MFREE 072 Full Video with Dave Wolcott: How Can Veterans Achieve Exponential Wealth with a Holistic Wealth Strategy?

In this episode of the Multifamily Real Estate Experiment Podcast, we chat with Dave Walcott, a Marine veteran and founder of Pantheon Investments. 

Dave's journey from serving as a captain in the United States Marine Corps to becoming a leading figure in real estate investment is truly inspiring. 

After welcoming triplets in 2000 👶👶👶, he challenged traditional financial planning and now helps entrepreneurs build wealth through passive investments in real estate and alternative assets 🏡💼.

We explore Dave's "Holistic Wealth Strategy," a five-phase approach to achieving financial freedom. 

This includes focusing on mindset 🧠, increasing financial IQ 📚, optimizing cash flow 💵, repositioning assets 🔄, and generating passive income 💰. 

Dave emphasizes the importance of long-term goals 🎯, personal development 🌱, and maintaining a growth mindset 🌟. 

He also highlights the significance of financial literacy 📊, tax strategies 🧾, and leveraging tools like infinite banking 🏦.

For veterans and anyone looking to secure their financial future, Dave's insights offer valuable guidance on creating a life filled with purpose, freedom, and fulfillment 🌟✨.

Join us as we uncover the secrets to building exponential wealth with Dave Walcott. 💡🏡

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Thank you to all of our listeners!!! We would love to hear from you!!!

Email me at:
hutch@hsquaredcapital.com

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Visit our website to find out more:
www.hsquaredcapital.com

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Transcript

Sir Hutch: 0:04

Wah gwan all you multifamily enthusiasts! Welcome to another episode of the multifamily real estate experiment podcast. We still on season three and we're still talking to our veterans and also those folks who work closely with our veteran today. We have an inspiring story from a man who have traveled that journey as a Marine. So Dave Walcott started his career by serving his country as a captain in the United States Marine Corps In 2000. Some game changer stuff that definitely will refine the purpose in your life. So in 2000, him and his wife brought triplets into this world. So this definitely inspired him to challenge traditional financial planning advice. So today Dave is an author, podcast host and the founder and CEO of Pantheon Investment, and is more passionate than ever about helping entrepreneurs build wealth by passively investing in superior real estate and alternative assets that provides predictable cashflow, tax efficiency, and upside potential as a reliable alternative to the volatility of the stock market. So it should be an interesting story today. So today we're going to ask Dave, the question. How to achieve exponential wealth with the holistic weld strategy. And there's really no better person to ask this question than the man who wrote the book and give the five phase approach towards that end. So Dave, I want to welcome you to the podcast.

DAVE WOLCOTT: 1:38

Hutch, so honored to be here and connect with you and your audience. And I just can't thank you and the audience who are veterans out there who are actively serving or who have served. And thank you for your service and the sacrifices that you're making because it is the ultimate sacrifice for what we're all seeking for in this country, right? Which is freedom. Creating freedom of money, freedom of purpose, freedom of time and unfortunately people often overlook that. So just want to really lead with that and take a moment of gratitude to thank you for your mission and for the audience as well.

Sir Hutch: 2:19

No, I greatly appreciate it. You touched on some things that I really hope we dive in today. And there's freedom because look, that's why that's one of the reasons why the Marine Corps exists is to ensure that we are ready whenever a nation is least. Prepared, and we have a responsibility to our family, especially in a financial realm, especially if you have a dual household income or a single household income, we have to ensure that the finance is ready whenever a family is not, it's not prepared yet. So I want to dive deep into those freedoms today, but before we get into that, Dave, do you have a favorite real estate quote, a mantra that drives you?

DAVE WOLCOTT: 2:56

I really like Warren Buffett's quote around, do not invest in something that you don't understand.

Sir Hutch: 3:04

That is a good one, man, because in every investment there's risk. And every, in every single investor has to weigh their risk tolerance versus their risk capacity as well. And not just the passive investor, the active operator have a responsibility to assess those risks as well. And ensuring that they're not taking an individual last 25 or 15 hundred thousand dollars. So I'm looking forward to that deep into that as well. Dave, we talked briefly in your bio is just something else you want to tell the audience about yourself and why the things that you're committed to right now and why does it so important for them for themselves and their future?

DAVE WOLCOTT: 3:40

Yeah. Hutch, did you know that 88 percent of financial planners actually underperform the S& P 500? Yeah. And did you know that only one tenth of the 1 percent of the ultra wealthy investors only have actually 21 percent exposure to the public equities market? Can you imagine having the financial freedom in your life to be able to go on that amazing vacation with your family, to be able to have the freedom of time, to be able to spend your day how you choose? With who you choose, can you imagine having the freedom of purpose to wake up every day and be fascinated and motivated by the work that you're doing and creating amazing impact? I've been able to achieve all of this Hutch, and I can show you how with our holistic wealth strategy.

Sir Hutch: 4:40

Man, it's not like interesting stuff because you talk about time freedom, right? Freedom of purpose location freedom, financial freedom. Do you think a lot of folks is thinking about that level of freedom or are they more so surviving?

DAVE WOLCOTT: 4:57

It's really interesting Hutch, and I love the topic of investor psychology and Dan Sullivan has this great quote, who's one of the top entrepreneurial coaches out there. And he says, the problem is not the problem is the way you think about the problem. A lot of people will talk about financial freedom, but they really haven't gone and done the deep work. On what that actually means to you, right? So a lot of people are in jobs currently that, they're living paycheck to paycheck. Maybe they're not excited about the work that they're doing. So they just don't have this purpose in their life, but maybe the pay is good. So they're just there for the money, they just really don't have this freedom. And really. If you don't have a target Hutch, you're going to miss every time. So really getting crystal clear clarity on what it is for your vision and life that you want to achieve. What is your next 25 years look like? If you're active now, what does that next 25 years look like? Not the next one year or three years, but 25 years. What do you want to either be, do or have? Yeah. In your life, right? And when you can get clarity on what your vision is, all of a sudden you can gain some massive freedom around, okay, even if I had a billion dollars in my bank account, what is that going to do for you? Because once you hit a certain level of financial freedom, another zero isn't really going to make a difference in terms of your happiness and fulfillment. So what does that mean to you? And for everyone, it's really different. It could be supporting a charity. It could be again having time with your family or maybe deepening your connections or things like that. So really getting clear clarity is is key for that.

Sir Hutch: 6:51

Oh boy, you talk about some things there that I know if we have a veteran listening to this podcast, they're jumping out of their chair right now, hopefully they're not jumping out of the car and they're driving safe. So you talk about, setting clear goals and having clarity. One of the things I want to dive deep, I want narrowing on is that you mentioned that, we might ask the right questions, every single one of us, we're tapped into to the universal intelligence. We get to choose the answer that we want for a future. But, if you're not thinking 25 years and beyond, or thinking in generations, then you will definitely select the more comfortable answers, the ones that are day to day, the one that are more surviving and not so much, what's not so much thriving. So I liked the way we put that think beyond 25 years or in generational, how would you. If you was to speak to a veteran right now or a person in the military that's on the tail end of their career, how did they get clarity of the next 25 years, especially as it applies to their finances?

DAVE WOLCOTT: 7:55

Yeah. A great way to do this Hutch, to make this really practical for people is a question that you can ask yourself is if you had all the money in the world, what would you be doing? Where would you be? And who would you be with? And then really to try to take this next level, don't just do this thinking while you're on your commute on your way home from work, right? How about on your next vacation that you have, maybe with your spouse, that you're in an inspirational environment? That you're not thinking about all your things you're reacting to on a daily basis. I need to do this and that. We're chasing after kids, all of these kind of things, right? You want to be in a really good environment and a really good frame of mind and really remove that filter of limitations, right? And what happens is we all have all of these limiting beliefs from. Our childhood from our peers, from the jobs that we've had, you can't do this. You can't do that. And so much of this is all around mindset. And if you start to remove some of those filters to say, okay if money wasn't an equation, wasn't holding me back. What could I really do? Where is my heart telling me that I need to be right to, to be most fulfilled in life? What is most important to me, my family, my relationships, right? All of these types of things and really do the hard work, which is the deep thinking of where you want to be. Because if you don't take control of your future, someone else will.

Sir Hutch: 9:38

Then I had a sergeant, I had a sergeant major that tell me a long time ago, he said, Hutch, if you don't manage your career, somebody else would manage it for you. The same way where if you don't choose to do the station, your detail or your your monitor is going to choose it for you. And you end up going taking yourself and your family someplace where you didn't really intend it to go. The same is true about your financial journey, but what I want to dive into Dave is you mentioned getting into a safe space. And I want to talk about. a family dynamic, because as we know, a lot of divorce happened because one, maybe the lack of understanding and the lack of management and also the lack of communication about how to manage money. And sometimes in relationships, what I've seen the plethora of people that I've seen that I've talked to about relationship and some of the reason why they separate and some of their, the struggles that they face. Is that they're growing at two different levels. So if a veteran is listening to this or just a person in general is listening to this podcast episode and they are seeking that growth and they now want to get into a space. What should be their strategy before they actually bring their ideas to other people in their

DAVE WOLCOTT: 10:47

household? Yeah, this all starts with phase one in the holistic wealth strategy hutch, which is, it's really all about mindset. So how many people do you know that maybe you went to school with And still live in the same town, have the same circle of friends, and maybe even the same job. And you compare that to someone like Elon Musk who's talking about interplanetary life and living and travel. Amongst many other things, right? It's all about mindset and how you think about things. And I think, in the military and conventional thinking, whether it's, school or all that, we definitely develop this tough mindset, right? We can get through anything. You learn resilience, you learn determination, perseverance the 12 leadership traits, right? Marine Corps leadership traits, that are really awesome. But I think there's a lot of other factors that are really important to unpack. And again, like a big one is limiting beliefs. I grew up in an middle class family. And frankly, we had a scarcity mindset because my family was from a different generation where they just didn't have all that much. It wasn't available to them. So there was constantly, there wasn't enough. Resources to go around, and it took me many years to really understand that and make a paradigm shift into abundance. type of a mindset where I have the world in front of me and how can I make that impact, right? And do all of those type of things that I want to do. And there's a lot of really counterintuitive things that you just don't, you don't learn in school. So here's another great quote for instances, Zig Ziglar, right? Who says, you'll get everything you want in life if you help enough other people get what they want. That is not taught anywhere. And, I went through years, in, incorporating conventional wisdom, just, with the grind, working harder. But once you really start to expand some of your knowledge and your mindset, and then you start helping other people on their journey, not only does it become super fulfilling for what you do, you create more impact, but it's amazing because you create. This magnetism where things in the world just come back to you, right? So so I really encourage people to think about their mindset. In addition, it's setting goals. I literally have a goal practice that I look at my goals on a weekly basis, sometimes even daily. And I have a a habit of creating habits every day. I'm creating a new habit that gets me closer. to achieving my goal that helps me achieve my vision, right? So you need to be doing constant, self improvement, professional development, personal development because the only thing that's holding you back, Hutch, is you yourself.

Sir Hutch: 13:56

100%. But, I think we also can agree that the biggest mistake that we can make in our life is choosing the wrong life partner with what is that a husband or wife, right? Because that can definitely hold some people back as far as going forward with their decision to become to create a better trajectory for the family. I learned something recently that says that yeah. There will be suffering in every bloodline until someone comes along and feel it, the pain enough and be willing to change it, and money doesn't bring happiness, but a deep understanding of the way money works can improve. The culture that we create in a household that, that help us to value money and help it to improve our lifestyle. And of course, we can create some things that, that can create an environment that will foster a happier environment because look broke people are broke. Have some level of happiness. And so does people who are rich and they also have, a comparable level of sadness as well, too. So where do you want to be, choose your battle space and as far as your mindset goes, so you mentioned the first phase of this holistic well strategy, Dave, what is the

DAVE WOLCOTT: 15:05

phase? So the second phase Hutch is really starting to get smart around your iq, right? So that's building your financial IQ and understanding, if you wanna invest in real estate, it's getting smarter on how to invest in, commercial real estate, multifamily type deals. Maybe, you want to invest in something like oil and gas and you realize that wow. When you. invest in energy. It's actually 100 percent tax deductible against active income. And then you start to say, wow, that's a pretty interesting opportunity, right? I didn't know that. So you have to start working on your financial IQ your mindset. IQ is really important. And I also talk about health IQ as well, Hutch, right? And, everyone here, understands PT and, how that important is. But I've been out of the Marines for 20 years, but Every day, I still hold myself to high standards. I do high intensity cycling. I'm 54 right now. I put myself through the paces every day, but you've got to focus on your health, right? And really make this paradigm shift to understand that you are your greatest asset. And anytime that you can invest in yourself, you're going to get 100 X return. You're not going to get an 8 percent return or 12 percent return. You're going to get 100 X percent return, right? So how can you start to invest in your relationships? How can you invest in your mindset? Maybe it's a coat, getting a coach or a mentor. Maybe it's joining a community. Doing all these things and there's so many resources available today. And the other thing I'll add here, Hutch, that I think can help make this real for listeners, right? I have this little equation, that is really more expansive around your net worth, right? So your net worth, is equal to your financial IQ, plus your mindset IQ, plus your health IQ, plus your relationship capital. So when you put all of those things together, it can really become exponential, right? Because we don't think about relationships, but you could be one relationship away. That was in Kiyosaki's book, right? He met. Rich dad was his friend's dad, right? Who really gave him the insights, to do, go ahead and do everything. And again, like on the health standpoint it's very interesting. We can actually let things happen to us in the sick care system that we have, or you can be very proactive about your health. Look at Steve Jobs. He had all of the money in the world. But he couldn't actually buy another day.

Sir Hutch: 17:58

Oh man, there's so much to unpack there in such a limited time. So we talk about our financial IQ. Now, I Often say that I say that society have a way to make us think that money's too complicated for us to understand and we're not wise enough to manage it, but how important is financial IQ for our veterans as they think about exiting the military?

DAVE WOLCOTT: 18:26

Financial literacy is one of the top problems, not only for veterans, but for this entire country, because it's not taught anywhere on where to think. And then what happens is we all fall victim to this traditional financial system which is really a machine from Wall Street and the government that says invest in a 401k. Ok so this was really you know my last straw moment, Hutch, when You know I had just, transitioned a few years out of the service. I was just trying to build a career, starting to build a family. I had an 18 month old running around and on October 24th, 2000 is when we had triplets and I quadrupled the size of my family. I literally had a fire team, and had to now move into zone defense with my family and my family's everything to me. So what did I think of instead of, spending more joy realizing that I expanded my family, I was more in that scarcity mindset of thinking. How am I going to provide for four children? They say it's the average cost is a million dollars per kid. How am I going to send them to college? The goalposts just got moved way down the field. I can't even see them. So I went to my traditional financial planner and he told me that, Oh, don't worry. Just max out your 401k and dollar cost average and defer your taxes. Oh, and for your kids, they have these things called 529 plans that, you can invest in. This has got to be the worst advice, right? That is there. But the thing is, these people are not wealthy themselves and the whole system is flawed. And I'll tell you why, because it's built on an assets under management model. Okay. So they're making money by making recommendations of products to put you in, and then they make their one to 2 percent fees, even when the market goes down and it's not performing, they're still making fees on you. And they forget to tell you about taxes, fees, and inflation over the long haul. So while you realize you think, Hey, I just deferred my taxes. I reduced my taxes this year. That's good. But that 7 percent over the longterm is actually more like two and a half percent. If you're lucky. And that's why we really have a crisis in this country. So it's imperative to get smarter on understanding, not only the different, investment vehicles that are available for you, the different strategies, but truly learning, a different way of how to understand what wealth is.

Sir Hutch: 21:14

Now, I got you, man. So before we get into phase three a lot of folks think it's their patriotic duty to, to pay tax, but I like to talk about it. So it's a patriotic duty to pay our fair share of taxes, right? And we, none of us can ever forget the interview or the the conversation between Hillary Clinton and Donald Trump, when they definitely shows a misalignment of understanding of how the tax is supposed to work, where one, use it as a rich against poor and one use it as I used it because it's available and I understand how to use it. Could you tell us a little bit more about like oil and gas and how a investor can use that to ensure that they can keep most of their investment the way the tax strategy, the way the tax laws are written for them to use?

DAVE WOLCOTT: 22:01

I'd love to Hutch and in my journey, I fired over five CPA firms, but I was absolutely determined to find, a proactive CPA strategist who understood me and during the process of that journey, what I learned is the tax code the 6, 000 pages of the tax code, 5, 999 pages are actually a roadmap of incentives for business owners to invest. And investors. So for instance, I get to deduct meals when I take out clients. In my business, right? But if I grow my business, I'm able to actually hire more employees. I can donate to my favorite charity, which is the fund. org for my veteran charity. So I can actually produce more. I can actually, contribute to the economic GDP, and growing and our country, which is going to be able to support so many things rather than just, okay, if I have a small piece of the pie, yes, I'm going to pay the tax. But if I can grow my business and understand where the. Government wants me to invest and the activities they want me to do. That's why multifamily is attractive. Energy is attractive. They provide offsets for that because it's a limited reserve. And 80 percent of the production of oil and gas in this country is actually small businesses. So we need to be able to incentivize these businesses to create, energy that frankly, I don't care what business you're in, where you live in the world or what you do. We need energy to support all of it. So that's what you have to just make that shift and understand that taxes are actually a series of incentives. So it's not at all about dodging taxes. It's understand. So it's just a way of understanding why the tax code is written and then taking advantage of it so that you can grow. And the more you grow, the more the country and our communities will grow.

Sir Hutch: 24:12

Absolutely. And then the more money, the more of your money you get to keep, so you can contribute to the freedom of impact or purpose that you want to have. So how does phase three help us towards that end?

DAVE WOLCOTT: 24:25

Yeah. So in phase three, this is really interesting as well, huh? A lot of people are always thinking okay, I want to grow my net worth. And this opportunity is 7%. Maybe that's nine. So is that better? I don't know. We often under look. Overlook the top three biggest wealth destroyers, right? And the number one wealth destroyer is taxes, right? So people paying taxes and, let's say you're in 30, you're paying 30, 40 percent in taxes. Depending on where you live, if you live in California, or New York or some of those states your tax bill is significant. If you're paying 40 percent in taxes, just think if you could reduce that by 10 percent a year and then add that to a 15 percent return, now you're actually making 25 percent a year. So it's all about creating phase three is all about creating an infrastructure around your wealth and one of them is reducing your biggest wealth destroyers like taxes for instance. We also use something that's so powerful. I don't know if you guys have talked about on the show, it's called infinite banking, which is essentially leveraging a cash value whole life insurance policy. Now, this is something that I wish I started. When I was in the Marines, frankly, and you had some excess capital and instead of throwing it into some stock brokerage account, you can put it in this, whole life policy, which actually is a complete multiplier, right? So the money compounds tax free. Just about a 6 percent rate of return. You have creditor protection, so people can't come after it, which is great. Then you can borrow against it to pay for your first house, to use it to create leverage and all of that. Actually, invest in a different investment opportunity, right? You can also create tax free income stream in your later years, and you can actually pass on a legacy to your kids and avoid. taxes and probate. So this is one of those cornerstones that the ultra wealthy use and people just don't understand it. But I I have all of my kids on that. My kids are in their twenties and we've set up policies for them. If they do nothing more than contribute 10 K a year to this, by the time they're 65 they'll be making almost a hundred K. Income. How powerful is that? So that's another key thing around creating your infrastructure. And then also we talk a lot about asset protection, estate planning, because you're working so hard to build your wealth. You don't want to lose it.

Sir Hutch: 27:09

No. So the things that this sound like phase three is now more thinking about, what do we have going on? How do we set big plans for the future? But also how do we protect that and ensure that what we do in is actually generational? So this infinite banking thing that you're talking about is i'm super fascinated with it. I haven't started one yet, right? But we got our trust created and this is another thing that we want to do, right? Our goal is to control everything but own nothing concept You And having a situation where the ease of transfer to the next generation, but most importantly before transfer we're spending time to educate our children of exactly what the intent is for the foreseeable future to ensure that, For generations to come, they can continue to pass that knowledge down and we can continue to level up the next generation. It's like the Rockefellers and those rich family who still who's stood with the generations is still benefit from the vehicles that they have created. So infinite banking is definitely one of those situation that I am intimate. I'm very interested in starting in a not so distant future, now on taxes, I appreciate you diving deep into into paying off fair share and by understanding that the way taxes work because it is so important, the government wants, if you're creating businesses, and, or if you are, Creating something like what we provide, which is workforce housing. If you're providing jobs and you're providing housing, the government will incentivize you to continue to make those investments or real estate in general. And of course, oil and gas give you a different, a whole different level of leverage of keeping more of your investment strategy. So appreciate you diving into those concepts. Now, how does phase four affect us in the holistic nature of our financial environment?

DAVE WOLCOTT: 28:56

Yeah. So this is where it starts to get a little fun, Hutch, right? You've changed your mindset. You've actually started to learn that there's some different opportunities out there. You've started to really optimize your cashflow, where's your money going and everything. And so as phase four is all about asset repositioning. Over 90 percent of Americans have their capital tied up in two places. It's either in your primary residence. Or it's in some kind of 401k or IRA or SEP, some type of vehicle like that, right? But if you look at money that's trapped in your primary residence, the rate of return on capital in your residence is actually zero, right? Because you're only going to make money on that when you sell the property, right? So a lot of these people in this, philosophy that like Dave Ramsey talks about and Susie Orman, pay off your house, pay off your house. No, this is the best leverage. https: otter. ai Pull money out and I can get 6 percent out of my house, increase my mortgage interest deduction, and then go invest in, let's say, a workforce housing opportunity, right? Where I'm making maybe a, 15 to 20 percent annualized return. Wow, have I just arbitraged my money, right? And again, I lowered my taxes, right? So it's like a triple play right there. And then, I don't have all of that reliance, right on the house. And then the same thing with the stock market, we have so many people that, have been taught through traditional financial planning to just put all of their money into, stocks, bonds and mutual funds, but they're really just earning that 7%. You're also just subjected to the whims. of the market and wherever it heads, you have no control. But to me, I'd rather, invest in a tangible asset, right? That's three dimensional, which is it can provide passive income. It's got tax efficiency. And third, you can drive forced appreciation value into the asset.

Sir Hutch: 31:12

Man, there's so many beautiful things that you're talking about. It it also ties into, it ties into phase three as well. When he talks, when he talked about using your infinite banking or warehousing money, whatever, banking yourself, a couple of different names that they call that thing, to where you can have your money working in two different, two places at the same time, one at a almost a guaranteed growth rate. Inside of the infinite banking accounts, but also leverage and not leveraging the line of credit against your cash value to, to invest in tangible income producing assets that will definitely level up your money. So you now have a, maybe a 6 percent that you need 5%, maybe that you need to pay on that line of credit, but you also invest in that in something that 15 to 20% growth. So you have a Delta of roughly around 9 percent that you actually grow any money. So you have your money working in two different location at the same time. There's something beautiful about that, that I think, the hard working people need to really understand that that they can actually have their money working harder for them than they actually work for it. So can you take us into phase five.

DAVE WOLCOTT: 32:19

Yeah, phase five is the best one, which is all about creating massive passive income. So it's investing in different opportunities. We focus on three core areas ourself, our investor mandate is around investing in real estate energy, and then also private credit and private debt. Opportunities that are very asymmetric in nature, meaning the highest yield and the lowest amount of risk. And, I can tell you another way, another kind of lens to really think about, opportunities is if you have stocks, for instance, if you have a thousand dollars worth of Tesla stock, right? The only thing that you're hoping for. is it's going to go up in value. In reality, it could go sideways, it could go down, right? And you have absolutely no control. You're just hoping that it's going to actually go up, right? But when I can invest in something like oil and gas or real estate, right? We can drive an additional income stream, we can ideally get that as tax free income that's coming into us. And we are growing the value in that asset for a potential exit that's going to increase our balance sheet as well. So really looking for that three dimensional type of opportunity, versus, the one dimensional in stocks, right? In addition to the fact that you have no control. You're paying the highest amount in taxes and fees as well.

Sir Hutch: 33:57

Now, that's a really good one, man. One of the things that always drives me freaking bananas, right? Is how does something that doesn't correlate with the stock that I own cause the value to go down significantly, right? And if that thing drops 50%, that thing needs to grow at almost 100 percent for you to even start making any more money, right? So you're all up and down. And to your point, I really do investing in something that we're, I can reach out if I'm investing into one of your deals Dave, I can reach out to you and say, Dave can you help me to understand why the occupancy is reduced as well, reduce why what's going on at this property. And you're able to pinpoint exactly what's going on and we can have the dialogue. So you can tell me exactly how my money is working, so that's a good thing I like about what we do in real estate. We haven't done an oil and gas here, but I'm pretty sure it's coming in the horizon, so I like the tangibility of what we do and be able to reach out to those operators and get a better understanding of how money is working. So Dave, can you bring it all in as far as the five phase, we talk about mindset, we talk about IQ, we talk about asset protection, we talk about leveraging the asset. And of course the final one is the massive passive income, so can you bring it all in for our listeners?

DAVE WOLCOTT: 35:08

Sure. The biggest piece of advice is really to start investing in yourself. As your number one greatest asset, and that's investing in relationships, right? You are a product of the five people that you spend your time with. So are those growth driven relationships that are elevating your game or are they people that are taking you further away from your vision, right? Also investing in your health, right? Is absolutely, top notch. And it's also finding out things you may not necessarily be aware of, right? Looking under the hood and getting some diagnostics with blood work proactively to see, if you have some epigenetic, type issues, things like that, not just about your latest PFT score, things like that, some other things. So those are really important. Finding a mentor, listening to people like Hutch and this podcast to growing your education, finding out what types of, opportunities are available, starting to create some relationships and ultimately really taking action. Because if you never take action, you're never going to get into the game and you're not going to learn anything.

Sir Hutch: 36:21

Backs. Those are some power words, man. I like that you consistently mentioned that, relationships is supposed to take you different places. I talk, I was on a podcast recently. I was talking about a conversation we had with a Sergeant Major before we had to the Philippines to support Tabacatan last year. And he brought us all together. And what he talked about partnership, relationship, and friendship, and all three of those are supposed to Emphasis on ship is supposed to be taking you closer to, to, to your destination of where you want to go. But of course, you as an individual, as the investor, as maybe the leader of your household, or, there's a person in a household having a conversation with other members of your household to be created a culture that surrounds the understanding of the way money works and the importance of having a good control of it. It's important that you understand that every. partnership, relationship or friendship that you have supposed to be taking you to a better space in your life. Dave, appreciate the golden nuggets that you drop on us today and for our listeners. Now we're going to dive into the focus round. Dave, what do you do for fun?

DAVE WOLCOTT: 37:21

Cycling is really my name of the game right now. I used to run. Back in the day and did Ironman and some marathons and that was all started from, doing the PFT test. I was never really a runner, but, started to get into it. But not doing six minute miles these days, but cycling is probably my main fun in addition to traveling with my family.

Sir Hutch: 37:43

Yes, sir. Life is motion. Life is motion. So what is one opportunity that was a game changer for Dave?

DAVE WOLCOTT: 37:50

Yeah, I think one of the biggest things was actually getting a coach, an entrepreneurial coach and joining a community that just really changed my thinking and all aspects of my life, personally, as well as professionally. So really finding a mentor. Someone that you admire in a space that you're going to, and is, a level or two above you, right? That you can try to aspire to. That is awesome. So what is your favorite communication tip? My favorite communication tip is actually to be your authentic self. We live in this world with social media and there's this concept around being in the gap or the gain, right? So you can be in the gap, which is, trying to live to the ideal. You see all these people that, whatever, they've completely chiseled physique, they have so much money, they've got a fancy car, whatever, but it's all just fluff, right? Determine what is, your authentic self, who you are. And communicate that way to those around you. And then you're going to attract like minded people, who you connect with, but don't try to be someone

Sir Hutch: 39:03

else. So not to drag this out, but I just want to dive deep, dive into this a little bit more, to give our listeners a better understanding of the pot, some of the reasons why people change, john Maxwell said people change when staying the same becomes too painful. So to talk about being our authentic self, how can an individual know when it's time to change that person that they have created?

DAVE WOLCOTT: 39:27

Okay. Let me give you a really good insight here, Hutch, and for the audience here. So I just had an exclusive interview with a gentleman who runs a centimillionaire community. They have over 130 members. Average net worth is 400 million and I can tell you we had this exact conversation and we talked about the two most important things that you could have as an individual. Number one was self awareness. So completely understanding yourself, whether they be taking personality tests, there's a great test people should take, which is called the Colby K. O. L. B. E. A, it's 50 bucks. It'll take you less than a half an hour to take, but it talks about your natural instincts. The Clifton strengths profiles, another one. So really understanding who you are as a person, what your natural instincts are so that when you're trying to align your purpose and your impact and all those things, you can align to that versus having friction and going against the grain all the time. And the second thing he, he talked about was empathy. It's really, actually approaching other people and stop thinking about yourself for a change. Get out of your own head and thinking about someone else. So we're having this interview, I'm sure you are having some challenging things you're working through, whether they be with your health or your family or friendships or different things. How can I help you? How can I help you? And I try to do that with everyone, with my kids. I want to be a better father. I, my goal is to be world class for my family, for my friends for my clients, those people that I can actually impact. But in that, it's really important to have empathy. And isn't interesting that, people who have all the money in the world, Those were the two things that they said were the most important.

Sir Hutch: 41:31

That is good, man, because wherever you go, Dave, there you are. You bet. So what is one thing you wish you understood earlier?

DAVE WOLCOTT: 41:40

One thing I wish I understood earlier was really I think it's just, it's mindset, right? And having an abundant mindset, investing in myself letting go of those limiting beliefs, from where we're from. From things we learned from our friends, back in school. And, we're all trying to figure it out, as we go through the traditional schooling system. And as an entrepreneur, I never really fit there. I w I wanted to innovate. I wanted to be different. I wanted to do things in a different. So when you can really, again, understand yourself, start to change your mindset, get clarity on your compass and clarity on your vision and where you can go. You really can become

Sir Hutch: 42:21

unstoppable. To what do you attribute your success? Dave.

DAVE WOLCOTT: 42:25

I attribute my success to, putting in the work to make these changes to surrounding myself with top notch people to always be humble and being coachable myself to being a lifelong learner and always asking why, right? I think that's a really big thing, right? Why does it make sense to defer my taxes until later years? It reduces my taxes today. But if I defer them for another 25 years, aren't I actually proportionally going to be paying more in taxes in the future and the government controls what the tax rate will be, right? So you have to actually ask why and keep asking yourself why until you can't go any further. That's a good one,

Sir Hutch: 43:12

man. All right, Dave. Okay. I want to plug your book? Do you want to walk through the phases of the book and why people should pick it up?

DAVE WOLCOTT: 43:21

Basically, I can just, I'm going to give out a URL. People can download a free copy of the book. And then also I'm going to talk about, if people buy it, all the proceeds go to our veteran charity, actually.

Sir Hutch: 43:33

So Dave, thank you so much for joining us in this podcast episode today. If our listeners want to get in touch in touch with you, how did they do that? And also I'd like to hear some more about how you give him back.

DAVE WOLCOTT: 43:43

Yeah, if people have learned a lot and enjoyed this conversation and want to go deeper, you can get a free copy of the book at holisticwealthstrategy. com and you can go to that URL, get a free copy of the book. And in terms of our philanthropy type of work that we're doing, it's it's so wonderful. serendipitous that we're connecting today, Hutch, because, our biggest charitable work is actually in the veteran community. And we partner with thefund. org and all proceeds of the book since the book was launched this year. We're actually, we started with matching and then we moved to taking all of our proceeds and donating that to thefund. org. So those fallen heroes who are You know, suffering and have paid that sacrifice. We're trying to help them. And I'll even share another tip is, I to change that whole narrative and talk about it as giving more because giving back is implying that I've really taken something, but I'm actually giving more. I supported our country's freedom. I'm trying to support more by creating impact, creating jobs, impacting our clients lives. So I want to continue giving more and I actually have a phenomenal idea around a charitable foundation that I want to create for veterans that, that is, derives around health and regenerative healthcare type thing, which is a passion of mine. So I'm in the development of that, which will be our next phase, I'm really excited about.

Sir Hutch: 45:21

Dave, let's talk more because if you've been listening to this podcast episode, one thing you might've heard a few times that we are donating 10 percent of all all of our acquisition fees to nonprofit organization that benefits our veterans. So Dave, let's talk more about how we can synergize on that towards that end in the future. Awesome. Semper Fi. Thank you. Do or die. All right. So thank you for listening to another episode of the Multifamily Real Estate Experiment Podcast. I trust that you find this episode valuable and also some, your takeaway can be some actionable takeaway from this episode. Look, your financial future is your responsibility, so grab a hold of it and ensure that it's great. Go live your life and happy investing.