Rewiring Your Beliefs: The Key to Unlocking a New Wealth Mindset with Dustin Serviss

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We have Dustin service with me here today.

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Dustin, I really appreciate your time.

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And I'm going to direct everybody to your website.

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So head over to servicewealth.

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com, but there's a trick here.

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You got to spell service S E R V I S S.

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And to make things easier, I'm going to make sure to have that link as

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a clickable one in the show notes.

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So Dustin, we're going to talk about wealth management, but more importantly,

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some mindset, I think here today.

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Because I think that's a big aspect to all of this, but really appreciate your

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time.

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Thanks, Jack.

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Yeah you're bang on mindset and in real estate, whether it's wealth

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creation in real estate or investments, it starts with the foundation of

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good thinking and mind nourishment.

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So let's let's get into it.

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Sure.

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First of all let's talk a little bit about How you found your way into this?

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Because I know you have an interesting hobby and some other

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interests outside of financial planning and real estate investing.

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So based on some of the background I saw, it's an interesting.

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Just a position as to how you might have found your way here.

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I don't know if which items you're referring to, but the marksmanship,

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the the snowmobiling it's, I'm up in Canada in the West, you can't

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see my yard, but there's six inches of snow and snowmobiling once

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or twice a week is a big thing.

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So I would say from those early days of being interested in problem solving.

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So you have an activity.

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You've got a problem or, you want to get better at it.

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So that is, that's the problem.

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Usually when you're doing an activity, you're trying it, you're being taught

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how to do something, and then it's always the learning and that's what fuels you to

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keep trying it and keep getting better.

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And that's always been.

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Something in my genes of just always trying, experimenting,

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what could I do to get better?

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And just really being consistent with good practice.

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And so that, was I took civil engineering in school actually, but was trading

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stock at office during the day.

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And that led to moving careers years of that and being, in the wealth management

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business for about 17 years now.

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And that still is something that I'm doing today.

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I'm experimenting with my own money.

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Before putting client money into anything or with real estate, I'm part of different

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mastermind groups and just really, that's, I feel like that's my tribe.

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I feel like I found, a community who likes be dealing with money and in

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getting A using certain vehicles.

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I was going to point out the fact that you brought it up with your civil

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engineering, but you probably have more acronyms behind your name than

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anybody I've ever had on the show.

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Yeah.

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I don't know where that's from.

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I think somewhere along the lines I don't know if I, I didn't make

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the rep team playing soccer.

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I made the B rep team.

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So I didn't make the a team.

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I met the B team and That was from a very young age.

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So I don't know if there's been a bit of a chip on my shoulder

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from that for a long time.

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So what my theory was, I wanted to work with successful entrepreneurs

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right from the start of my career.

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And so I thought, you know what, if I get the most credentials

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that will separate myself and.

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The second part of that was it'll be my safety net.

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I started out independent building my own business right away.

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I probably wouldn't recommend that to someone getting in

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the financial planning space.

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I would go to a bank or somewhere for a few years, get your base

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and then move out on your own.

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But the credentials were my safety net.

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I thought, you know what, I could blow this whole career up, be in

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debt, have no money and no clients.

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But if I got these credentials, I could always probably make 150, 000

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a year working for some company.

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And so that became for a decade of an addiction and so one, credential

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to the next and I've stopped learning and taking courses, those courses

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are, they're time consuming and, I have small kids now and stuff.

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It's just not as easy to do, but the amount of learning

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I, I had in those led me to.

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Add value to two partners who were good at bringing in files, but didn't

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have the credentials that I had.

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So they were good at bringing in high net worth clients.

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I would build the plans.

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And so it was twofold.

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It was good for them because it allowed them to leverage the business.

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And it was good for me because in my early years of my career,

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I got exposed to way, a lot more files and a lot more complex files.

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Then I probably should have at that 10 year of my business.

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When I did leave that partnership after eight years it was, it just parlayed

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nice into building my own practice.

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It's interesting that you focus so heavily on your career and your trajectory

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there and getting those credentials.

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where most people struggle to plan for a 500 emergency in the United States.

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I think that was the average that most people don't have enough in their

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savings to even handle a 500 emergency.

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How would you suggest somebody break through or reset their mindset

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in order to Ensure that they're taken care of at least to that

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level.

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The most basic, even when I'm talking to somebody who's got, healthy

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financial means it's right down to anybody looking to get a plan.

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We use an acronym called BAM.

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So B A M that's your bare ass minimum.

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These are the expenses that exist just for you to live.

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So your food, your rent, or your mortgage payment.

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Not the, the fancy purses or the traveling or, all that stuff would go away that

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the fancy purses and the traveling, if you were just stripped right down to

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your bare ass minimum, and most people won't take the time or don't want to,

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because maybe out of fear of actually looking at the last three months of

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their expenses in their bank account, if any, anyone has online banking, one

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exercise my wife and I do, that's, a little bit nerdy, but it's got a purpose

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is we will print our last three months.

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Visa statements once a year, every September.

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I don't know why it's that, but that's the time we do it.

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We lay it out and we show each other and we talk about it.

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And it isn't to point fingers at what you spend or I spend.

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It literally is to get optics on where's the money going and is it

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in line with our goals or values?

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If my goal, if said, listener, if you say, I want to buy my second rental

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place or my first rental place.

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Is your spending helping you get closer to that and until you get optics and

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until you look at that and just, it doesn't take long, we don't do other

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than printing the 3 months of statements.

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We literally just go down, highlight a couple recurring things.

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Again, it's winter.

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Snowmobiling is my thing.

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So gas.

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Sled parts traveling for, to, for trips, that's where my

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money would be showing multiple.

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That, that's a goal for me.

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That is a reset being, an entrepreneur and busy that time away.

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That's actually where I relax being out in the forest.

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The sound of what, the engine, that, that's where I relax.

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And if I don't do that, I'm a grouch and that isn't good for my family.

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That conversation with those expenses becomes very robust from a communication

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standpoint with your spouse or your partner, because it's again, when

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we sit down, we both say to each other, this is a safe environment.

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No one's allowed to get mad about anything because it really is just.

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Open communication.

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That's great to talk about.

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Say, Hey, listen, I want, instead of when you're in a fight, trying to

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position something, you're able to bring it out before and say, I want

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this to be an important part of my life.

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And it goes for the other, cause your other, your partner can say some things

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and you can say, yeah, that's okay.

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Now I know.

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And we're, I know we're talking to real estate in the podcast, but

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it's really mindset of spending.

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So your original question for, if we don't have 500 of savings,

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Likely there is 500 of savings in a couple months for many people.

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If you just break it down.

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And again, on our website, if you go up to, the contact us page, service, wealth.

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com say, please send me the BAM tracker.

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I'm happy to share that tracker with you.

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I really appreciate that offer.

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And I'll make sure again to have that link in the show notes

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so they are easy to find you.

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So you mentioned that, that spending mindset, that seems to be a.

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Something that has been ingrained in us from a young age is credit spend.

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And we're always living paycheck to paycheck.

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Is there, outside of being honest with yourself and your spouse, and you're

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going through that activity that you just suggested, is there any other day to day

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strategies that somebody should consider taking on in order to get out of that?

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spur of the moment spending mindset like we have.

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Yeah, I think it just you've really got to spend and it isn't a lot of time,

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but you need to create an environment, whether it's you say on Sunday,

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you put in your calendar blocker.

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I did a lot of blocking in my calendar and say, in three Sundays from now,

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I'm blocking out from eight till 10.

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And I want to really figure out this question.

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And it comes from a guy named Dan Sullivan.

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It's called the R factor question.

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And the question is, In the next 12 months for me to feel happy with my

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progress personally and professionally, I want to see this happen.

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And between now and the next 12 months, if you put yourself 12

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months out and you say, oh, I'm so happy we did this great year.

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This is what happened.

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And so if you write that down and try and really manifest around

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that, what that looks like.

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It will help you make that decision when you're about to spend on something,

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it will just be that, an online is just as bad now where it's so easy.

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Your visa is already in your Amazon account pre populated.

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I had it the other day where I put something in my cart and it's who left it.

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And then I went out and when I came back, I went to Amazon to look up

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something else and my cart was already up with that thing, ready to go.

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And it, it was just like, Oh, confirm.

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Yeah, no.

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And I just hit the next action I took was confirm and it, the order was in.

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And so then I went and looked for whatever else I was looking for.

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So it's.

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It's, we're we're getting to that point where it's society, you're

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picking up your phone to scroll when you've got four minutes in

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the lineup at the grocery store.

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Those kinds of moments are when you need something more powerful, to help

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your willpower to say, I'm doing this.

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And, again, there's tons of books on this topic or vision boards and, create,

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change your wallpaper on your computer.

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So when you log in it's what you've.

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Set your intention to have that does help because it just gives

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your mind that reinforcement.

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It's no, I'm I've got a bigger thing.

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Rental real estate.

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Maybe you're trying to buy an apartment building.

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Maybe you're trying to buy, again a duplex, whatever the unit is, maybe having

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a picture of that, because some of those things you want to buy in real estate, it

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might be bigger than actually you can pull off even, with no savings or some savings,

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You need the universe to work for you, not a super religious person, but you need

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that universe to work for you and align you with, maybe there's a partner, maybe

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there's a little old grandma that you, that lives down the road from you that has

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that property that you're mowing your lawn or she's mowing your lawn and you decide

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I'm going to pull over and talk to her.

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And, those kinds of things do play in, playback to spending and how you.

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Manage your finance.

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You also mentioned those conversations with your spouse, and that can probably

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be some of the most that's probably has ended more marriages than any other is

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the, is that discussion around money or the stress associated with money, are

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there any strategies or tactics there that you've come across that might

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make that those conversations in that.

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Yeah.

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Along the open communication, a long time ago my wife, Jody

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and I sat down and we said, okay what are our retirement visions?

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And so how do we envision retiring?

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And she said we're going to keep flipping houses.

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And I said, okay, we should use a stock market and I'm a real estate supporter.

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I like real estate.

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So that was an aha moment to say, okay, how could we do both like it

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doesn't have to be either, or for this period of time, we, as a couple

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felt comfortable with flipping houses.

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And it wasn't like we were flipping multiple every year.

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It was just, we simply built a house because that was easy

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for us to get our heads around.

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We built a house, lived in it for a while, sold it.

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We've recently built another house.

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And so that's our common goal that we can easily.

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Get behind together because we know what makes sense.

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We can easily quantify the numbers the stock market again, i've, you know

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used it for 17 years with clients.

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I've seen it, you know Do great things for people.

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I've also seen it be a stress point where people need to get out That's not to say

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real estate is a stress free thing but it is something where you know And again,

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i'm talking about building houses that you live in but when you build a house

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Our philosophy has been quite simple.

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It's like when you build a house There is a layer of downside protection, even

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if you have a hire a builder to build it.

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If you negotiate What they get paid reasonable when you take a raw piece

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of land, if you've built it in a raw piece of, lot you've created new

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value to that area, to that spot.

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And so say it costs, 700, 000 to buy a lot and build a house.

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If you, the landscaping, you decorate the house makes it, maybe you've got

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a renter in a suite in the basement.

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That house is probably worth seven 50 right away as soon as it's done.

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So you've got this protection that if the market went down, 5 percent the

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moment you bought it and you needed to sell, a double storm, you're probably

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going to be okay or reasonably close.

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Whereas if you buy a house, for seven 50 and the market goes down 5 percent right

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away, you better hope you negotiated or your realtor, negotiated that piece

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of property well, because you didn't, you haven't really built the value.

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It's probably already there.

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So again, that's just, my own opinion.

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Everyone can do it different, but that's, what's worked for us.

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When I visited your website, it's mentioned a couple of

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times new wealth mindset.

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Do you mind spending a little time discussing a little bit?

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What that means?

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So new wealth mindset, meaning when, and this is just, again, my interpretation.

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We've got certain experiences and beliefs that we get locked

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onto our brain, like barnacles, whether we recognize them or not.

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And we pick those up from our parents.

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We pick those up from our people that are in our lives.

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When we're younger, we pick them up in the books we read when we're

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younger and we create these things.

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And so again, I'm 41 years old.

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Say 22 years of significant work experience.

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In, in that time, I produced this belief that, you work extremely hard.

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My dad was a hard worker, traveled 180 days a year.

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So I'm assuming that's where I picked that up.

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And somewhere I picked it up that you need to basically just save as much

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as you can, work as hard as you can, and then when you retire, hopefully

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you've got above average savings and investments, and you will be above

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average happier than other said person.

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And so that was a successful life, but no one really identifies how hard you

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need to work for how long, and if you do work so hard and reinvest everything

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into, your business and you don't really experience life, you probably

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will retire single and mentally ill.

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And I've seen that through, existing clients.

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And then I've seen it where, existing clients have done what I would say.

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Something more intentional, which is what if we could build a bit of a plan?

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It doesn't have to be this long page report, but just a visual in one page

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and say, okay, if we do these things, then we could spend more money now.

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And so that means save less, that might mean working a little less.

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and saving the same.

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So again, if you've got a certain kind of thing, I'll explain it this way.

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Imagine there is a a box in your basement and it's a machine and it spits out money.

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Every month, that machine out the conveyor belt comes, I'll say 10, 000.

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So 10, 000 comes out, you've got your BAM, which is your

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money that you need to live on.

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So let's say 5, 000 gets kicked off the conveyor belt into the BAM bucket.

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Now we've only got 5, 000 moving down the conveyor belt.

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You then say, okay, we need an emergency savings.

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So we're going to put 500 a month into that.

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So it kicks off 500.

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I only have 4, 500 coming down.

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You see where I'm going with this.

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Then the next bucket might be a core investment.

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So this might be just a middle of the road.

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You fill in the blank investment, real estate.

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Okay maybe we've got a property that negative cash flows a little bit,

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but we've got a bigger vision for it.

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We're going to up the rent.

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We're going to develop, the other side, we're going to

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put a suite in the basement.

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So we'll get negative a little bit more to that.

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And then we've got a high risk bucket.

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Maybe this is your crypto, your penny stocks, whatever you want.

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That's enough that when you build up an account, if it bumps and goes up two

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times, you feel it, but not enough that it affects if it goes to zero, which is

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high as the high likelihood that it will, that you're having affected your family.

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And if you do this, and there's more money still coming off the conveyor

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belt and that money you purposely spend.

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So the idea is that you're living more of your life now.

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Yeah, being responsible for your future.

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Cause if you map it out, which we do with our clients is map out, the

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next 15, 20 years, if you checked off all those boxes of those responsible

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buckets that it was kicking money off into, here's what the number would be.

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And so if that number is above what you think is needed, then

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you could actually save less.

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And so now all of a sudden you've got to it's not save 2000

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into the real estate bucket.

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Let's say 1, 500 well, now you got 500 extra to spend the one thing I

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didn't mention in there, which is very important is risk management.

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One of those buckets in the conveyor belt is what happens if I die?

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What happens if I get hurt or sick and can't work?

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And if someone hasn't significantly researched that or addressed it, if you're

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single and you don't have a mortgage.

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I wouldn't worry too much about putting in bucket there.

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If you're the breadwinner for your family and you have a decent

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income, if that income is gone, what hap, what happens to your BAM?

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And that's why it's so important to know what your BAM is.

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Your bare ass minimum.

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If you can't work and generate income, who's paying the expenses?

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If you got, tons of real estate and stocks and, you could figure out, oh my,

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my BAM would be covered for 25 months.

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Okay.

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Then that, that might be.

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That might be acceptable, but maybe you don't want to sell your real estate.

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Maybe you don't want to sell your stocks when they're down.

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Cause it's a COVID crash and it's down 35%.

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So disability insurance, maybe it comes from your work.

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Maybe it comes from a broker.

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We've touched briefly on.

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Real estate investing.

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Can you talk a little bit about how you've incorporated?

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It sounds like you're doing more of a balancing act between

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real estate investing and the traditional financial planner.

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It seems to be a little bit more imaginative than some of the

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financial planners that I've had experience with in the past.

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I just don't think the market is the end all be all for the whole plan.

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For some people, my older clients would say.

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I just don't want tenants, the idea of buying, said stock or whatever

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stock, and I could get a 4 percent dividend and it's a business that's

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been around for a hundred years.

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That's appealing because they just, it's hands off.

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Yeah, it could go to zero, but so could, your real estate.

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But, when I look at our, like our old picture real estate has been

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a by product of certain things.

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So I had an office, I was paying rent, so I thought why wouldn't I just pay myself?

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So I bought a building with a partner cause I couldn't afford

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the whole things, but a partner.

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We built an office space and we needed two off one office each and we put five

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other offices in and rented those out for 750 or a thousand a month and then

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there was workspaces, you know for 500 so my net, you know at one point I was

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paying 2, 500 a month in rent my rent then became a thousand a month was really

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my net cost once I owned the building Yeah, I had to sign up for the big loan

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and all that thing all that was you know my office space A warehouse was

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a by product of a client saying I've never bought commercial real estate.

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And what do you think?

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And this is a close friend.

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I said why don't we do the research together as an exercise?

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And so one of the people in the office that was renting was a commercial realtor.

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We told him roughly what the budget was.

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He found it.

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We went and looked at it.

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We vetted it.

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I took some of the responsibilities.

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He took some of the responsibilities and we bought, this warehouse

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together, which has been.

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It's been okay.

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And so then the final piece that that's left, I have had some rental

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houses in there, but currently we have an acreage that we live on that

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we're going to develop at some point.

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Who knows when that'll be, but it's we almost think of

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it as like an RSP or a 401k.

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It's just, we live here, we built a house here, we know that we could

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develop it at some point, but we like the property the way it sits now.

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So it just is something that we're just sit and hold.

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So again, it hasn't been we built and flipped a house.

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Six months ago, and that was more the market was there.

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I don't know if the market would still be there to pull that off and

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make a meaningful enough profit.

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But currently my still vision is trying to find rental houses in our region.

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It's tough.

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Cap rates are 3%.

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So you're really, you've got to find something with some

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value add that you can do.

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So I don't know, where your listener predominantly is, but if they're.

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I still think rental real estate is such a simple thing.

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It's someone's paying down your mortgage.

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It's just time as a younger person people don't want time anymore.

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They want, I don't know, listener what you're thinking, but it's like

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my father and I have these great, my father in law and I have great debates.

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And he's a home builder and he says, why wouldn't you just want to flip

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the house and get the money now, instead of waiting, for so long.

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And I get it, but it isn't always that you can do that.

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It's it's a long game.

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Yeah.

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If I had to go back in time when it came like that first time homebuyer

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I live in the United States.

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So the first time homebuyer program lets you acquire up to a

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fourplex actually here in the U S.

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So if I had known that at the time, that would have been the

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first property I would have bought.

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I would have bought a fourplex, lived in one unit and rented out the other three.

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Yeah, smart.

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This is a particularly interesting regarding the whole financial planning.

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And you mentioned the economic conditions briefly in seven or eight.

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Do you see anything regarding our current economy and what

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people should be bracing for?

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That's, I get often asked this on shows, I would say I'm not an economist.

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So I would leave that to the professionals to, to answer that.

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I will say from my.

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Observation, no matter what market it's been through.

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And again, I've been through lots of hard times with clients is

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controlling the things you can control.

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And again, that cut, the BAM is one piece of, a bigger picture.

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We use something called a life clarity summit, and it really is a pyramid.

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And on in that pyramid, again, without a diagram, you'll still get it.

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At the bottom, the widest part is your financial plan.

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The fact that you're listening to this podcast, it could be your financial plan.

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You're getting your mind in a state of I want to.

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Do something so you've got your financial plan at the bottom.

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The next layer up a little bit more narrow is what happens, from

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a risks risk management standpoint.

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This is if you die, if you get sick or and in there though, is something that

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not a lot of financial advisors talk about, which is leisure spending health

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and relationships like social connections.

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One of the things that I observe with some older clients is this infatuation

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with that hard work, their business, they pour all that time, they lose

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their hobbies because, it's, they have kids or, whatever, and they've just got

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business, they try to keep their family together, then they sell their business,

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then the kids move out of the house.

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And now they're trying to reform those hobbies and those friendships, which is

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very difficult when you get older without, without getting out of your comfort zone.

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And lots of people don't want to get out of the comfort zone at that age

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even I'm a 41 to go to a new gym, to go to a new group it takes work.

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And you don't have those friendships like when you're in university spending so much

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time with people or at, the job, you spend when you got all the time in the world.

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Making sure that you spend some money on the things that you enjoy and

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spend the time with the people because no one wants to be rich and lonely.

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Once you get to retirement up, the next layer is your wealth accumulation.

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So we've got the bottom financial plan next layer up to risk management.

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So now, the goals that you want to do, you've managed for the

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risk so that if something happens, it doesn't affect your goals.

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Now you're ready to accumulate in the accumulation zone.

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Why it's above risk management.

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Is because opportunities usually need to be acted on fairly quickly.

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If you don't have your risks managed, it's one more thing to think about.

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So if you're going to make that offer on that duplex, sixplex, 32

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unit apartment building, if you've got a nagging like, Oh, like if this

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doesn't go right, what'll happen?

Speaker: 00:24:38

If you've already dealt with that.

Speaker: 00:24:40

You can act quickly and you can act in offense instead of being in a

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kind of neutral defense position.

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So in the accumulation zone, this is where you're building up your investments.

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This is where you're paying off debt, building up real estate and also

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paying attention to your mental health.

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Because usually in this accumulation zone, it happens, doesn't usually

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happen right away in your twenties.

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It might for some people, but for the bulk of people, it's in your late thirties.

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You've got some kids going, you've got your debt, you've

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got your incomes going up.

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You've got to pay attention to your mental health.

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What are you putting into your mind?

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Mind nourishment can come in many forms, either stay curious and

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take courses or podcasts or books.

Speaker: 00:25:20

And remember you are the sum of the five closest influences around you.

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That can be your spouse, your ex spouse, your parents.

Speaker: 00:25:28

Coworker, your boss, be aware that those influences can affect your trajectory.

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So if those influences you recognize aren't the same trajectory you are looking

Speaker: 00:25:40

to be on, you need to make a change.

Speaker: 00:25:42

And the final piece of the, the Life Clarity Summit is selling

Speaker: 00:25:45

your business or, transitioning your career and estate planning.

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And estate planning, yeah, it's boring topic, do the lawyer

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documents, all that stuff.

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But really, I love to talk about estate planning from passing your

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knowledge on to your children.

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What are you telling your children?

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What are you sharing with your children about money, finance and wealth mindset?

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Yeah,

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it's one of those things that I've always found interesting because the way and I've

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already seen that because there's certain things that I will do in response to.

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The cost of different things or what have you.

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And I'm afraid that what the way I respond is something that I'm

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going to be passing on to my kids.

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What I mean?

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When you look at a menu, Jack, do you look at the price first and then

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work to the left to the food item?

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Yeah, I do.

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Yeah.

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Many people do.

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And instead of just enjoying the moment, and then, and I've caught my.

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My son, especially doing the same thing now going does dad want to pay for that?

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So that, that actually is started to really bother me.

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Yeah, I've got you can see the video.

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I've got a diastema on my teeth and I it's just kind of part of my look, but when I,

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I remember significantly being 12 or 11 and, talking about braces with the dentist

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and I remember thinking, no, like I don't want my parents to have to pay for this.

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And so somewhere before that age, that got ingrained in me.

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And so then when they said do we want to, do you want to do this?

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I really played up that I didn't actually want it, so that, now

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it's part of my character and, but I do remember that even at 12.

Speaker: 00:27:20

Yeah, I think you're on the right track paying attention to what, what

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what traits you're teaching your son.

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Yeah.

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This has been a really great conversation, Dustin.

Speaker: 00:27:30

But before I let you go, I want to remind everybody to head over to your website.

Speaker: 00:27:34

It is service.

Speaker: 00:27:37

Wealth.

Speaker: 00:27:37

com and check out his podcast as well.

Speaker: 00:27:40

So you're going to have to do a search, go for the picture of wealth podcast.

Speaker: 00:27:45

I saw you had some pretty great guests on there recently, so it's something

Speaker: 00:27:48

definitely worth checking out.

Speaker: 00:27:50

But before I let you go, I do have some rapid fire questions

Speaker: 00:27:53

that I didn't warn you about.

Speaker: 00:27:54

And I usually do.

Speaker: 00:27:55

So I hope they had, I hope you had a sneak peek of these before I hit you with them.

Speaker: 00:28:01

I have not.

Speaker: 00:28:02

So I'm ready.

Speaker: 00:28:03

Here's your chance to bust a real estating or business myth that

Speaker: 00:28:07

has bothered you over these years.

Speaker: 00:28:09

How, what would be A myth you'd like to bust here today.

Speaker: 00:28:12

On the real estate side I don't know.

Speaker: 00:28:15

I don't I don't really, the one thing I do remember about real estate

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is I remember my father's longtime friend and mentor to me said, I wish

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I could have not sold every piece of real estate I've ever owned.

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And we tried to do that.

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But then where we're at today.

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We're in a great spot and it couldn't have been done without selling real estate.

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So there's maybe a myth to bust.

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Yeah.

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This is, and it might just be a story, but I know a fella that has talked

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about some of the older real estate investors in town and they'll they'll

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go on the golf course and what they do it's almost because of the depreciation

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schedule in the United States, they'll essentially trade properties.

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To renew the depreciation schedules for each

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other.

Speaker: 00:29:00

Yeah.

Speaker: 00:29:01

You have a trust.

Speaker: 00:29:02

There's a trust thing that you can also do that I just learned about in the States.

Speaker: 00:29:06

Yeah.

Speaker: 00:29:07

What book would you recommend everybody checking out and you cannot say rich

Speaker: 00:29:11

dad, poor dad, or think and grow rich.

Speaker: 00:29:13

Yeah, there you go.

Speaker: 00:29:14

Thinking Grow Rich was I do have a book coming out called Rediscover

Speaker: 00:29:17

Your POW Picture of Wealth.

Speaker: 00:29:19

But I would say that the e myth, is a good one for real estate.

Speaker: 00:29:23

Yeah, I don't know.

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I'm a, love him or hate him, a Grant Cardone listener, again, some people

Speaker: 00:29:28

like him, some people don't, but I do think if you sift through all the

Speaker: 00:29:31

kind of pizzazz and show showmanship, which he's just doing for marketing.

Speaker: 00:29:35

He does have a couple of good pieces on real estate and really, watching some

Speaker: 00:29:40

of his YouTube videos on how to break down a property fast to, to figure

Speaker: 00:29:43

out if it's even worth looking at.

Speaker: 00:29:45

I think that would, be someone to look into.

Speaker: 00:29:47

What was your biggest business snake you've made and what

Speaker: 00:29:50

did you learn from it?

Speaker: 00:29:51

Probably not taking more risk.

Speaker: 00:29:53

When I was younger, when you're younger, you you have an ability to take risks.

Speaker: 00:29:57

Cause you get older, you start to get those layers of the onion deeper and

Speaker: 00:30:01

deeper of there's a lot more to lose.

Speaker: 00:30:04

So that might be it.

Speaker: 00:30:05

I think even on the spending side, you could probably spend more

Speaker: 00:30:09

when you're younger and not be so preservation focused too early.

Speaker: 00:30:15

When you do that, you it's to get fired up again.

Speaker: 00:30:19

You've got to really get out of your comfort zone and, extend

Speaker: 00:30:22

yourself when you're older.

Speaker: 00:30:24

So the next one does not have to be around real estate investing, but I'm

Speaker: 00:30:27

going to give you exactly 60 seconds and you can give everybody one piece

Speaker: 00:30:32

of advice that they can implement today to make an impact, whether

Speaker: 00:30:35

it's personally or in their business.

Speaker: 00:30:37

What would it be?

Speaker: 00:30:38

I would probably look to the flow of money.

Speaker: 00:30:41

We talked about it a little bit.

Speaker: 00:30:43

It's a big, there's a lot of good that can happen by just understanding where

Speaker: 00:30:48

your flow goes, subscriptions, different things, looking at your expenses.

Speaker: 00:30:53

Using the conveyor belt, we call it the spending accelerator, making

Speaker: 00:30:57

sure your money is going in the right place for your goals and values.

Speaker: 00:31:00

And again, having the right conversations with your partner.

Speaker: 00:31:04

And there is something called the spousal influence awareness from Neil Passericcia,

Speaker: 00:31:10

who wrote the happiness equation.

Speaker: 00:31:11

And it basically says, when's the right time to talk about your finances.

Speaker: 00:31:15

If you're happy 80 percent of the time and your partner's

Speaker: 00:31:17

happy 80 percent of the time.

Speaker: 00:31:18

That means that only 64 percent of the time you're both happy.

Speaker: 00:31:22

So when do you think the best time to talk about finances is when, you got to

Speaker: 00:31:26

be aware that 32 percent of the time, one of you is not in the right state of mind.

Speaker: 00:31:30

So that is a catalyst for many financial disagreements and, being aware of, when

Speaker: 00:31:36

you're both in a good place, whether it's a vacation, whether it's, what

Speaker: 00:31:39

is that space to say, Hey, I've been thinking about buying a rental house and

Speaker: 00:31:44

you might have a different outcome for some of those arguments around money or

Speaker: 00:31:47

goals that you've been putting forward.

Speaker: 00:31:49

Dustin, is there a question or concept you wish we would have covered here today?

Speaker: 00:31:53

No, I think that if we could figure out in the world what what actually is the

Speaker: 00:31:57

best investment, then there actually wouldn't be one because many people

Speaker: 00:32:01

would, just, there wouldn't be that edge.

Speaker: 00:32:04

So I think we did a good job, Jack.

Speaker: 00:32:06

You're a great interviewer and I appreciate all the work that you're doing

Speaker: 00:32:09

at REI and getting that education out.

Speaker: 00:32:12

I

Speaker: 00:32:12

appreciate your time again.

Speaker: 00:32:15

It is service wealth.

Speaker: 00:32:17

com.

Speaker: 00:32:17

I'm going to make sure to have that link in the show notes.

Speaker: 00:32:19

If you found some value in today's show, can you do us a quick favor and share

Speaker: 00:32:23

it with one of your investing friends?

Speaker: 00:32:26

Thanks again, Dustin.

Speaker: 00:32:27

I hope we can talk again sometime.

Speaker: 00:32:29

You bet, Jack.

Speaker: 00:32:29

Thanks a lot.