January 19, 2023 • 38 mins
Dustin is a successful business owner in the wealth and lifestyle design space. Has many awards and achievements ranging from business excellence awards to multiple Top 40 Under 40 wins to snowboarding medals, golf scholarships, he is a hobby 1000 yd marksman, can be found in the backcountry snowmobiling in winter and currently is working on completing a mini resort when he is not authoring books or driving his sons to hockey practice.
FACEBOOK (BUSINESS): | https://www.facebook.com/servisswealthmanagement/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
intro guy (00:01):
Welcome to the Josh Bolton show. Die interesting and
inspiring conversations. And nowyour host, Josh Bolton.
Josh Bolton (00:13):
Hello, everybody.
Welcome. Welcome. I had awonderful chat for guests.
That's the service. Oh, man, wehave this awesome dudes over
here in the Vancouver area, andI'm here in LA. Just so much
fun, the stuff he's doing. Andwe got talking about his
podcast. We're in for an awesomeinformative ride. Dustin, take
it away before I start ramblingwealth.
Unknown (00:35):
Thanks, Josh. There's so many different places we
could go. So I think you knowyour audience best and listener,
I know that you trust Josh. Sohe will help steer this
conversation to where it needsto be. So just what is what's
the most pressing? You know, heread my bio on the media, the
kid what? What do you think isthe first and foremost thing
that needs to be talked about?
Josh Bolton (00:57):
Your three successful ways for wealth?
Unknown (01:06):
Yeah, yeah. So there's a couple of things. So I'll
start really quick with, youknow, the basics of, you know,
not even investing or you know,wealth. It's more of, you know,
getting organized andintentional on where you want to
go. So one thing that mypartner, you know, she's been
with me for a long time, but mywife will sit down, and it's
(01:28):
every September, it's kind oflike the summer ends. And Elena,
lots of people set their goalsin January, but we sort of have
this conversation in September,because it's summer kind of
Weisen end, and it's like, hey,let's make a Porsche. So where
are we going? What is, you know,our intention is our intention
to travel is our intention to,you know, couple years ago, we
bought a bigger property. So itwas, you know, let's work on the
(01:50):
yard. And let's reinvest anyextra money, we had an effort
into that. You know, so havingan open conversation with
yourself and writing that down,you know, there's, I'm not an
expert on goal setting andwriting things. There's lots of
guys and girls that have writtenlots of books on that, but, you
know, so that kind of sets yourTrueNorth Where are you going,
(02:11):
and then from there, you know, Ido think that there is a direct
relationship with the confidencethat someone has with their
money, that confidence, youknow, as it grows, you can
parlay that to other areas ofyour life, and it just sort of
is a is a flywheel that getsgoing. So one thing that that
many people don't like is abudget or being told what they
(02:31):
could spend or not spend on. Sogetting your statements
literally, even if you don'twant to print it, you know, I do
it every year, once a year, Iprint three months of statements
for my visa and for my checkingaccount. And I literally just,
it's not a deep analysis, andI'm like to an engineer, kind of
dorky brain, I like to analyzethings, but just serve the
(02:52):
transactions and just see thatwhat you're spending your money
out on is in line with what yourTrueNorth or your goals are. So,
you know, when we work withclients, you know, example that
I always use is, it was a ladywho said she wanted to get
outside more and get active andget a little more physically
fit. And so when I looked ather, you know what we call bam,
(03:13):
so be AM. So your bare assminimum, embarrass. Minimum is
the expenses that exist for youjust to be around your mortgage
payment, your rent payment, yourgroceries, your gas for your
car. So we looked at hers, shehad a $300 a month cable costs.
Her cable TV was $300. Shereally liked the news. And so
(03:34):
when we asked her, you know,hey, do you ever watch a TV? She
says, No, not that much. I justwatched the news. And so we
said, we'll be forever wantingto get the news online. Number
two, you could probably reduceyour cable bill to you know, $50
a month. And she had been, youknow, the punchline is that
she'd been humming and hawingover buying anywhere. And you
know, we're in Canada, we havetons of snow. She'd been coming
(03:55):
home buying these $400 snowshoesand that is that's a nicer pair
of snowshoes good, quality,lightweight, etc, etc. and her
friends did this, but shedidn't. She was reserved to buy
these snowshoes. And we said,well, wasn't there two months of
saving the cable bill and youcould get those snowshoes and
you'd be you know, gettingoutside. So spending is a big
(04:17):
thing. And it isn't aboutpointing the finger at your
spouse and you can't spend onthat or it's literally an open
conversation, you know, ifyou're gonna do it, right, and
you have a partner, make sureyou you say to each other and my
wife and I do it. This isn'tthis is a safe zone. This is you
know, we're gonna look at thisand we promise that no matter
what we see in the spending,we're not gonna get mad. Now if
you're a person who hide stuffthen that's that's a different
(04:39):
story. But yeah, if you're openabout it, that's a very
constructive way to get on thesame page and know what your
outflow is. So that's that's areally basic you know, analogy
of good that's that's the baseof starting to get into wealth.
Josh Bolton (04:54):
That's awesome.
Yeah, I 100% agree with likecommunication. I was actually
talking with my my girl Beforecoming on this call, and that
was a big one because she hassome student loan debt. And I'm
like, okay, in America that'skind of unavoidable anymore to
get around. But I'm like, Howbad is and she was like, Oh,
I've gotten down to like 7000.
Now when Mike, that's amazing,that's great. Like, that's
(05:14):
really good. And she go, yeah, alot of people say it's bad. I'm
like, You're not looking at sixdigits, you're not looking at
the like the 10k kind of thing.
I said, that's amazing that yougot it that that low, so quick.
And shake. Oh, and instead ofjust telling her like, we need
to set up a budget, and like, ifI made you one, would you
actually follow it kind ofthing? And she's like, Yeah, can
you at least throw in like funspending lectures and get like,
(05:38):
you can get like, $50 funspending kind of thing?
Unknown (05:43):
Yeah, yeah, I think that's you have to have one of
the major things that we youknow, we have like a pyramid
framework that we talk toclients, and it's, you know, I
was I did engineering in school,you know, we could make, I've
got lots of credentials, and wecould write 100 page financial
plans, but we just found thatpeople do not, they check out,
they read the first two pages,and it's, you know, too much.
(06:05):
And so we just created onepicture. And it's, you know,
what we call a life claritySummit. And the life clarity
Summit is at the bottom, youknow, the widest part of the
pyramid is have a financialplan. And that could just be
having a visit with aprofessional that could be going
online and Googling basicfinancial plan. And then the
next layer up is your riskmanagement, then it's
accumulation, and then sell yourbusiness or estate planning to,
(06:29):
you know, your kids. And so it'sa really simple way to look at
it, one of the pieces of riskmanagement, is leisure spending.
Because if you don't understandhow to find that balance with
good spending, what I see again,we we manage, you know, hundreds
of millions of net worth forclients. And that has shown us
(06:49):
that a lot of wealthy familiescan't spend when they get to
retirement, even though theyhave a lot of money. So even
though we show them, hey, you'vegot $4 million, you spent
100,000 a year, the you're gonnarun out of money, you're gonna
pass away with millions in thebank. So maybe you should start
spending more. They can't theyhave this hoarding preservation,
(07:12):
it will say, Well, why don't yougive it to the kids? They said,
well, we don't want to have themup and make them entitled, so
we're not going to give it tothe kids. So you have this, this
thing where we'll say, Okay,well, do you know that? You
know, you're 63 Now, Mr. Mrs.
Client, if you only had 2million, you still wouldn't run
out of money? And they'll say,oh, wow, okay. And then we'll
say, Well, would you if youknown that you could have had 2
(07:34):
million and not work six, sevendays a week while you were in
your career? Would you exchange2 million now knowing that and
then, you know, only work fourdays a week, or, you know, been
to more your kids events whenyou were younger. And it's
really just an aha moment, Ishare that story to help younger
(07:54):
people that are stuck in thissort of mentality where they
were brought up in a place whereyou're gonna get somewhere in
life, you got to work hard. Idon't know how hard but you just
got to work hard, like reallyhard forever. And so there's,
there is a bit of an awarenessthere that, you know, when we
get older, and you know, I'm 41years old, when I was 20, things
(08:17):
got really embedded into myhead, you know, things that you
read things you saw, and I'm 41.
Now my wealth is a lot differentthan it was when I was 20. But
sometimes my mind leaks back towhen I was 20. Even goals, I
have materialistic goals thatreally, you know, I want to buy
XYZ, it's like, well, is that agoal for right now? Or is that a
(08:39):
goal that I had, that I justdidn't check off the list when
really, it's not applicable now?
Josh Bolton (08:44):
Yeah. Now, that's a big one for me. Like I'm
teaching myself like trading inthe futures market and stuff
like that. And the biggest one,because my mentor, he's been
showing me the ropes. And thenthe biggest one, he said, he's
like, when you start making alot of money, he's like, the
first thing you're gonna do islike you said, you're gonna go
back to your 20 year old stuff,like, Man, I didn't buy that
Corvette. I want to buy thatfrickin Corvette all souped up
(09:06):
kind of thing. He's like, youget it. And he's like, back in
my day, you could go drink andcrash it and be fine. You just
pay off the property owner belike, here's 10 grand, this
didn't happen kind of thing.
He's like, but now he's like,What is that sports car is gonna
cost you more tickets.
Unknown (09:23):
Yeah, it's very true.
Josh Bolton (09:26):
So and that's just like, how you resonated with
that? Because I'm like, Ah,yeah, you had this, like,
somehow mentally check it off inyour head, like, Okay, I didn't
get it, but it's fine. I don'tneed it. What was it like? I'm
just curious now, like, what'sthe 120 when you were 20 years
old? What was that one thingthat you slipped back to every
so often?
Unknown (09:47):
I just thought that that is, you know, when we were
20 You know, I got into it,maybe it would be say 23 I got
into the financial space at 23.
I did engineering, you know,from the time I was 19 to I'm
23. And at the time, when I leftthe oil patch in Alberta, you
know, I was making six figures,and I had bought a piece of real
(10:07):
estate and it was great. And myfirst year in the financial
space, I made $15,000. And atthat time, my best friend, he
always groomed to be his bestman at my wedding, you know, he
was into real estate, and thisis going back to 2005 2006. So
pre crash and in our region, youknow, be like, kinda like the
(10:28):
California of Canada, whereit's, you know, it's right now
it's snowing outside, but itgets up to what you would be 100
degrees in sunny for a lot tothe summer. So it's, it's very
seasonal, fun town, your averagehouse price just is about 1.1
million in a town of 180,000people. So it's, it's a fun
place to live. And anyway, atthe time, real estate was going
(10:52):
nuts, and he was making, youknow, multiple, six figures. And
so, you know, for me for 15,000He's making multiple, six
figures, you know, and we'reboth, you know, just two bodies,
you know, watches, big watcheswere like a thing. And so, you
know, that was something that Ialways hang on to, it's like,
now when I'm like making I'mgonna get a big watch, like, not
(11:13):
too crazy. Normally, five, nineand a half. I'm not a big guy,
he can't really, really read thebig ones. But I wanted the you
know, like something that stoodout. And I never did get that.
And I sometimes like yeah, youknow, that'd be cool. But it's
definitely not a it's not partof my, my ethos right now.
Josh Bolton (11:33):
Yeah, I don't see any, especially if like, you get
a 100% Gold, Rolex, there's awhole complicated thing. It's
like, that's like 50k. But thenI don't know about Canada, but
you could buy insurance on it,then there's that the whole
extra thing with insurance
Unknown (11:48):
is you want to manage that risk. You know, someone
told me the other day, though,like, in India, you know, and
and again, for any people whoare from India, if I screw this
up, I apologize. But he wasreally angry in India, why it
is, so people were so much gold.
And they were you know, part ofthe reason is like gold is
actually worth something, youknow, and so again, there's lots
of debate on where some are not,but you know, so it's like, why
(12:08):
do they wear so much becausewhen you own it, the safest
place to own it is on yourself.
You can put it in the vault orbank and it's like, it's pretty
safe on yourself, especially ifyou know how to defend yourself.
So I thought that's aninteresting way that maybe the
gold Rolex maybe I could parksome of my money that's in the
bank account making, you know,not very much interest. You
(12:31):
know, you put it in that but atleast it's at least I could tell
time, and I'll be late and lookvery fashionable to. Yeah,
that's right. That's right.
Josh Bolton (12:39):
Yeah, that's, that's a big one. Like I've I've
come to realize, too, I'm likeminds will just buy the physical
product. I didn't think aboutcarrying it around. I mean, I
don't want to have all thoseCalifornia gangsters with like
the thing 50 pound goldnecklaces. I mean, they look
cool. But is it practical?
Unknown (12:56):
No. Yeah, no.
Josh Bolton (12:59):
But so I'm just curious, then, what are some of
the methods, let's say peopleare interested in cumulating,
their wealth, their smallbusiness owner, they have an
extra like, six grand a month,they're not sure what to do?
What are like the first fewsteps the process to get there?
Keep your house.
Unknown (13:19):
So I'll use the analogy of a conveyor belt and, and
buckets. So imagine, you know, aconveyor belt, and under the
conveyor belt is variousbuckets. And so the front of the
conveyor belt, you have amachine, and that machine puts a
stack of hundreds down and at$6,000, if that's the analogy,
right, so you've taken care ofyour bam, so you've spent your
(13:42):
you know, you got your money tolive. And you've got money
leftover. And so now, you know,this is this is for a lot of
people, this is a very stressfuland paralyzing situation. So a
lot of clients will come to usand they'll say, my accountant
told me to phone you because forthree years, I've had 6000 A
month accumulating. I don't knowabout the stock market. I don't
(14:03):
really like tenants for realestate. And I just put it in the
bank. And so you know, threeyears later, it's
190 200 300,000. What do I dowith this? I you know, and why
it's paralyzing is it's like,they expect that they're going
to come in and a financialadvisor is going to invest it.
It's just like, you talk to afinancial advisor, obviously,
(14:25):
he's gonna tell you to investit. Right. It's like okay, well,
now listen, it's gone in my bankaccount and where is it? And so,
we again, use a model that webuilt called the spinning
accelerator. The spinningaccelerator is the machine. The
machine sets down a stack of6000 on the conveyor belt, and
as the 6000s going along theconveyor belt. There's little
(14:46):
kickers on the side of theconveyor belt and so the first
bucket would be an emergencysavings bucket. So maybe we kick
off $1,000 into that bucketevery month. Right then 5000 is
continuing down. We Need tomaybe have some good insurance
again, if you're a sole incomeearner for your family or the
bulk of the income for thefamily, if you got disabled or
(15:07):
critically ill and couldn't workand not generate income? That's
very bad. Your biggest asset isyour ability to generate income,
it's not your real estate oryour stocks. So your your
income, how is that protected?
Maybe, you know, I have clientssay to me, Hey, you know, my
family is significantly wealthy,they would bail me out. I don't
agree that that's a responsibleadult sort of approach. But
(15:28):
there might be inheritancecoming, and maybe that's okay.
But the reality is, for mostpeople, what happens if we can't
work because we're sick orinjured? Does that affect our
plan, so we need a goodinsurance. So along with bucket
6000 1000, goes to emergencysavings, another, say 1000, or
whatever, 1000 goes toinsurance. Okay, so now we have
(15:49):
4000. Left, this is where you wetalk to people about something
called their wealth edge. Sowhat a wealth edge is, and I'll
use an example, a carpenter,hit, you know, his or her wealth
edge is the ability to fix up ahouse. You know, I don't have
those skills, I didn't grow uplike that. So his or her
(16:11):
advantage over me is, if I did afixer up post, I would have to
pay for that a lot of the profitwould be eroded and my risk
would be higher, his risk wouldbe less in that he could, she
could buy a house fixed up, flipit. So we say well, maybe we
steer more of your money to realestate, because it's more in
(16:32):
line with your wealth edge. Andso that kind of take that
because I get kinds of countriesit. My neighbor says My mom says
My dad says I need to get putmoney in the stock market. And
by the time I talked to them,they're walking out of my
office, and they're looking atlistings on their phone, because
they're going to buy realestate, because it's the market
isn't for them. I also haveclients come and say, Hey, we
need to, like find some ways tofinance and buy this real
(16:55):
estate. And we go to theanalysis, we bring up real
estate listings we talk aboutand by the end of it, they said,
You know what, we could buyWells Fargo Bank, and it pays a
4% dividend. And we don't havetenants that we just parked the
money there and we collect debt,we collect rent, essentially,
that's Sign us up for that it'sby Bank of America by Wells
Fargo, you know, so that sort ofscenario determines how much
(17:18):
money gets kicked off. Next,let's say somebody is sort of
5050 they like real estate, Ilike stocks. We have 4000 left
coming down the conveyor belt,we're gonna kick off $1,000 a
month into a balanced portfolio,maybe dividend stocks, we're
going to put 1000 into a savingsaccount for real estate. And
(17:40):
then we're going to have any andwe're still got 2000 left, we're
going to put 500 A month maybeto a high risk bucket. Something
that's enough money that if youhave a big win, it will be
significant. But not enoughmoney that if you lose it to
zero, it makes you not havegroceries. Right, then, so we've
kind of done that. And thenwe've got these buckets, all
(18:01):
these you know what we callresponsible buckets, there's
still 500 bucks left. And that'swhere the spending acceleration
comes in. Because you've doneyou've checked off all the
boxes, you've kicked money intothe different buckets, out the
back end of the conveyor belt,what falls off is the money that
you intentionally spend onupgrading your lifestyle.
Josh Bolton (18:23):
That's, that's interesting. So invest in
yourself at the end, good.
Unknown (18:27):
It could be a course it could be. You know, you know, we
in my book that I wrote, we callit Permission granted. So
permission granted to get a car,that's fancier permission
granted, and one caveat withthat, watch how long you're
signing up for an extra payment.
Because really, it should bemore of a moving thing. So if
you wanted to buy something for,you know, we got 500 A month
(18:51):
beyond you want to buy somethingfor 5000 Wait 10 months, build
up that thing. Now yourpermission granted to do it, if
you want to buy something for$500 You want to get a new pair
of skis or you're down in LA youwant to get into stand up
paddleboard, whatever it is,it's like Yeah, go for it.
Because you've done all thosebuckets, and you can look down
and you could say, you know, soas this kind of is humming
(19:14):
along, you know, we have themodel where it runs out, you
know, say for 1015 years, andthen you could say, well, by the
time like I'm 55 I got 4million. That's, that's more
than I need. So maybe I couldtone down some of those buckets
and kick off the conveyor belt alittle less. And then I'll have
(19:35):
more to spend now.
Josh Bolton (19:43):
Now it's very true I like your analogy of the
conveyor belt because that'skind of how I explained it to
people Mike but ice more talkingsteps are like a lot like ladder
rungs because I do a lot ofpeople like how do I do this and
my will will you need it likeyou said the band we're gonna
need the bare minimum If youdon't have that, even if you
(20:03):
want it to the next few stepsare not gonna even work.
Unknown (20:07):
100,000 120,000 of the income is is often not talked
about. And you know, again, I'ma capitalist, I'm not afraid to
kind of share that. I know whatit's done for my family, you
know, there's been a lot ofpivotal shifts I've had to do,
but at the same time I see withclients, not many options happen
(20:27):
until you make 100 120 where youcan even if someone makes 80,
let's say they have an okaylife, and and they save, you
know, $2,000 a month. That's ina year that's $24,000. In La
24,000, you cannot use for adown payment on anything. In no
(20:49):
five years, that's going to be120,000. Or is it? What is that?
24,002 40? Yeah, so it's in fiveyears, that's 120,000 that's
probably is barely enough for aone bedroom condo. For
downpayment,
Josh Bolton (21:03):
barely, everything's a million or two.
Right? So,
Unknown (21:07):
so when you start, you know, so you go, Okay, well, you
can only reduce your expenses sofar to save. So, there's a
couple of ways that people, youknow, say you're making 80,000,
listener, and you're like, myjob is my job, I can't, and I
want to get out of the hole. Italked about it yesterday in a
podcast, and I've never reallytalked about it before. But I
(21:28):
think it's, it's it is importantthat the way that someone like
that could get involved inbigger things is going to
magnify your money. So I used tohave this business partner, and
he would say, why you keeptrying to subtract stuff, why
you start trying to multiplystuff. And what his analogy was,
(21:49):
as if you know, people get kindof slow in sales, or they're
slowing down either incomesomeone, they keep trying to
reduce their expenses. Sothey're trying to minus their
their expenses to then makewhere you start using the times
you try and multiply. And so theway you do that is real estate,
easy one for people to kind ofwrap their heads around. There's
(22:11):
so much resource and technologyout there for everyday people to
find real estate to find a dealto analyze a deal quickly. And
then when you find a good dealagain, Grant Cardone Love him or
hate him, it's like, he talksabout like, money will find you
when you have a deal. So if youdon't have the money, but you
can find a deal, and you're goodat like putting the mechanics
(22:34):
together and maybe write a onepager on how you think that you
know, take a course on how to doa limited partnership. Then you
present that, you know, lookaround, where is the money, golf
course country clubs, you know,like, just look around, where's
the money and start asking you,the boss that you work for. My
first partnership was 24 yearsold, when I moved back out of
(22:55):
the oil patch, and was making15,000 I knew that I didn't want
to rent a place. I wanted to buya place. But I needed help. I
didn't have the downpaymentmoney because I had another
property. I approached my oldboss and I said, Hey, I rent out
this like agreement, I'm gonnalive in the house, we need to
buy at least a three bedroomtownhouse, I'll put two
roommates in it, I'll collectthe money. And we'll make sure
(23:17):
that, you know, everything'shandled. But the caveat is I
need the 80,000 from you to putas a down payment down on the
place that will get our mortgagelow enough. And so again, we
held that place for three, fouryears. We sold it for a profit,
I collected all the money, paydown the debt till the bills and
you know, I only own 14% of thatdeal. That was I don't know how
(23:41):
I kind of came to that. But atthe end of it, I made money
instead of paying rent out tosomebody else. So again, if you
can come up with it, there ismoney and that can get you the
multiplication that you'relooking for.
Josh Bolton (23:54):
Oh 100% Especially recently like as we've been
talking to different peopleabout my endeavors and trading
and looking at differentstructuring for like LLC use for
properties. Suddenly, what am Ione of my trading buddies? He's
like a 76 year old dude, I domartial arts with him is the
greatest thing. He does not actlike he's 76 at all. And but he
(24:17):
told me he's like, yeah, he'slike, if you ever get a project
and you like, buy your virtualreal estate, because he's like,
for heaven's sake, do not putyour LLC at your house kind of
thing. So he's like, pay theextra 30 bucks a month? Extra if
no, you don't have random peopleshowing up at 3am. Yeah. And
then he's like, Yeah, and he'slike, when you have that one
(24:37):
piece of real estate, you canalso put multiple under that one
piece because you own it. Andhe's like, and then call me he's
like, call me I will. I willinvest in a project with you.
But he's like, I will also findprojects. And as long as he's,
and then we could just pile themoney in that we'll see. And
we'll just go into partnershipwith that. Yeah, I love it. So
yeah, Grant cardones raise likeyou just got to ask around. Um,
(25:00):
When am I Oh, my rich when we'reit's hard right now. One of my
original like wealthy mentors.
He's a recycler scrapper makestupid money every year. And
it's just one of those. He evensaid, he's like, if there's ever
a real estate project, like yousee, because he's like, I don't
have time to look anymore, that,uh, you can prove that it's
going to make money. Just tellme and I'll write the check.
(25:21):
Yeah. Yeah. So yeah, it's justone of those. I've always just
kept in my mind, I'm like, Okay,if I ever needed like, a certain
project where I can just like,drop, like you said, drop the
plan, handed to them and belike, Okay, this is what I'm
going to do.
Unknown (25:37):
Yeah, I think there's, there's all sorts of avenues to
to go, I'm just jotting downrecycler I forgot about forgot
about that industry.
Josh Bolton (25:48):
He makes crazy money. Yeah. He has a contract
with exclusive a Tesla to getall their scrap aluminum from
the doors. I was like, Dude,that contract alone, people
would just want to pay by yourbusiness just to get to that
contract. Yeah. So yeah. Solet's, is that the main way that
(26:15):
you did it to get your startingyour wealth is go into business
with your boss, or is there overthe other steps in between?
Because it wasn't just you livedat one house for three years?
You didn't strike me as thatkind of guy? What were the other
projects you were working on?
Unknown (26:30):
I was big on. So the the original firm that I kind of
settled down into nobody had areal deep expertise in they had,
they had deep experience, butnot deep specialization in the
certain planning we were doing.
So we were doing a lot of workwith dentists. It was you know,
LLC or LLC. Why can't the othercorporation you guys have but it
(26:52):
was a corporation that theyoperate under, so a dentist
clinic, and then they haveanother corporation that holds
all their assets. So their realestate, their investments,
dentists tend to on average,make consistent good income. So
we were working in thatenvironment. So my expertise was
getting two credentials. One's acertified financial planner, and
(27:15):
one is a chartered lifeunderwriter, which would be your
highest highest designation forinsurance slash estate planning
incorporations, legal, and tax.
And so you know, there's,there's some advantage to having
someone on the team like that.
So I got those designations. Andthen I was brought in as an
advanced case specialist. Soeven though I didn't have the,
(27:37):
necessarily the leads, or thethey, again, I was young, I was
in my 20s, it didn't have therich, wealthy kind of people to
draw on. So I was able toparticipate in those files, and
add value to my partners, butthen participate in some of the
income. So income was a bigthing for me and boosting it and
(27:57):
getting it in figuring out justways to get the income higher. I
even in the early years of myfinancial planning, went back
and worked remote for theengineering firm that I used to
work in the oil patch for justto make more cash again, I told
you, I made 15,000, my firstyear, the second year, I said
I'm not doing that again. So Ikept doing the financial stuff,
(28:21):
but then I would work from about5am till 8am on engineering
stuff, and then I would workfinancial planning till about
5pm. And then from seven, youknow, till late at night, I
would do more engineering. Andthen so I'd be putting those
hours at least I was increasingmy cash flow. And making it
somewhat didn't have much of alife. But you know, then, you
(28:44):
know, you're sort of in thisindustry, you're underpaid for
for a number of years. But thenit can be quite rewarding. And
it's not so much the money, it'syou're dealing with people. And
again, I've been in businessalmost 18 years, you have great
relationships with people. Andso it's a very fulfilling
industry. So for anyone considergetting into the financial
(29:06):
planning space, I do highlyrecommend it and recommend
someone look into it that theaverage age for wealth managers
is probably 60. And there's nota lot of younger people getting
into the business.
Josh Bolton (29:21):
Yeah, a lot of honestly, a lot of people my
age, especially with me talkingabout trading, they're like, oh,
you know, it just sounds like astressful job and you're grossly
underpaid. I'm like, yes and no.
Like, if you're near the top ofthe firm, you're making so much
money. You're just kind of likeI don't know what to do with
this all you do, but it's likethe analogy like keto bros, as
(29:43):
we're told them, like it's justare you willing to work hard and
they're all like, no, grab,they're just stay where we're
at?
Unknown (29:53):
Well, it's it whether it's real estate or it's
insurance or wealth, or sellingboats, you know, longer that
you're around, the easier, itbecomes just out of happy
customers give you referrals.
And so then you're not grindingas much. So it's just gonna say
to people, if you worked at themill or a pulp mill or the
shipyard or wherever, for 25years, you probably making good
(30:16):
money by the end, and yourseniority is pretty high. So
you're, you know, you feel goodfrom a status point of view. So,
I think, you know, there issome, you know, some rewards for
sticking it out in the wealthspace, too, there's a lot of
different avenues, you could gointo banking, you know, you
could be helping people open,you know, getting a mortgage,
(30:37):
you know, then you could go towealth and do investments you
could be doing, you know,management, you know, other
things, like, there's otheravenues that you could kind of
if you got bored, you switchgears. But, you know, the
younger generation, I think, isunder estimating. And I'm
stereotyping under estimatinghow long it takes to get deep
(30:58):
skill set to, you know, acquire,you know, a significant amount
of wealth year to year.
Josh Bolton (31:07):
Oh, it's the, it's crazy for me, the how they
think, Oh, just I watched theTick Tock and I deeply
understand the crypto market.
I'm like, You don't understandshit.
Unknown (31:17):
Yeah. Yeah. You understand the crypto market
when it's going up? When it goesdown? That's when people go, I
guess I didn't understand it.
Josh Bolton (31:28):
Well, like my favorite one is one of my
coworkers, he bought into somememe coin. And I was like,
Alright, whatever. Like, I thinkit was at the time he bought in
at three cents. And he's like,it's at six cents. have doubled
my money. I'm like, good foryou. You lost half of that half,
just to taxes just so you know.
Yeah, kind of thing. And then hewas trying to show me something.
(31:48):
And I looked at the chart andlike, oh, it's gonna start
falling. And he's like, wait,I'm like a top came in. There
was that's a perfect head andshoulder and he's like, what's
that? I'll find out, Lord, sellit now. Think we later?
Unknown (32:04):
Yeah, well, it's the market is, is, is, is getting
increasingly more complicated.
And people say, you know, what,so manipulated. In a way, maybe,
but there's just so much morethat goes into, you know, the
high frequency stuff thatcomputer AI like, but at the end
of the day, all that stuffaside, you're really dealing
(32:28):
with human emotion. And that isa long, that is a big trend.
That is going to be around for along time. So it's hopefully you
can find those patterns.
Josh Bolton (32:39):
Yeah. Well, and like for him, he got out and
that's where he actually didn't,he made money even after taxes.
And that's where one of thethere's a proud crypto bro, and
whatever. And he said, Hey, so,so and so told me you're good at
charts, like he shows me and I'mlike, I see all the lines where
you bought it. I'm like, Dude,you might want to sell
(32:59):
everything now. Because it seemslike it's blowing off. He's
like, No, it's a buy on dipopportunity. And like, yeah,
that's like chasing a straight.
That's not going to work. Yeah.
But, yeah, he I saved him. Atleast somebody I think he'd lost
it after fees and taxes. But itwasn't anything ridiculous. But
that's what's in there. Like,how do you notice and like, I've
(33:22):
was obsessed with charts. Iunderstand. I understand charts
at times better than Iunderstand humans.
Unknown (33:29):
Yeah.
Josh Bolton (33:31):
And, and but like Back to you, a lot of people now
coming to me, Oh, you just takemy money and manage it for me
make me rich? And I'm like no,she had the wrong mindset.
Unknown (33:44):
It's a different beast.
managing people's money is a lotdifferent than managing your own
or just giving people tips.
Little tips? Yep, a little, eventhe simple things like, hey, I
want to do a withdrawal. And youknow, there's a computer glitch
that night. And, you know, theydon't get their money till the
next day. You know, those arescenarios that seem very simple,
(34:05):
but it's like, people want theirmoney. And you've, you know, my
one, my one client says all thetime, it's like, what are you
going to do with my made money.
And it's a good it's, you know,it's tongue in cheek, but his
point is valid, that he's workedhard. He's sacrificed not being
home with his family. And he'smade money and it's sitting in
his bank account. And now he'sgiving it to me to do something
(34:26):
with it, hopefully constructive.
And so you know, that's thatthis is a huge level of
responsibility. But I again, Idon't think we're perfect by any
means. We've just always triedto be super transparent. And you
know, when someone's going bad,we're on the emails on the
(34:47):
phone. Hey, this is happening.
This is what we're doing torectify it. This is what we
learned from it. And that seemsto be okay. strategy so far.
Josh Bolton (34:59):
Yeah, as long as you transparent with people.
That's the biggest one I've cometo realize after reading
multiple books on psychology, aslong as you tell him, Hey, I
messed up, I will do mydamnedest to fix this problem.
Meanwhile, please Like, let medo my thing. Yep. So is there
anything in particular I mighthave missed that you want to go
(35:20):
over?
Unknown (35:22):
No, I think you've got I think it's, you know, we're on
a quest to help people live morethan life now yet be responsible
for their future. And, you know,we talked about bam, we talked
about the spinning accelerator.
There's resources on ourwebsite, service wealth.com, we
do have a podcast as well calledthe picture of wealth. And the
picture wealth is reallyinterviews with people that that
(35:43):
I know, I've come across whoare, you know, maybe they don't
make the most money they make.
They do well, but they might notwork five days a week. And so,
you know, they might be heavilyinvested in courses and deep
knowledge, they might be heavilyinvested in their kids, hockey
(36:06):
programs, and yet still run asuccessful business. So you have
the picture of wealth is thatyou know, what is the picture
wealth? What is listener? Whatis your picture wealth, and your
picture wealth can lookdifferent than your friend, you
know, your picture wealth canlook different than your
parents. Your picture wealth canlook different than that teacher
(36:26):
in your finance, class anduniversity.
Josh Bolton (36:30):
It's so true. It's all perspective. Yep. That's
awesome. Do you do you alsooffer like one on one coaching,
if someone's just sitting here,like, I love Dustin, can you
just talk to me?
Unknown (36:43):
Yep. So we have, you know, an hourly coaching,
monthly coaching, all that kindof stuff. So you know, I'm
located in Canada, but we do allof our stuff on Zoom. And I
would encourage people thatlisten to the podcast, and if
you got a question, just reachout to me. I'm happy to steer
you in the right direction if Ican, if you're up in Canada,
(37:04):
listening. Yeah, for sure. We'relocated in Kelowna, British
Columbia.
Josh Bolton (37:09):
And we go, absolute honor and pleasure to have you
on.
Unknown (37:12):
Thanks a lot, Josh.
Thank you.
Welcome to the Josh Bolton show. Die interesting and
inspiring conversations. And nowyour host, Josh Bolton.
Josh Bolton (00:13):
Hello, everybody.
Welcome. Welcome. I had awonderful chat for guests.
That's the service. Oh, man, wehave this awesome dudes over
here in the Vancouver area, andI'm here in LA. Just so much
fun, the stuff he's doing. Andwe got talking about his
podcast. We're in for an awesomeinformative ride. Dustin, take
it away before I start ramblingwealth.
Unknown (00:35):
Thanks, Josh. There's so many different places we
could go. So I think you knowyour audience best and listener,
I know that you trust Josh. Sohe will help steer this
conversation to where it needsto be. So just what is what's
the most pressing? You know, heread my bio on the media, the
kid what? What do you think isthe first and foremost thing
that needs to be talked about?
Josh Bolton (00:57):
Your three successful ways for wealth?
Unknown (01:06):
Yeah, yeah. So there's a couple of things. So I'll
start really quick with, youknow, the basics of, you know,
not even investing or you know,wealth. It's more of, you know,
getting organized andintentional on where you want to
go. So one thing that mypartner, you know, she's been
with me for a long time, but mywife will sit down, and it's
(01:28):
every September, it's kind oflike the summer ends. And Elena,
lots of people set their goalsin January, but we sort of have
this conversation in September,because it's summer kind of
Weisen end, and it's like, hey,let's make a Porsche. So where
are we going? What is, you know,our intention is our intention
to travel is our intention to,you know, couple years ago, we
bought a bigger property. So itwas, you know, let's work on the
(01:50):
yard. And let's reinvest anyextra money, we had an effort
into that. You know, so havingan open conversation with
yourself and writing that down,you know, there's, I'm not an
expert on goal setting andwriting things. There's lots of
guys and girls that have writtenlots of books on that, but, you
know, so that kind of sets yourTrueNorth Where are you going,
(02:11):
and then from there, you know, Ido think that there is a direct
relationship with the confidencethat someone has with their
money, that confidence, youknow, as it grows, you can
parlay that to other areas ofyour life, and it just sort of
is a is a flywheel that getsgoing. So one thing that that
many people don't like is abudget or being told what they
(02:31):
could spend or not spend on. Sogetting your statements
literally, even if you don'twant to print it, you know, I do
it every year, once a year, Iprint three months of statements
for my visa and for my checkingaccount. And I literally just,
it's not a deep analysis, andI'm like to an engineer, kind of
dorky brain, I like to analyzethings, but just serve the
(02:52):
transactions and just see thatwhat you're spending your money
out on is in line with what yourTrueNorth or your goals are. So,
you know, when we work withclients, you know, example that
I always use is, it was a ladywho said she wanted to get
outside more and get active andget a little more physically
fit. And so when I looked ather, you know what we call bam,
(03:13):
so be AM. So your bare assminimum, embarrass. Minimum is
the expenses that exist for youjust to be around your mortgage
payment, your rent payment, yourgroceries, your gas for your
car. So we looked at hers, shehad a $300 a month cable costs.
Her cable TV was $300. Shereally liked the news. And so
(03:34):
when we asked her, you know,hey, do you ever watch a TV? She
says, No, not that much. I justwatched the news. And so we
said, we'll be forever wantingto get the news online. Number
two, you could probably reduceyour cable bill to you know, $50
a month. And she had been, youknow, the punchline is that
she'd been humming and hawingover buying anywhere. And you
know, we're in Canada, we havetons of snow. She'd been coming
(03:55):
home buying these $400 snowshoesand that is that's a nicer pair
of snowshoes good, quality,lightweight, etc, etc. and her
friends did this, but shedidn't. She was reserved to buy
these snowshoes. And we said,well, wasn't there two months of
saving the cable bill and youcould get those snowshoes and
you'd be you know, gettingoutside. So spending is a big
(04:17):
thing. And it isn't aboutpointing the finger at your
spouse and you can't spend onthat or it's literally an open
conversation, you know, ifyou're gonna do it, right, and
you have a partner, make sureyou you say to each other and my
wife and I do it. This isn'tthis is a safe zone. This is you
know, we're gonna look at thisand we promise that no matter
what we see in the spending,we're not gonna get mad. Now if
you're a person who hide stuffthen that's that's a different
(04:39):
story. But yeah, if you're openabout it, that's a very
constructive way to get on thesame page and know what your
outflow is. So that's that's areally basic you know, analogy
of good that's that's the baseof starting to get into wealth.
Josh Bolton (04:54):
That's awesome.
Yeah, I 100% agree with likecommunication. I was actually
talking with my my girl Beforecoming on this call, and that
was a big one because she hassome student loan debt. And I'm
like, okay, in America that'skind of unavoidable anymore to
get around. But I'm like, Howbad is and she was like, Oh,
I've gotten down to like 7000.
Now when Mike, that's amazing,that's great. Like, that's
(05:14):
really good. And she go, yeah, alot of people say it's bad. I'm
like, You're not looking at sixdigits, you're not looking at
the like the 10k kind of thing.
I said, that's amazing that yougot it that that low, so quick.
And shake. Oh, and instead ofjust telling her like, we need
to set up a budget, and like, ifI made you one, would you
actually follow it kind ofthing? And she's like, Yeah, can
you at least throw in like funspending lectures and get like,
(05:38):
you can get like, $50 funspending kind of thing?
Unknown (05:43):
Yeah, yeah, I think that's you have to have one of
the major things that we youknow, we have like a pyramid
framework that we talk toclients, and it's, you know, I
was I did engineering in school,you know, we could make, I've
got lots of credentials, and wecould write 100 page financial
plans, but we just found thatpeople do not, they check out,
they read the first two pages,and it's, you know, too much.
(06:05):
And so we just created onepicture. And it's, you know,
what we call a life claritySummit. And the life clarity
Summit is at the bottom, youknow, the widest part of the
pyramid is have a financialplan. And that could just be
having a visit with aprofessional that could be going
online and Googling basicfinancial plan. And then the
next layer up is your riskmanagement, then it's
accumulation, and then sell yourbusiness or estate planning to,
(06:29):
you know, your kids. And so it'sa really simple way to look at
it, one of the pieces of riskmanagement, is leisure spending.
Because if you don't understandhow to find that balance with
good spending, what I see again,we we manage, you know, hundreds
of millions of net worth forclients. And that has shown us
(06:49):
that a lot of wealthy familiescan't spend when they get to
retirement, even though theyhave a lot of money. So even
though we show them, hey, you'vegot $4 million, you spent
100,000 a year, the you're gonnarun out of money, you're gonna
pass away with millions in thebank. So maybe you should start
spending more. They can't theyhave this hoarding preservation,
(07:12):
it will say, Well, why don't yougive it to the kids? They said,
well, we don't want to have themup and make them entitled, so
we're not going to give it tothe kids. So you have this, this
thing where we'll say, Okay,well, do you know that? You
know, you're 63 Now, Mr. Mrs.
Client, if you only had 2million, you still wouldn't run
out of money? And they'll say,oh, wow, okay. And then we'll
say, Well, would you if youknown that you could have had 2
(07:34):
million and not work six, sevendays a week while you were in
your career? Would you exchange2 million now knowing that and
then, you know, only work fourdays a week, or, you know, been
to more your kids events whenyou were younger. And it's
really just an aha moment, Ishare that story to help younger
(07:54):
people that are stuck in thissort of mentality where they
were brought up in a place whereyou're gonna get somewhere in
life, you got to work hard. Idon't know how hard but you just
got to work hard, like reallyhard forever. And so there's,
there is a bit of an awarenessthere that, you know, when we
get older, and you know, I'm 41years old, when I was 20, things
(08:17):
got really embedded into myhead, you know, things that you
read things you saw, and I'm 41.
Now my wealth is a lot differentthan it was when I was 20. But
sometimes my mind leaks back towhen I was 20. Even goals, I
have materialistic goals thatreally, you know, I want to buy
XYZ, it's like, well, is that agoal for right now? Or is that a
(08:39):
goal that I had, that I justdidn't check off the list when
really, it's not applicable now?
Josh Bolton (08:44):
Yeah. Now, that's a big one for me. Like I'm
teaching myself like trading inthe futures market and stuff
like that. And the biggest one,because my mentor, he's been
showing me the ropes. And thenthe biggest one, he said, he's
like, when you start making alot of money, he's like, the
first thing you're gonna do islike you said, you're gonna go
back to your 20 year old stuff,like, Man, I didn't buy that
Corvette. I want to buy thatfrickin Corvette all souped up
(09:06):
kind of thing. He's like, youget it. And he's like, back in
my day, you could go drink andcrash it and be fine. You just
pay off the property owner belike, here's 10 grand, this
didn't happen kind of thing.
He's like, but now he's like,What is that sports car is gonna
cost you more tickets.
Unknown (09:23):
Yeah, it's very true.
Josh Bolton (09:26):
So and that's just like, how you resonated with
that? Because I'm like, Ah,yeah, you had this, like,
somehow mentally check it off inyour head, like, Okay, I didn't
get it, but it's fine. I don'tneed it. What was it like? I'm
just curious now, like, what'sthe 120 when you were 20 years
old? What was that one thingthat you slipped back to every
so often?
Unknown (09:47):
I just thought that that is, you know, when we were
20 You know, I got into it,maybe it would be say 23 I got
into the financial space at 23.
I did engineering, you know,from the time I was 19 to I'm
23. And at the time, when I leftthe oil patch in Alberta, you
know, I was making six figures,and I had bought a piece of real
(10:07):
estate and it was great. And myfirst year in the financial
space, I made $15,000. And atthat time, my best friend, he
always groomed to be his bestman at my wedding, you know, he
was into real estate, and thisis going back to 2005 2006. So
pre crash and in our region, youknow, be like, kinda like the
(10:28):
California of Canada, whereit's, you know, it's right now
it's snowing outside, but itgets up to what you would be 100
degrees in sunny for a lot tothe summer. So it's, it's very
seasonal, fun town, your averagehouse price just is about 1.1
million in a town of 180,000people. So it's, it's a fun
place to live. And anyway, atthe time, real estate was going
(10:52):
nuts, and he was making, youknow, multiple, six figures. And
so, you know, for me for 15,000He's making multiple, six
figures, you know, and we'reboth, you know, just two bodies,
you know, watches, big watcheswere like a thing. And so, you
know, that was something that Ialways hang on to, it's like,
now when I'm like making I'mgonna get a big watch, like, not
(11:13):
too crazy. Normally, five, nineand a half. I'm not a big guy,
he can't really, really read thebig ones. But I wanted the you
know, like something that stoodout. And I never did get that.
And I sometimes like yeah, youknow, that'd be cool. But it's
definitely not a it's not partof my, my ethos right now.
Josh Bolton (11:33):
Yeah, I don't see any, especially if like, you get
a 100% Gold, Rolex, there's awhole complicated thing. It's
like, that's like 50k. But thenI don't know about Canada, but
you could buy insurance on it,then there's that the whole
extra thing with insurance
Unknown (11:48):
is you want to manage that risk. You know, someone
told me the other day, though,like, in India, you know, and
and again, for any people whoare from India, if I screw this
up, I apologize. But he wasreally angry in India, why it
is, so people were so much gold.
And they were you know, part ofthe reason is like gold is
actually worth something, youknow, and so again, there's lots
of debate on where some are not,but you know, so it's like, why
(12:08):
do they wear so much becausewhen you own it, the safest
place to own it is on yourself.
You can put it in the vault orbank and it's like, it's pretty
safe on yourself, especially ifyou know how to defend yourself.
So I thought that's aninteresting way that maybe the
gold Rolex maybe I could parksome of my money that's in the
bank account making, you know,not very much interest. You
(12:31):
know, you put it in that but atleast it's at least I could tell
time, and I'll be late and lookvery fashionable to. Yeah,
that's right. That's right.
Josh Bolton (12:39):
Yeah, that's, that's a big one. Like I've I've
come to realize, too, I'm likeminds will just buy the physical
product. I didn't think aboutcarrying it around. I mean, I
don't want to have all thoseCalifornia gangsters with like
the thing 50 pound goldnecklaces. I mean, they look
cool. But is it practical?
Unknown (12:56):
No. Yeah, no.
Josh Bolton (12:59):
But so I'm just curious, then, what are some of
the methods, let's say peopleare interested in cumulating,
their wealth, their smallbusiness owner, they have an
extra like, six grand a month,they're not sure what to do?
What are like the first fewsteps the process to get there?
Keep your house.
Unknown (13:19):
So I'll use the analogy of a conveyor belt and, and
buckets. So imagine, you know, aconveyor belt, and under the
conveyor belt is variousbuckets. And so the front of the
conveyor belt, you have amachine, and that machine puts a
stack of hundreds down and at$6,000, if that's the analogy,
right, so you've taken care ofyour bam, so you've spent your
(13:42):
you know, you got your money tolive. And you've got money
leftover. And so now, you know,this is this is for a lot of
people, this is a very stressfuland paralyzing situation. So a
lot of clients will come to usand they'll say, my accountant
told me to phone you because forthree years, I've had 6000 A
month accumulating. I don't knowabout the stock market. I don't
(14:03):
really like tenants for realestate. And I just put it in the
bank. And so you know, threeyears later, it's
190 200 300,000. What do I dowith this? I you know, and why
it's paralyzing is it's like,they expect that they're going
to come in and a financialadvisor is going to invest it.
It's just like, you talk to afinancial advisor, obviously,
(14:25):
he's gonna tell you to investit. Right. It's like okay, well,
now listen, it's gone in my bankaccount and where is it? And so,
we again, use a model that webuilt called the spinning
accelerator. The spinningaccelerator is the machine. The
machine sets down a stack of6000 on the conveyor belt, and
as the 6000s going along theconveyor belt. There's little
(14:46):
kickers on the side of theconveyor belt and so the first
bucket would be an emergencysavings bucket. So maybe we kick
off $1,000 into that bucketevery month. Right then 5000 is
continuing down. We Need tomaybe have some good insurance
again, if you're a sole incomeearner for your family or the
bulk of the income for thefamily, if you got disabled or
(15:07):
critically ill and couldn't workand not generate income? That's
very bad. Your biggest asset isyour ability to generate income,
it's not your real estate oryour stocks. So your your
income, how is that protected?
Maybe, you know, I have clientssay to me, Hey, you know, my
family is significantly wealthy,they would bail me out. I don't
agree that that's a responsibleadult sort of approach. But
(15:28):
there might be inheritancecoming, and maybe that's okay.
But the reality is, for mostpeople, what happens if we can't
work because we're sick orinjured? Does that affect our
plan, so we need a goodinsurance. So along with bucket
6000 1000, goes to emergencysavings, another, say 1000, or
whatever, 1000 goes toinsurance. Okay, so now we have
(15:49):
4000. Left, this is where you wetalk to people about something
called their wealth edge. Sowhat a wealth edge is, and I'll
use an example, a carpenter,hit, you know, his or her wealth
edge is the ability to fix up ahouse. You know, I don't have
those skills, I didn't grow uplike that. So his or her
(16:11):
advantage over me is, if I did afixer up post, I would have to
pay for that a lot of the profitwould be eroded and my risk
would be higher, his risk wouldbe less in that he could, she
could buy a house fixed up, flipit. So we say well, maybe we
steer more of your money to realestate, because it's more in
(16:32):
line with your wealth edge. Andso that kind of take that
because I get kinds of countriesit. My neighbor says My mom says
My dad says I need to get putmoney in the stock market. And
by the time I talked to them,they're walking out of my
office, and they're looking atlistings on their phone, because
they're going to buy realestate, because it's the market
isn't for them. I also haveclients come and say, Hey, we
need to, like find some ways tofinance and buy this real
(16:55):
estate. And we go to theanalysis, we bring up real
estate listings we talk aboutand by the end of it, they said,
You know what, we could buyWells Fargo Bank, and it pays a
4% dividend. And we don't havetenants that we just parked the
money there and we collect debt,we collect rent, essentially,
that's Sign us up for that it'sby Bank of America by Wells
Fargo, you know, so that sort ofscenario determines how much
(17:18):
money gets kicked off. Next,let's say somebody is sort of
5050 they like real estate, Ilike stocks. We have 4000 left
coming down the conveyor belt,we're gonna kick off $1,000 a
month into a balanced portfolio,maybe dividend stocks, we're
going to put 1000 into a savingsaccount for real estate. And
(17:40):
then we're going to have any andwe're still got 2000 left, we're
going to put 500 A month maybeto a high risk bucket. Something
that's enough money that if youhave a big win, it will be
significant. But not enoughmoney that if you lose it to
zero, it makes you not havegroceries. Right, then, so we've
kind of done that. And thenwe've got these buckets, all
(18:01):
these you know what we callresponsible buckets, there's
still 500 bucks left. And that'swhere the spending acceleration
comes in. Because you've doneyou've checked off all the
boxes, you've kicked money intothe different buckets, out the
back end of the conveyor belt,what falls off is the money that
you intentionally spend onupgrading your lifestyle.
Josh Bolton (18:23):
That's, that's interesting. So invest in
yourself at the end, good.
Unknown (18:27):
It could be a course it could be. You know, you know, we
in my book that I wrote, we callit Permission granted. So
permission granted to get a car,that's fancier permission
granted, and one caveat withthat, watch how long you're
signing up for an extra payment.
Because really, it should bemore of a moving thing. So if
you wanted to buy something for,you know, we got 500 A month
(18:51):
beyond you want to buy somethingfor 5000 Wait 10 months, build
up that thing. Now yourpermission granted to do it, if
you want to buy something for$500 You want to get a new pair
of skis or you're down in LA youwant to get into stand up
paddleboard, whatever it is,it's like Yeah, go for it.
Because you've done all thosebuckets, and you can look down
and you could say, you know, soas this kind of is humming
(19:14):
along, you know, we have themodel where it runs out, you
know, say for 1015 years, andthen you could say, well, by the
time like I'm 55 I got 4million. That's, that's more
than I need. So maybe I couldtone down some of those buckets
and kick off the conveyor belt alittle less. And then I'll have
(19:35):
more to spend now.
Josh Bolton (19:43):
Now it's very true I like your analogy of the
conveyor belt because that'skind of how I explained it to
people Mike but ice more talkingsteps are like a lot like ladder
rungs because I do a lot ofpeople like how do I do this and
my will will you need it likeyou said the band we're gonna
need the bare minimum If youdon't have that, even if you
(20:03):
want it to the next few stepsare not gonna even work.
Unknown (20:07):
100,000 120,000 of the income is is often not talked
about. And you know, again, I'ma capitalist, I'm not afraid to
kind of share that. I know whatit's done for my family, you
know, there's been a lot ofpivotal shifts I've had to do,
but at the same time I see withclients, not many options happen
(20:27):
until you make 100 120 where youcan even if someone makes 80,
let's say they have an okaylife, and and they save, you
know, $2,000 a month. That's ina year that's $24,000. In La
24,000, you cannot use for adown payment on anything. In no
(20:49):
five years, that's going to be120,000. Or is it? What is that?
24,002 40? Yeah, so it's in fiveyears, that's 120,000 that's
probably is barely enough for aone bedroom condo. For
downpayment,
Josh Bolton (21:03):
barely, everything's a million or two.
Right? So,
Unknown (21:07):
so when you start, you know, so you go, Okay, well, you
can only reduce your expenses sofar to save. So, there's a
couple of ways that people, youknow, say you're making 80,000,
listener, and you're like, myjob is my job, I can't, and I
want to get out of the hole. Italked about it yesterday in a
podcast, and I've never reallytalked about it before. But I
(21:28):
think it's, it's it is importantthat the way that someone like
that could get involved inbigger things is going to
magnify your money. So I used tohave this business partner, and
he would say, why you keeptrying to subtract stuff, why
you start trying to multiplystuff. And what his analogy was,
(21:49):
as if you know, people get kindof slow in sales, or they're
slowing down either incomesomeone, they keep trying to
reduce their expenses. Sothey're trying to minus their
their expenses to then makewhere you start using the times
you try and multiply. And so theway you do that is real estate,
easy one for people to kind ofwrap their heads around. There's
(22:11):
so much resource and technologyout there for everyday people to
find real estate to find a dealto analyze a deal quickly. And
then when you find a good dealagain, Grant Cardone Love him or
hate him, it's like, he talksabout like, money will find you
when you have a deal. So if youdon't have the money, but you
can find a deal, and you're goodat like putting the mechanics
(22:34):
together and maybe write a onepager on how you think that you
know, take a course on how to doa limited partnership. Then you
present that, you know, lookaround, where is the money, golf
course country clubs, you know,like, just look around, where's
the money and start asking you,the boss that you work for. My
first partnership was 24 yearsold, when I moved back out of
(22:55):
the oil patch, and was making15,000 I knew that I didn't want
to rent a place. I wanted to buya place. But I needed help. I
didn't have the downpaymentmoney because I had another
property. I approached my oldboss and I said, Hey, I rent out
this like agreement, I'm gonnalive in the house, we need to
buy at least a three bedroomtownhouse, I'll put two
roommates in it, I'll collectthe money. And we'll make sure
(23:17):
that, you know, everything'shandled. But the caveat is I
need the 80,000 from you to putas a down payment down on the
place that will get our mortgagelow enough. And so again, we
held that place for three, fouryears. We sold it for a profit,
I collected all the money, paydown the debt till the bills and
you know, I only own 14% of thatdeal. That was I don't know how
(23:41):
I kind of came to that. But atthe end of it, I made money
instead of paying rent out tosomebody else. So again, if you
can come up with it, there ismoney and that can get you the
multiplication that you'relooking for.
Josh Bolton (23:54):
Oh 100% Especially recently like as we've been
talking to different peopleabout my endeavors and trading
and looking at differentstructuring for like LLC use for
properties. Suddenly, what am Ione of my trading buddies? He's
like a 76 year old dude, I domartial arts with him is the
greatest thing. He does not actlike he's 76 at all. And but he
(24:17):
told me he's like, yeah, he'slike, if you ever get a project
and you like, buy your virtualreal estate, because he's like,
for heaven's sake, do not putyour LLC at your house kind of
thing. So he's like, pay theextra 30 bucks a month? Extra if
no, you don't have random peopleshowing up at 3am. Yeah. And
then he's like, Yeah, and he'slike, when you have that one
(24:37):
piece of real estate, you canalso put multiple under that one
piece because you own it. Andhe's like, and then call me he's
like, call me I will. I willinvest in a project with you.
But he's like, I will also findprojects. And as long as he's,
and then we could just pile themoney in that we'll see. And
we'll just go into partnershipwith that. Yeah, I love it. So
yeah, Grant cardones raise likeyou just got to ask around. Um,
(25:00):
When am I Oh, my rich when we'reit's hard right now. One of my
original like wealthy mentors.
He's a recycler scrapper makestupid money every year. And
it's just one of those. He evensaid, he's like, if there's ever
a real estate project, like yousee, because he's like, I don't
have time to look anymore, that,uh, you can prove that it's
going to make money. Just tellme and I'll write the check.
(25:21):
Yeah. Yeah. So yeah, it's justone of those. I've always just
kept in my mind, I'm like, Okay,if I ever needed like, a certain
project where I can just like,drop, like you said, drop the
plan, handed to them and belike, Okay, this is what I'm
going to do.
Unknown (25:37):
Yeah, I think there's, there's all sorts of avenues to
to go, I'm just jotting downrecycler I forgot about forgot
about that industry.
Josh Bolton (25:48):
He makes crazy money. Yeah. He has a contract
with exclusive a Tesla to getall their scrap aluminum from
the doors. I was like, Dude,that contract alone, people
would just want to pay by yourbusiness just to get to that
contract. Yeah. So yeah. Solet's, is that the main way that
(26:15):
you did it to get your startingyour wealth is go into business
with your boss, or is there overthe other steps in between?
Because it wasn't just you livedat one house for three years?
You didn't strike me as thatkind of guy? What were the other
projects you were working on?
Unknown (26:30):
I was big on. So the the original firm that I kind of
settled down into nobody had areal deep expertise in they had,
they had deep experience, butnot deep specialization in the
certain planning we were doing.
So we were doing a lot of workwith dentists. It was you know,
LLC or LLC. Why can't the othercorporation you guys have but it
(26:52):
was a corporation that theyoperate under, so a dentist
clinic, and then they haveanother corporation that holds
all their assets. So their realestate, their investments,
dentists tend to on average,make consistent good income. So
we were working in thatenvironment. So my expertise was
getting two credentials. One's acertified financial planner, and
(27:15):
one is a chartered lifeunderwriter, which would be your
highest highest designation forinsurance slash estate planning
incorporations, legal, and tax.
And so you know, there's,there's some advantage to having
someone on the team like that.
So I got those designations. Andthen I was brought in as an
advanced case specialist. Soeven though I didn't have the,
(27:37):
necessarily the leads, or thethey, again, I was young, I was
in my 20s, it didn't have therich, wealthy kind of people to
draw on. So I was able toparticipate in those files, and
add value to my partners, butthen participate in some of the
income. So income was a bigthing for me and boosting it and
(27:57):
getting it in figuring out justways to get the income higher. I
even in the early years of myfinancial planning, went back
and worked remote for theengineering firm that I used to
work in the oil patch for justto make more cash again, I told
you, I made 15,000, my firstyear, the second year, I said
I'm not doing that again. So Ikept doing the financial stuff,
(28:21):
but then I would work from about5am till 8am on engineering
stuff, and then I would workfinancial planning till about
5pm. And then from seven, youknow, till late at night, I
would do more engineering. Andthen so I'd be putting those
hours at least I was increasingmy cash flow. And making it
somewhat didn't have much of alife. But you know, then, you
(28:44):
know, you're sort of in thisindustry, you're underpaid for
for a number of years. But thenit can be quite rewarding. And
it's not so much the money, it'syou're dealing with people. And
again, I've been in businessalmost 18 years, you have great
relationships with people. Andso it's a very fulfilling
industry. So for anyone considergetting into the financial
(29:06):
planning space, I do highlyrecommend it and recommend
someone look into it that theaverage age for wealth managers
is probably 60. And there's nota lot of younger people getting
into the business.
Josh Bolton (29:21):
Yeah, a lot of honestly, a lot of people my
age, especially with me talkingabout trading, they're like, oh,
you know, it just sounds like astressful job and you're grossly
underpaid. I'm like, yes and no.
Like, if you're near the top ofthe firm, you're making so much
money. You're just kind of likeI don't know what to do with
this all you do, but it's likethe analogy like keto bros, as
(29:43):
we're told them, like it's justare you willing to work hard and
they're all like, no, grab,they're just stay where we're
at?
Unknown (29:53):
Well, it's it whether it's real estate or it's
insurance or wealth, or sellingboats, you know, longer that
you're around, the easier, itbecomes just out of happy
customers give you referrals.
And so then you're not grindingas much. So it's just gonna say
to people, if you worked at themill or a pulp mill or the
shipyard or wherever, for 25years, you probably making good
(30:16):
money by the end, and yourseniority is pretty high. So
you're, you know, you feel goodfrom a status point of view. So,
I think, you know, there issome, you know, some rewards for
sticking it out in the wealthspace, too, there's a lot of
different avenues, you could gointo banking, you know, you
could be helping people open,you know, getting a mortgage,
(30:37):
you know, then you could go towealth and do investments you
could be doing, you know,management, you know, other
things, like, there's otheravenues that you could kind of
if you got bored, you switchgears. But, you know, the
younger generation, I think, isunder estimating. And I'm
stereotyping under estimatinghow long it takes to get deep
(30:58):
skill set to, you know, acquire,you know, a significant amount
of wealth year to year.
Josh Bolton (31:07):
Oh, it's the, it's crazy for me, the how they
think, Oh, just I watched theTick Tock and I deeply
understand the crypto market.
I'm like, You don't understandshit.
Unknown (31:17):
Yeah. Yeah. You understand the crypto market
when it's going up? When it goesdown? That's when people go, I
guess I didn't understand it.
Josh Bolton (31:28):
Well, like my favorite one is one of my
coworkers, he bought into somememe coin. And I was like,
Alright, whatever. Like, I thinkit was at the time he bought in
at three cents. And he's like,it's at six cents. have doubled
my money. I'm like, good foryou. You lost half of that half,
just to taxes just so you know.
Yeah, kind of thing. And then hewas trying to show me something.
(31:48):
And I looked at the chart andlike, oh, it's gonna start
falling. And he's like, wait,I'm like a top came in. There
was that's a perfect head andshoulder and he's like, what's
that? I'll find out, Lord, sellit now. Think we later?
Unknown (32:04):
Yeah, well, it's the market is, is, is, is getting
increasingly more complicated.
And people say, you know, what,so manipulated. In a way, maybe,
but there's just so much morethat goes into, you know, the
high frequency stuff thatcomputer AI like, but at the end
of the day, all that stuffaside, you're really dealing
(32:28):
with human emotion. And that isa long, that is a big trend.
That is going to be around for along time. So it's hopefully you
can find those patterns.
Josh Bolton (32:39):
Yeah. Well, and like for him, he got out and
that's where he actually didn't,he made money even after taxes.
And that's where one of thethere's a proud crypto bro, and
whatever. And he said, Hey, so,so and so told me you're good at
charts, like he shows me and I'mlike, I see all the lines where
you bought it. I'm like, Dude,you might want to sell
(32:59):
everything now. Because it seemslike it's blowing off. He's
like, No, it's a buy on dipopportunity. And like, yeah,
that's like chasing a straight.
That's not going to work. Yeah.
But, yeah, he I saved him. Atleast somebody I think he'd lost
it after fees and taxes. But itwasn't anything ridiculous. But
that's what's in there. Like,how do you notice and like, I've
(33:22):
was obsessed with charts. Iunderstand. I understand charts
at times better than Iunderstand humans.
Unknown (33:29):
Yeah.
Josh Bolton (33:31):
And, and but like Back to you, a lot of people now
coming to me, Oh, you just takemy money and manage it for me
make me rich? And I'm like no,she had the wrong mindset.
Unknown (33:44):
It's a different beast.
managing people's money is a lotdifferent than managing your own
or just giving people tips.
Little tips? Yep, a little, eventhe simple things like, hey, I
want to do a withdrawal. And youknow, there's a computer glitch
that night. And, you know, theydon't get their money till the
next day. You know, those arescenarios that seem very simple,
(34:05):
but it's like, people want theirmoney. And you've, you know, my
one, my one client says all thetime, it's like, what are you
going to do with my made money.
And it's a good it's, you know,it's tongue in cheek, but his
point is valid, that he's workedhard. He's sacrificed not being
home with his family. And he'smade money and it's sitting in
his bank account. And now he'sgiving it to me to do something
(34:26):
with it, hopefully constructive.
And so you know, that's thatthis is a huge level of
responsibility. But I again, Idon't think we're perfect by any
means. We've just always triedto be super transparent. And you
know, when someone's going bad,we're on the emails on the
(34:47):
phone. Hey, this is happening.
This is what we're doing torectify it. This is what we
learned from it. And that seemsto be okay. strategy so far.
Josh Bolton (34:59):
Yeah, as long as you transparent with people.
That's the biggest one I've cometo realize after reading
multiple books on psychology, aslong as you tell him, Hey, I
messed up, I will do mydamnedest to fix this problem.
Meanwhile, please Like, let medo my thing. Yep. So is there
anything in particular I mighthave missed that you want to go
(35:20):
over?
Unknown (35:22):
No, I think you've got I think it's, you know, we're on
a quest to help people live morethan life now yet be responsible
for their future. And, you know,we talked about bam, we talked
about the spinning accelerator.
There's resources on ourwebsite, service wealth.com, we
do have a podcast as well calledthe picture of wealth. And the
picture wealth is reallyinterviews with people that that
(35:43):
I know, I've come across whoare, you know, maybe they don't
make the most money they make.
They do well, but they might notwork five days a week. And so,
you know, they might be heavilyinvested in courses and deep
knowledge, they might be heavilyinvested in their kids, hockey
(36:06):
programs, and yet still run asuccessful business. So you have
the picture of wealth is thatyou know, what is the picture
wealth? What is listener? Whatis your picture wealth, and your
picture wealth can lookdifferent than your friend, you
know, your picture wealth canlook different than your
parents. Your picture wealth canlook different than that teacher
(36:26):
in your finance, class anduniversity.
Josh Bolton (36:30):
It's so true. It's all perspective. Yep. That's
awesome. Do you do you alsooffer like one on one coaching,
if someone's just sitting here,like, I love Dustin, can you
just talk to me?
Unknown (36:43):
Yep. So we have, you know, an hourly coaching,
monthly coaching, all that kindof stuff. So you know, I'm
located in Canada, but we do allof our stuff on Zoom. And I
would encourage people thatlisten to the podcast, and if
you got a question, just reachout to me. I'm happy to steer
you in the right direction if Ican, if you're up in Canada,
(37:04):
listening. Yeah, for sure. We'relocated in Kelowna, British
Columbia.
Josh Bolton (37:09):
And we go, absolute honor and pleasure to have you
on.
Unknown (37:12):
Thanks a lot, Josh.
Thank you.
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