

she had the wrong mindset.

33:44

It's a different beast.

33:44

managing people's money is a lot

33:46

different than managing your own

33:46

or just giving people tips.

33:51

Little tips? Yep, a little, even

33:51

the simple things like, hey, I

33:54

want to do a withdrawal. And you

33:54

know, there's a computer glitch

33:56

that night. And, you know, they

33:56

don't get their money till the

34:00

next day. You know, those are

34:00

scenarios that seem very simple,

34:05

but it's like, people want their

34:05

money. And you've, you know, my

34:09

one, my one client says all the

34:09

time, it's like, what are you

34:11

going to do with my made money.

34:11

And it's a good it's, you know,

34:15

it's tongue in cheek, but his

34:15

point is valid, that he's worked

34:19

hard. He's sacrificed not being

34:19

home with his family. And he's

34:23

made money and it's sitting in

34:23

his bank account. And now he's

34:26

giving it to me to do something

34:26

with it, hopefully constructive.

34:31

And so you know, that's that

34:31

this is a huge level of

34:34

responsibility. But I again, I

34:34

don't think we're perfect by any

34:39

means. We've just always tried

34:39

to be super transparent. And you

34:44

know, when someone's going bad,

34:44

we're on the emails on the

34:47

phone. Hey, this is happening.

34:47

This is what we're doing to

34:50

rectify it. This is what we

34:50

learned from it. And that seems

34:56

to be okay. strategy so far.

34:59

Yeah, as long as you transparent with people. That's the biggest one I've come

35:00

to realize after reading

35:03

multiple books on psychology, as

35:03

long as you tell him, Hey, I

35:06

messed up, I will do my

35:06

damnedest to fix this problem.

35:10

Meanwhile, please Like, let me

35:10

do my thing. Yep. So is there

35:18

anything in particular I might

35:18

have missed that you want to go

35:20

over?

35:22

No, I think you've got

35:22

I think it's, you know, we're on

35:24

a quest to help people live more

35:24

than life now yet be responsible

35:28

for their future. And, you know,

35:28

we talked about bam, we talked

35:32

about the spinning accelerator.

35:32

There's resources on our

35:35

website, service wealth.com, we

35:35

do have a podcast as well called

35:40

the picture of wealth. And the

35:40

picture wealth is really

35:43

interviews with people that that

35:43

I know, I've come across who

35:48

are, you know, maybe they don't

35:48

make the most money they make.

35:52

They do well, but they might not

35:52

work five days a week. And so,

35:57

you know, they might be heavily

35:57

invested in courses and deep

36:01

knowledge, they might be heavily

36:01

invested in their kids, hockey

36:06

programs, and yet still run a

36:06

successful business. So you have

36:09

the picture of wealth is that

36:09

you know, what is the picture

36:13

wealth? What is listener? What

36:13

is your picture wealth, and your

36:17

picture wealth can look

36:17

different than your friend, you

36:21

know, your picture wealth can look different than your parents. Your picture wealth can

36:22

look different than that teacher

36:26

in your finance, class and university.

36:30

It's so true. It's

36:30

all perspective. Yep. That's

36:35

awesome. Do you do you also

36:35

offer like one on one coaching,

36:39

if someone's just sitting here,

36:39

like, I love Dustin, can you

36:42

just talk to me?

36:43

Yep. So we have, you

36:43

know, an hourly coaching,

36:46

monthly coaching, all that kind

36:46

of stuff. So you know, I'm

36:50

located in Canada, but we do all

36:50

of our stuff on Zoom. And I

36:56

would encourage people that listen to the podcast, and if you got a question, just reach

36:57

out to me. I'm happy to steer

37:01

you in the right direction if I

37:01

can, if you're up in Canada,

37:04

listening. Yeah, for sure. We're

37:04

located in Kelowna, British

37:07

Columbia.

37:09

And we go, absolute

37:09

honor and pleasure to have you

37:11

on.

37:12

Thanks a lot, Josh. Thank you.