the BAM way to get wealthy | Dustin Serviss

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.

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Transcript

intro guy: 0:01

Welcome to the Josh Bolton show. Die interesting and inspiring conversations. And now your host, Josh Bolton.

Josh Bolton: 0:13

Hello, everybody. Welcome. Welcome. I had a wonderful chat for guests. That's the service. Oh, man, we have this awesome dudes over here in the Vancouver area, and I'm here in LA. Just so much fun, the stuff he's doing. And we got talking about his podcast. We're in for an awesome informative ride. Dustin, take it away before I start rambling wealth.

Unknown: 0:35

Thanks, Josh. There's so many different places we could go. So I think you know your audience best and listener, I know that you trust Josh. So he will help steer this conversation to where it needs to be. So just what is what's the most pressing? You know, he read my bio on the media, the kid what? What do you think is the first and foremost thing that needs to be talked about?

Josh Bolton: 0:57

Your three successful ways for wealth?

Unknown: 1:06

Yeah, yeah. So there's a couple of things. So I'll start really quick with, you know, the basics of, you know, not even investing or you know, wealth. It's more of, you know, getting organized and intentional on where you want to go. So one thing that my partner, you know, she's been with me for a long time, but my wife will sit down, and it's every September, it's kind of like the summer ends. And Elena, lots of people set their goals in 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 it was, you know, let's work on the yard. And let's reinvest any extra money, we had an effort into that. You know, so having an open conversation with yourself and writing that down, you know, there's, I'm not an expert on goal setting and writing things. There's lots of guys and girls that have written lots of books on that, but, you know, so that kind of sets your TrueNorth Where are you going, and then from there, you know, I do think that there is a direct relationship with the confidence that someone has with their money, that confidence, you know, as it grows, you can parlay that to other areas of your life, and it just sort of is a is a flywheel that gets going. So one thing that that many people don't like is a budget or being told what they could spend or not spend on. So getting your statements literally, even if you don't want to print it, you know, I do it every year, once a year, I print three months of statements for my visa and for my checking account. And I literally just, it's not a deep analysis, and I'm like to an engineer, kind of dorky brain, I like to analyze things, but just serve the transactions and just see that what you're spending your money out on is in line with what your TrueNorth or your goals are. So, you know, when we work with clients, you know, example that I always use is, it was a lady who said she wanted to get outside more and get active and get a little more physically fit. And so when I looked at her, you know what we call bam, so be AM. So your bare ass minimum, embarrass. Minimum is the expenses that exist for you just to be around your mortgage payment, your rent payment, your groceries, your gas for your car. So we looked at hers, she had a $300 a month cable costs. Her cable TV was $300. She really liked the news. And so when we asked her, you know, hey, do you ever watch a TV? She says, No, not that much. I just watched the news. And so we said, we'll be forever wanting to get the news online. Number two, you could probably reduce your cable bill to you know, $50 a month. And she had been, you know, the punchline is that she'd been humming and hawing over buying anywhere. And you know, we're in Canada, we have tons of snow. She'd been coming home buying these $400 snowshoes and that is that's a nicer pair of snowshoes good, quality, lightweight, etc, etc. and her friends did this, but she didn't. She was reserved to buy these snowshoes. And we said, well, wasn't there two months of saving the cable bill and you could get those snowshoes and you'd be you know, getting outside. So spending is a big thing. And it isn't about pointing the finger at your spouse and you can't spend on that or it's literally an open conversation, you know, if you're gonna do it, right, and you have a partner, make sure you you say to each other and my wife and I do it. This isn't this is a safe zone. This is you know, we're gonna look at this and 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 stuff then that's that's a different story. But yeah, if you're open about it, that's a very constructive way to get on the same page and know what your outflow is. So that's that's a really basic you know, analogy of good that's that's the base of starting to get into wealth.

Josh Bolton: 4:54

That's awesome. Yeah, I 100% agree with like communication. I was actually talking with my my girl Before coming on this call, and that was a big one because she has some student loan debt. And I'm like, okay, in America that's kind of unavoidable anymore to get around. But I'm like, How bad 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 really good. And she go, yeah, a lot of people say it's bad. I'm like, You're not looking at six digits, you're not looking at the like the 10k kind of thing. I said, that's amazing that you got it that that low, so quick. And shake. Oh, and instead of just telling her like, we need to set up a budget, and like, if I made you one, would you actually follow it kind of thing? And she's like, Yeah, can you at least throw in like fun spending lectures and get like, you can get like, $50 fun spending kind of thing?

Unknown: 5:43

Yeah, yeah, I think that's you have to have one of the major things that we you know, we have like a pyramid framework that we talk to clients, and it's, you know, I was I did engineering in school, you know, we could make, I've got lots of credentials, and we could write 100 page financial plans, but we just found that people do not, they check out, they read the first two pages, and it's, you know, too much. And so we just created one picture. And it's, you know, what we call a life clarity Summit. And the life clarity Summit is at the bottom, you know, the widest part of the pyramid is have a financial plan. And that could just be having a visit with a professional that could be going online and Googling basic financial plan. And then the next layer up is your risk management, then it's accumulation, and then sell your business or estate planning to, you know, your kids. And so it's a really simple way to look at it, one of the pieces of risk management, is leisure spending. Because if you don't understand how to find that balance with good spending, what I see again, we we manage, you know, hundreds of millions of net worth for clients. And that has shown us that a lot of wealthy families can't spend when they get to retirement, even though they have a lot of money. So even though we show them, hey, you've got $4 million, you spent 100,000 a year, the you're gonna run out of money, you're gonna pass away with millions in the bank. So maybe you should start spending more. They can't they have this hoarding preservation, it will say, Well, why don't you give it to the kids? They said, well, we don't want to have them up and make them entitled, so we're not going to give it to the 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 2 million, you still wouldn't run out of money? And they'll say, oh, wow, okay. And then we'll say, Well, would you if you known that you could have had 2 million and not work six, seven days a week while you were in your career? Would you exchange 2 million now knowing that and then, you know, only work four days a week, or, you know, been to more your kids events when you were younger. And it's really just an aha moment, I share that story to help younger people that are stuck in this sort of mentality where they were brought up in a place where you're gonna get somewhere in life, you got to work hard. I don't know how hard but you just got to work hard, like really hard forever. And so there's, there is a bit of an awareness there that, you know, when we get older, and you know, I'm 41 years old, when I was 20, things got really embedded into my head, you know, things that you read things you saw, and I'm 41. Now my wealth is a lot different than it was when I was 20. But sometimes my mind leaks back to when I was 20. Even goals, I have materialistic goals that really, you know, I want to buy XYZ, it's like, well, is that a goal for right now? Or is that a goal that I had, that I just didn't check off the list when really, it's not applicable now?

Josh Bolton: 8:44

Yeah. Now, that's a big one for me. Like I'm teaching myself like trading in the futures market and stuff like that. And the biggest one, because my mentor, he's been showing me the ropes. And then the biggest one, he said, he's like, when you start making a lot of money, he's like, the first thing you're gonna do is like 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 that frickin Corvette all souped up kind of thing. He's like, you get it. And he's like, back in my day, you could go drink and crash it and be fine. You just pay off the property owner be like, 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: 9:23

Yeah, it's very true.

Josh Bolton: 9:26

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 in your head, like, Okay, I didn't get it, but it's fine. I don't need it. What was it like? I'm just curious now, like, what's the 120 when you were 20 years old? What was that one thing that you slipped back to every so often?

Unknown: 9:47

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 left the oil patch in Alberta, you know, I was making six figures, and I had bought a piece of real estate and it was great. And my first year in the financial space, I made $15,000. And at that time, my best friend, he always groomed to be his best man at my wedding, you know, he was into real estate, and this is going back to 2005 2006. So pre crash and in our region, you know, be like, kinda like the California of Canada, where it's, you know, it's right now it's snowing outside, but it gets up to what you would be 100 degrees in sunny for a lot to the summer. So it's, it's very seasonal, fun town, your average house price just is about 1.1 million in a town of 180,000 people. So it's, it's a fun place to live. And anyway, at the time, real estate was going nuts, and he was making, you know, multiple, six figures. And so, you know, for me for 15,000 He's making multiple, six figures, you know, and we're both, you know, just two bodies, you know, watches, big watches were like a thing. And so, you know, that was something that I always hang on to, it's like, now when I'm like making I'm gonna get a big watch, like, not too crazy. Normally, five, nine and a half. I'm not a big guy, he can't really, really read the big ones. But I wanted the you know, like something that stood out. And I never did get that. And I sometimes like yeah, you know, that'd be cool. But it's definitely not a it's not part of 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 a whole complicated thing. It's like, that's like 50k. But then I 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 who are from India, if I screw this up, I apologize. But he was really angry in India, why it is, so people were so much gold. And they were you know, part of the reason is like gold is actually worth something, you know, and so again, there's lots of debate on where some are not, but you know, so it's like, why do they wear so much because when you own it, the safest place to own it is on yourself. You can put it in the vault or bank and it's like, it's pretty safe on yourself, especially if you know how to defend yourself. So I thought that's an interesting way that maybe the gold Rolex maybe I could park some of my money that's in the bank account making, you know, not very much interest. You know, you put it in that but at least it's at least I could tell time, and I'll be late and look very 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 like minds will just buy the physical product. I didn't think about carrying it around. I mean, I don't want to have all those California gangsters with like the thing 50 pound gold necklaces. 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 people are interested in cumulating, their wealth, their small business owner, they have an extra like, six grand a month, they're not sure what to do? What are like the first few steps 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, a conveyor belt, and under the conveyor belt is various buckets. And so the front of the conveyor belt, you have a machine, and that machine puts a stack of hundreds down and at$6,000, if that's the analogy, right, so you've taken care of your bam, so you've spent your you know, you got your money to live. And you've got money leftover. And so now, you know, this is this is for a lot of people, this is a very stressful and paralyzing situation. So a lot of clients will come to us and they'll say, my accountant told me to phone you because for three years, I've had 6000 A month accumulating. I don't know about the stock market. I don't really like tenants for real estate. And I just put it in the bank. And so you know, three years later, it's 190 200 300,000. What do I do with this? I you know, and why it's paralyzing is it's like, they expect that they're going to come in and a financial advisor is going to invest it. It's just like, you talk to a financial advisor, obviously, he's gonna tell you to invest it. Right. It's like okay, well, now listen, it's gone in my bank account and where is it? And so, we again, use a model that we built called the spinning accelerator. The spinning accelerator is the machine. The machine sets down a stack of 6000 on the conveyor belt, and as the 6000s going along the conveyor belt. There's little kickers on the side of the conveyor belt and so the first bucket would be an emergency savings bucket. So maybe we kick off $1,000 into that bucket every month. Right then 5000 is continuing down. We Need to maybe have some good insurance again, if you're a sole income earner for your family or the bulk of the income for the family, if you got disabled or critically ill and couldn't work and not generate income? That's very bad. Your biggest asset is your ability to generate income, it's not your real estate or your stocks. So your your income, how is that protected? Maybe, you know, I have clients say to me, Hey, you know, my family is significantly wealthy, they would bail me out. I don't agree that that's a responsible adult sort of approach. But there might be inheritance coming, and maybe that's okay. But the reality is, for most people, what happens if we can't work because we're sick or injured? Does that affect our plan, so we need a good insurance. So along with bucket 6000 1000, goes to emergency savings, another, say 1000, or whatever, 1000 goes to insurance. Okay, so now we have 4000. Left, this is where you we talk to people about something called their wealth edge. So what 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 a house. You know, I don't have those skills, I didn't grow up like that. So his or her advantage over me is, if I did a fixer up post, I would have to pay for that a lot of the profit would be eroded and my risk would be higher, his risk would be less in that he could, she could buy a house fixed up, flip it. So we say well, maybe we steer more of your money to real estate, because it's more in line with your wealth edge. And so that kind of take that because I get kinds of countries it. My neighbor says My mom says My dad says I need to get put money in the stock market. And by the time I talked to them, they're walking out of my office, and they're looking at listings on their phone, because they're going to buy real estate, because it's the market isn't for them. I also have clients come and say, Hey, we need to, like find some ways to finance and buy this real estate. And we go to the analysis, we bring up real estate listings we talk about and by the end of it, they said, You know what, we could buy Wells Fargo Bank, and it pays a 4% dividend. And we don't have tenants that we just parked the money there and we collect debt, we collect rent, essentially, that's Sign us up for that it's by Bank of America by Wells Fargo, you know, so that sort of scenario determines how much money gets kicked off. Next, let's say somebody is sort of 5050 they like real estate, I like 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 savings account for real estate. And then we're going to have any and we're still got 2000 left, we're going to put 500 A month maybe to a high risk bucket. Something that's enough money that if you have a big win, it will be significant. But not enough money that if you lose it to zero, it makes you not have groceries. Right, then, so we've kind of done that. And then we've got these buckets, all these you know what we call responsible buckets, there's still 500 bucks left. And that's where the spending acceleration comes in. Because you've done you've checked off all the boxes, you've kicked money into the different buckets, out the back end of the conveyor belt, what falls off is the money that you intentionally spend on upgrading 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 call it Permission granted. So permission granted to get a car, that's fancier permission granted, and one caveat with that, watch how long you're signing up for an extra payment. Because really, it should be more of a moving thing. So if you wanted to buy something for, you know, we got 500 A month beyond you want to buy something for 5000 Wait 10 months, build up that thing. Now your permission 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 you want to get into stand up paddleboard, whatever it is, it's like Yeah, go for it. Because you've done all those buckets, and you can look down and you could say, you know, so as this kind of is humming along, you know, we have the model where it runs out, you know, say for 1015 years, and then you could say, well, by the time like I'm 55 I got 4 million. That's, that's more than I need. So maybe I could tone down some of those buckets and kick off the conveyor belt a little less. And then I'll have more to spend now.

Josh Bolton: 19:43

Now it's very true I like your analogy of the conveyor belt because that's kind of how I explained it to people Mike but ice more talking steps are like a lot like ladder rungs because I do a lot of people like how do I do this and my will will you need it like you said the band we're gonna need the bare minimum If you don't have that, even if you want it to the next few steps are 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'm a capitalist, I'm not afraid to kind of share that. I know what it's done for my family, you know, there's been a lot of pivotal shifts I've had to do, but at the same time I see with clients, not many options happen until you make 100 120 where you can even if someone makes 80, let's say they have an okay life, and and they save, you know, $2,000 a month. That's in a year that's $24,000. In La 24,000, you cannot use for a down payment on anything. In no five years, that's going to be 120,000. Or is it? What is that? 24,002 40? Yeah, so it's in five years, that's 120,000 that's probably is barely enough for a one 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 so far to save. So, there's a couple of ways that people, you know, say you're making 80,000, listener, and you're like, my job is my job, I can't, and I want to get out of the hole. I talked about it yesterday in a podcast, and I've never really talked about it before. But I think it's, it's it is important that the way that someone like that could get involved in bigger things is going to magnify your money. So I used to have this business partner, and he would say, why you keep trying to subtract stuff, why you start trying to multiply stuff. And what his analogy was, as if you know, people get kind of slow in sales, or they're slowing down either income someone, they keep trying to reduce their expenses. So they're trying to minus their their expenses to then make where you start using the times you try and multiply. And so the way you do that is real estate, easy one for people to kind of wrap their heads around. There's so much resource and technology out there for everyday people to find real estate to find a deal to analyze a deal quickly. And then when you find a good deal again, Grant Cardone Love him or hate him, it's like, he talks about like, money will find you when you have a deal. So if you don't have the money, but you can find a deal, and you're good at like putting the mechanics together and maybe write a one pager on how you think that you know, take a course on how to do a limited partnership. Then you present that, you know, look around, 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 years old, when I moved back out of the oil patch, and was making 15,000 I knew that I didn't want to rent a place. I wanted to buy a place. But I needed help. I didn't have the downpayment money because I had another property. I approached my old boss and I said, Hey, I rent out this like agreement, I'm gonna live in the house, we need to buy at least a three bedroom townhouse, I'll put two roommates in it, I'll collect the money. And we'll make sure that, you know, everything's handled. But the caveat is I need the 80,000 from you to put as a down payment down on the place that will get our mortgage low enough. And so again, we held that place for three, four years. We sold it for a profit, I collected all the money, pay down the debt till the bills and you know, I only own 14% of that deal. That was I don't know how I kind of came to that. But at the end of it, I made money instead of paying rent out to somebody else. So again, if you can come up with it, there is money and that can get you the multiplication that you're looking for.

Josh Bolton: 23:54

Oh 100% Especially recently like as we've been talking to different people about my endeavors and trading and looking at different structuring for like LLC use for properties. Suddenly, what am I one of my trading buddies? He's like a 76 year old dude, I do martial arts with him is the greatest thing. He does not act like he's 76 at all. And but he told me he's like, yeah, he's like, if you ever get a project and you like, buy your virtual real estate, because he's like, for heaven's sake, do not put your LLC at your house kind of thing. So he's like, pay the extra 30 bucks a month? Extra if no, you don't have random people showing up at 3am. Yeah. And then he's like, Yeah, and he's like, when you have that one piece of real estate, you can also put multiple under that one piece because you own it. And he's like, and then call me he's like, call me I will. I will invest in a project with you. But he's like, I will also find projects. And as long as he's, and then we could just pile the money in that we'll see. And we'll just go into partnership with that. Yeah, I love it. So yeah, Grant cardones raise like you just got to ask around. Um, When am I Oh, my rich when we're it's hard right now. One of my original like wealthy mentors. He's a recycler scrapper make stupid money every year. And it's just one of those. He even said, he's like, if there's ever a real estate project, like you see, 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 tell me and I'll write the check. Yeah. Yeah. So yeah, it's just one 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 be like, 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 down recycler 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 get all their scrap aluminum from the doors. I was like, Dude, that contract alone, people would just want to pay by your business just to get to that contract. Yeah. So yeah. So let's, is that the main way that you did it to get your starting your wealth is go into business with your boss, or is there over the other steps in between? Because it wasn't just you lived at one house for three years? You didn't strike me as that kind 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 a real deep expertise in they had, they had deep experience, but not deep specialization in the certain planning we were doing. So we were doing a lot of work with dentists. It was you know, LLC or LLC. Why can't the other corporation you guys have but it was a corporation that they operate under, so a dentist clinic, and then they have another corporation that holds all their assets. So their real estate, their investments, dentists tend to on average, make consistent good income. So we were working in that environment. So my expertise was getting two credentials. One's a certified financial planner, and one is a chartered life underwriter, which would be your highest highest designation for insurance 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. And then I was brought in as an advanced case specialist. So even though I didn't have the, necessarily the leads, or the they, again, I was young, I was in my 20s, it didn't have the rich, wealthy kind of people to draw on. So I was able to participate in those files, and add value to my partners, but then participate in some of the income. So income was a big thing for me and boosting it and getting it in figuring out just ways to get the income higher. I even in the early years of my financial planning, went back and worked remote for the engineering firm that I used to work in the oil patch for just to make more cash again, I told you, I made 15,000, my first year, the second year, I said I'm not doing that again. So I kept doing the financial stuff, but then I would work from about 5am till 8am on engineering stuff, and then I would work financial planning till about 5pm. And then from seven, you know, till late at night, I would do more engineering. And then so I'd be putting those hours at least I was increasing my cash flow. And making it somewhat didn't have much of a life. But you know, then, you know, you're sort of in this industry, you're underpaid for for a number of years. But then it can be quite rewarding. And it's not so much the money, it's you're dealing with people. And again, I've been in business almost 18 years, you have great relationships with people. And so it's a very fulfilling industry. So for anyone consider getting into the financial planning space, I do highly recommend it and recommend someone look into it that the average age for wealth managers is probably 60. And there's not a 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 talking about trading, they're like, oh, you know, it just sounds like a stressful job and you're grossly underpaid. I'm like, yes and no. Like, if you're near the top of the firm, you're making so much money. You're just kind of like I don't know what to do with this all you do, but it's like the analogy like keto bros, as we're told them, like it's just are 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 selling boats, you know, longer that you're around, the easier, it becomes just out of happy customers give you referrals. And so then you're not grinding as much. So it's just gonna say to people, if you worked at the mill or a pulp mill or the shipyard or wherever, for 25 years, you probably making good money by the end, and your seniority is pretty high. So you're, you know, you feel good from a status point of view. So, I think, you know, there is some, you know, some rewards for sticking it out in the wealth space, too, there's a lot of different avenues, you could go into banking, you know, you could be helping people open, you know, getting a mortgage, you know, then you could go to wealth and do investments you could be doing, you know, management, you know, other things, like, there's other avenues that you could kind of if you got bored, you switch gears. But, you know, the younger generation, I think, is under estimating. And I'm stereotyping under estimating how long it takes to get deep 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 the Tick Tock and I deeply understand the crypto market. I'm like, You don't understand shit.

Unknown: 31:17

Yeah. Yeah. You understand the crypto market when it's going up? When it goes down? 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 some meme coin. And I was like, Alright, whatever. Like, I think it 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 for you. You lost half of that half, just to taxes just so you know. Yeah, kind of thing. And then he was trying to show me something. And I looked at the chart and like, 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 and shoulder and he's like, what's that? I'll find out, Lord, sell it 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 more that goes into, you know, the high frequency stuff that computer AI like, but at the end of the day, all that stuff aside, you're really dealing with human emotion. And that is a long, that is a big trend. That is going to be around for a long 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 the there'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'm like, I see all the lines where you bought it. I'm like, Dude, you might want to sell everything now. Because it seems like it's blowing off. He's like, No, it's a buy on dip opportunity. And like, yeah, that's like chasing a straight. That's not going to work. Yeah. But, yeah, he I saved him. At least somebody I think he'd lost it after fees and taxes. But it wasn't anything ridiculous. But that's what's in there. Like, how do you notice and like, I've was obsessed with charts. I understand. I understand charts at times better than I understand 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 take my 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 lot different than managing your own or just giving people tips. Little tips? Yep, a little, even the simple things like, hey, I want to do a withdrawal. And you know, there's a computer glitch that night. And, you know, they don't get their money till the next day. You know, those are scenarios that seem very simple, but it's like, people want their money. And you've, you know, my one, my one client says all the time, 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 worked hard. He's sacrificed not being home with his family. And he's made money and it's sitting in his bank account. And now he's giving it to me to do something with it, hopefully constructive. And so you know, that's that this is a huge level of responsibility. But I again, I don't think we're perfect by any means. We've just always tried to be super transparent. And you know, when someone's going bad, we're on the emails on the phone. Hey, this is happening. This is what we're doing to rectify it. This is what we learned from it. And that seems to be okay. strategy so far.

Josh Bolton: 34:59

Yeah, as long as you transparent with people. That's the biggest one I've come to realize after reading multiple books on psychology, as long as you tell him, Hey, I messed up, I will do my damnedest to fix this problem. Meanwhile, please Like, let me do my thing. Yep. So is there anything in particular I might have missed that you want to go 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 more than 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 our website, service wealth.com, we do have a podcast as well called the picture of wealth. And the picture wealth is really interviews with people that that I know, I've come across who are, you know, maybe they don't make the most money they make. They do well, but they might not work five days a week. And so, you know, they might be heavily invested in courses and deep knowledge, they might be heavily invested in their kids, hockey programs, and yet still run a successful business. So you have the picture of wealth is that you know, what is the picture wealth? What is listener? What is your picture wealth, and your picture wealth can look different than your friend, you know, your picture wealth can look different than your parents. Your picture wealth can look different than that teacher in your finance, class and university.

Josh Bolton: 36:30

It's so true. It's all perspective. Yep. That's awesome. Do you do you also offer 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 kind of stuff. So you know, I'm located in Canada, but we do all of our stuff on Zoom. And I would encourage people that listen to the podcast, and if you got a question, just reach out to me. I'm happy to steer you in the right direction if I can, if you're up in Canada, listening. Yeah, for sure. We're located 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.