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

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 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 others 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. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review ! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital . This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here! 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)