Cutting Expenses After Beating the Income Game|Dustin Mathews from WealthFit - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-03-31T07:00:59
Today's episode features Dustin Mathews from WealthFit.
Dustin worked for and built several businesses.Some of these businesses had huge incomes and expenses but Dustin found himself without a ton to show for it.
Then Dustin discovers FI and starts radically changing how he lived and starts spreading financial advice himself.Listen, learn, and let us know what you think about Dustin's amazing turnaround.
Episode SummaryDustin's Journey to FI
He attributes Rich Dad Poor Dad as his entry into FIMost of his work / finance life was around building a business and selling it
He started out with some startups but then decided to create his own businessDustin admits he didn't mind racking up debt for these businesses
He attributes his entrepreneur spirit from his momDustin's First Business
As part of a mastermind, he found someone who could use some marketing helpThe business was selling courses around lines of credit for businesses
A big recommendation Dustin give is doing lots of small changes and testing along the way.After Discovering FI
He walks us through the tough conversations with his wifeDustin also said that for tracking expenses, a google sheet stuck with him where fancy apps didn't
Then Dustin got the opportunity to go work for WealthfitStepping Back to His Six-Figure Courses
He starts getting involved in product launches which were very profitableThen he starts a seminar business around teaching others to do product launches
These seminars could bring in over $1M a yearThat would be over $250k over three days
It's important to remember that was gross income
The business kept sprawling with more expensesOn top of that, Dustin was spending all his money without worrying about saving
Teaching Others From His MistakesWhen Dustin got the opportunity to work at Wealthfit he was excited
Excited to help others avoid mistakes he made with his businesses and personally growHe calls Wealthfit the Netflix of personal finance
They have courses and materials around both personal finance and entrepreneurship/side hustlesWe wrap up with Dustin sharing how he landed Dennis Rodman on his podcast
Key Takeaways
Easy Come, Easy Go: It's awesome to grow your income but you need both intentional spending and income in order to make progress
Lift others with your mistakes: We loved how Dustin brings his knowledge and opens up about his failures in a way to help othersPeople can change: Dustin has felt what it's like to live a life full of expenses and huge incomes but the FI message still resonated eventually
Call to ActionSlow down a little if you still haven't found your purpose and re-evaluate that your money and effort are aligned with your goals.
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Dustin's Information
Further episodes of The Financial Independence Show
Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa