Cutting Expenses After Beating the Income Game | Dustin Mathews from WealthFit

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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 Summary

Dustin’s Journey to FI

  • He attributes Rich Dad Poor Dad as his entry into FI
  • Most 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 business
  • Dustin admits he didn’t mind racking up debt for these businesses
  • He attributes his entrepreneur spirit from his mom

Dustin’s First Business

  • As part of a mastermind, he found someone who could use some marketing help
  • The 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 wife
  • Dustin 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 Wealthfit

Stepping Back to His Six-Figure Courses

  • He starts getting involved in product launches which were very profitable
  • Then he starts a seminar business around teaching others to do product launches
  • These seminars could bring in over $1M a year
  • That would be over $250k over three days
  • It’s important to remember that was gross income
  • The business kept sprawling with more expenses
  • On top of that, Dustin was spending all his money without worrying about saving

Teaching Others From His Mistakes

  • When Dustin got the opportunity to work at Wealthfit he was excited
  • Excited to help others avoid mistakes he made with his businesses and personally grow
  • He calls Wealthfit the Netflix of personal finance
  • They have courses and materials around both personal finance and entrepreneurship/side hustles
  • We wrap up with Dustin sharing how he landed Dennis Rodman on his podcast

 

Key Takeaways

  1. Easy Come, Easy Go: It’s awesome to grow your income but you need both intentional spending and income in order to make progress
  2. Lift others with your mistakes: We loved how Dustin brings his knowledge and opens up about his failures in a way to help others
  3. People 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 Action

Slow 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

His Own Podcast: Get Wealthfit

Twitter: @DustinMatthews

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)