Unearthing Dramatic, Holistic Wealth and a Firestorm of Freedom with Dave Wolcott

Transcript

[Mattias]
Welcome back to the REI Agent, Mattias here. Erica can’t join us today. Before we get, I talk a little bit about the, what I normally do in the intro.

I wanted to quickly just say that we are considering doing away with this intro part altogether, kind of getting straight into the podcast guest. And I just wanted to, first of all, invite anybody to message, direct message, comment, whatever about your feelings about that. If you enjoy these kind of intros, initially we were kind of wanting people to get to know us a little bit and kind of have a little bit more of a personal relationship since we’re interviewing other people and not really talking about ourselves in the podcast.

But, you know, the thought of maybe just getting right to the meat a little bit faster, maybe people are skipping over this stuff anyway, is kind of in the forefront. So we’re thinking about it and maybe this will be the last intro I record. We will see.

But definitely give us your feedback on that. I did want to briefly talk about last weekend. We were, we went camping with our new camper to us for the first time.

We took it to a campsite, an RV site, a KOA, only like 20 minutes away. We wanted to give it a shot without, you know, pushing ourselves too far out. And, you know, it was nice.

It was a pull through site. It’s supposed to be really easy. I show up, I immediately break the rules.

They had a very clear spot. I was supposed to park and sign in. I didn’t do that.

I kind of pulled in awkwardly and then they had to direct me another way to get to the site. Worked out, pulled in and was able to, it was pretty much level side to side, which was also very nice because I hadn’t yet, well, I forgot the level at home and I hadn’t yet installed any of those like bubble levels on the sides yet, so wasn’t sure how to do all that. First time setting up, it was nice when it was not needing to be too complicated.

But then, you know, we went through the weekend, had people come over, you know, cooked a lot of tons of good food. Kids enjoyed it. We had, you know, there’s playgrounds and stuff nearby.

That was all great and fun. And then when we were packing up to leave, there was a very, very tight turn that, you know, it was a pull through, but I had to do a really tight turn. It would have been better for me to back up and get over to the other side of the lot as much as possible and then make a much wider turn.

Hindsight’s 20-20. Thought I would just try it. If my truck can get around, I can get around, right?

Well, I got really close to a tree. And at that point, I think everybody, every dad in the campground gets alerted somehow and they come running over to help. And so I was getting a bunch of advice about how to get past this tree.

And then I ended up getting stuck in between a rock and a hard place, a boulder and the tree. I was like, not, there was seriously just, you know, I don’t know, a couple millimeters of distance from this tree. It was very close.

Never hit it. And then, you know, one of the people from the cable and the staff came and he looked at it and he was just like so sick and tired of the other people giving advice and like was just like telling them to go away. He’s like, he called for backup for the most experienced guy to come.

And we were able to navigate kind of past the boulder into a bit of a ditch. And then we’re able to back the trailer up in a way that got us free from the tree situation. So it was something.

Somehow I didn’t totally lose my nerve through that process and got it back to our house where we were gonna unload it. I have to back it into the parking lot to do so. And I had two neighbors show up to help me with this process.

And I kind of told Erica, there’s too many voices out the window so that maybe one of the neighbors would stop trying to tell me something and just distract me. Honestly, that part was more stressful than the tree situation for some reason. And yeah, so anyway, it was a great experience.

We had a lot of fun camping. We’re looking forward to doing it more and kind of exploring the different parks in this whole different world, honestly. I mean, like there’s just camper people, I guess.

I guess we are now one of them. We didn’t really intend to buy a camper. We had kind of chewed on a little bit and didn’t realize that they’re a lot more affordable than I expected.

And so one just kind of a good deal fell in our laps and we decided to go for it. And now we’re finding ourselves in the wonderful world of campers. Anyway, today’s guest is very educational.

It’s very good. He’s gonna go into a lot of complex strategies, but this is the advanced world of investing that can really get you ahead. And so it’s really, really good.

It’s always good to push yourself and not just write off something that’s too complicated, but just keep learning, keep growing. Syndications felt like that for me at the beginning, for sure, but the more that you are familiar with them, if you listen to this podcast, the more that it becomes clear that it’s just not that complicated and it’s just really a good opportunity to get into. Dave Wolcott is gonna be explaining the different ways that he invests or that he helps other people invest.

And so it’s a great episode. Definitely some good freebies at the end as well. So without further ado, here’s Dave.

Welcome back to the REI Agent. We’re here with Dave Wolcott. Dave, thanks so much for joining us.

Hey, Mattias, really grateful to be here to connect with you and your audience. Dave, to start, can you just give us a bird’s eye view of what you do, what your business is?

[Dave Wolcott]
Yeah, the way I really see our business is really helping people throughout the wealth journey. And that consists of providing exclusive, passive investments in real estate opportunities, energy sector, and also private credit and debt. We also run a virtual family office for high income, high net worth individuals.

We also run a mastermind community for people who are looking for advanced wealth strategy concepts. And then lastly, we have actually a wealth software platform that really helps you track and manage alternative assets, real estate, so you can truly have KPIs around your passive income goals, your alternative assets, truly creating a balanced portfolio.

[Mattias]
Well, I’ll have to get into that because I’m curious a little bit. Having tracked some stuff myself, invested in a syndication, it’s kind of hard to know what to do with that other than what capital I invested at the time. So that’s, yeah, there’s a lot to dig in there.

What kind of got you in this space to begin with?

[Dave Wolcott]
Yeah, Mattias, so look, I was raised in a middle class family in Connecticut, and I was told that the recipe for success was go to school, get good grades, you’re gonna get a job, and life is just gonna kind of work out for you, right? And so I followed down that path of conventional wisdom. I had the opportunity to actually serve my country in the Marine Corps.

I did the ROTC program. And in the Marines, I learned some things you just don’t learn really anywhere else in the world, things such as true teamwork, leadership, integrity. And shortly thereafter, I transitioned into the corporate world and just really got frustrated with the corporate bureaucracy and really losing that sense of purpose and that sense of mission that really drove me in the Marine Corps.

And at the same time, my wife and I were raising a family. We had an 18-month-old toddler ruling the roost. And on October 24th, 2000, Mattias, we literally had triplets and quadrupled the size of our family overnight.

So I could tell you the day after, I was standing there holding three babies in my arms. And the first thing that went through my head was just thinking, how am I gonna provide for financial security for my family? I’m 26 years old, and I mean, this is really massive here.

So I went to see my financial planner, right? And then he started just telling me that, hey, you should just invest in your 401k, max out your 401k. You’ve got kids?

Well, they have these programs called 529s that you can invest in for the kids. And I knew right then that building wealth as a retail investor in the stock market was not the way to build wealth. And so this launched me on this obsessive journey to figure out how the top 1%, the top 0.01% are really building wealth. So at this time, I then started investing in all kinds of real estate and alternative assets, everything from raw land, retail, office buildings, single family rentals, multifamily rentals, oil and gas, credit, debt, right? A number of different assets. And then fast forward here 25 years later, and I’ve really encapsulated all of my learnings to really create a blueprint for people in my book called The Holistic Wealth Strategy that is really just that, right?

It’s a roadmap, it’s a blueprint to help other people collapse time and get to their freedom goals faster.

[Mattias]
Yeah. Well, first of all, thank you for your service. I wanna ask a quick question about that.

With your kids, is that something you would encourage them to do at this stage? Or not at this stage, but when they’re of age and all that stuff, to join the Marines, what is the values and lessons you learned in the Marines pivotal for you?

[Dave Wolcott]
Yeah, I mean, the learning lessons from that I will have for the rest of my life. And interestingly enough, my 24-year-old son, actually, he just joined himself. So he’s in the Marine Corps, just finished boot camp, and he’s gonna come away with confidence, with integrity, with trust, with persistence, with hard work and dedication, and all of these values instilled that whatever you really do in life, I mean, it’s just so foundational.

[Mattias]
Yeah, I think the discipline aspect of it that I assume, I was not part of the military at all, but is such a valuable thing that I feel like I’ve spent most of my life teaching myself, trying to now, since I didn’t play organized sports in high school, which I feel like is maybe another way you could get a little bit of that. And certainly the military, I assume, would train you. I mean, you get what you put in, right?

I mean, if you work hard, if you’re exercising, you get results from working hard. If you’re investing, whatever, you get results from putting effort into it and learning and pursuing, et cetera.

[Dave Wolcott]
Yeah, in addition to the discipline piece, Mattias, I think really, I mean, I was in during Somalia and really the first Gulf War. So after you’ve been in the combat situation, you’ve been fired upon and you’ve been to some third world countries and traveled the world, I mean, it just gives you unbelievable perspective. It gives you humility.

It just gives you so many different things that you carry with you as part of you throughout. It really, I’ve been out for 30 years, but I feel like it was yesterday, you know? And those are really instilled at the core of me.

Yeah, that’s great.

[Mattias]
And about the financial planner thing, like I think there’s just this divide that really doesn’t need to be there. I wish there were more people that, I mean, I think that it basically boils down to where you’re getting your money from. And most financial planners are not gonna earn money by recommending real estate, right?

[Dave Wolcott]
I mean, that’s basically the- At the end of the day, they get paid by assets under management. And they don’t have the expertise to be able to advise on asset classes like real estate, unless they’re doing private investments, which you can find some kind of boutique RIAs and things like that, maybe doing some private offerings. But for the most part, you’re in some type of equities, stocks, bonds, mutual funds, right?

That is the typical advice that’s out there. And so people think that’s the only way you can really invest. So the system is really set up that way.

And it’s really a bit rigged. And Wall Street just keeps getting richer and keeps growing because, just think about all the pension funds, all of these 401ks, all these programs keep compounding and corporations just keep putting more and more money in there. But I will say that there is a big movement now.

People are getting a lot smarter, right? And shows like yours and education like this, people want more control of their capital and they don’t wanna work for 40 years. I think people are really tired of just throwing all their money into the stock market and riding this roller coaster and then just hoping things are gonna work out, right?

And hoping we get to some kind of retirement number at the end. But I’ll tell you with taxes, fees and inflation, that’s so underestimated that seven or 8% return really gets cut down into more like a 4% at most type of return. Whereas when we look at asset classes like real estate, as your audience knows, and there’s some other ones like energy, right?

And private credit and some other things, but we really like to look for the trifecta in investing, which is driving passive income today, driving tax efficiency, and then also driving forced appreciation into the asset. So you could typically do that in real estate as we know. On the active side, what’s really interesting about energy, a lot of real estate investors don’t know is that this is also a great way to offset active income because you can invest and like we, for instance, we have an oil and gas opportunity this year up to 92% of active income.

So even if you have a spouse working, anything that’s active income can be offset up to 92% of your investment in year one. And then you have a nice return of capital, distributions, just like real estate asset class, but you get that active income offset as well as diversify into another asset class, right?

[Mattias]
Yeah, let’s break that down a little bit more. So it sounds to me a little bit like similar to like the accelerated depreciation type thing when you’re in real estate, but that’s a different thing altogether with the energy, is that correct?

[Dave Wolcott]
Yeah, I mean, the biggest right shift people need to make, right? And I think this is really relevant. I mean, not only for your listeners, because a lot of your listeners are having investors kind of come into deals, right?

So the more we can help people solve problems, right? The more we’re all gonna be successful together, right? And having someone pay less in taxes is really huge.

Obviously, the real estate professional is huge if you can do that, but not everybody can line that up together. Now how this works, this has been around really since the Reagan era, and you can do basically intangible drilling costs, which are really, they call them IDCs. If you have a working interest in a well, we’re able to basically offset through the expenses of putting the well together and everything.

There’s also depletion allowance because it’s a reserve, right? Oil and gas is like basically a reserve. So there’s a few different pieces of the tax code there that support that offset.

So it can be a very strategic move, right? To lower your taxes there. And then in addition to that, I mean, we all really need to learn this lesson, right?

If we haven’t already, that as much as we love the real estate asset class, I mean, let’s face it like multifamily 21 through 23, right? I mean, a lot of the commercial market, if you were using floating rate debt, right? I mean, deals are challenged, right?

Distributions have been paused because of that interest rate risk. So if you can kind of diversify into another asset class, right, such as energy, where that macro economics are really strong and the fundamentals are really strong of that investment, it’s just a good way to diversify your risk, right? And not have everything kind of tied up in one area.

[Mattias]
Okay, let’s paint a picture of what that looks like. So is it run similar to like a syndication? If I were, you know, Joe Texan and I bought a plot of land and I needed capital to get the drill drilling done and a pump set up, all that stuff, I could set something up like a syndication where investors would be investing in this, potentially the cost of the land as well.

Is that kind of how this works?

[Dave Wolcott]
Yeah, correct, more or less, that’s correct. I mean, there’s just like in real estate, there’s many, many different operating models of how operators actually work on that. But I will tell you, and I will share this piece of advice, right?

I mean, after investing in private deals myself for 25 years, you know, we are really much more reliant on institutional quality operators and deals. So just like in real estate, right, you can have mom and pop type operators or you can have people with not as much experience. But we’re seeing, you know, like on the real estate side, right, maybe some of those operators didn’t have the balance sheet, you know, to save an asset, right, you know, during this time.

So the same thing on the oil and gas, you know, you don’t want to go for a one well type of approach, right? Because if you come up empty on that, right, then, you know, you’re down to zero. There’s other, like the sponsor we work with, it’s a $10 million minimum.

They mostly just work with RIAs and family offices. They do 350 million in revenue, right? So it’s in an institutional, but we’re able to do a syndication and then bring a larger amount of capital to them, which gets our investors exclusive access to the deal and the same terms as that $10 million investor.

[Mattias]
Okay, okay, that makes sense. Yeah, I was gonna ask too, like if you’re operating funds or syndication models too, like would a fund be diversified within the fund between the different sectors or would it be specific to a deal like a syndication?

[Dave Wolcott]
For the most part, we’re doing deal specific type of, you know, fund of funds, we believe is a more compliant structure these days and gives more, you know, transparency and everything to our investors and some better ability for us to be able to communicate with investors and everything. So we’re a little bit preferential to that special purpose vehicle or fund of funds type structure.

[Mattias]
And would investors need to be accredited to join? Yeah. Okay.

Yeah. And for people listening to that, do you wanna, that may not be familiar with what that is, do you wanna explain what that is?

[Dave Wolcott]
Yeah, sure. So basically all it is is that the SEC is just really trying to protect the individual investor and you can do it, there’s three different ways. You either make 200,000 in income for the past two years and you can prove that through your, you know, your W-2 or your tax statements, or you make 300,000 combined with your spouse, or the last one is you have a million in net worth outside of your primary residence, right?

Yeah. So that’s basically all that is.

[Mattias]
Yeah, and I think this is, you know, if you’re looking at simpler strategies of investing in real estate, for example, this is one of the benefits of doing that and starting investing in real estate because as your assets grow, you can then become an accredited investor if you’re not having that income requirement, you can build up, you know, if you do the BRRRR strategy 10 times, you know, you might be able to get a lot of equity without really having a lot of capital in the deal.

So that’s something to consider that you, well, if you’re building that stuff up, you can then start joining things like this as well. Oh, go ahead.

[Dave Wolcott]
Yeah, yeah, and just to cap onto that, Mattias, right? A way to think about this is that it’s a really scalable way to build your wealth is really getting into passive type syndications, right? Because you can do BRRRR strategy, wholesale, flipping, like all of those kinds of things are very active and very involved and that’s great, but at some point, you’re really going to have a ceiling of complexity that is just harder and harder to grow, okay?

And then the same thing with your wealth. So you’ll always see a trajectory of people scaling up into syndications and higher quality deals. You never find a story of someone who’s been investing in syndications and everything all of a sudden go down and say, hey, I’m gonna start to do fix and flip, right?

And it’s all because of scalability. So think of it like that, wherever you are on your journey, think of it as more of like a progression of where you could get to.

[Mattias]
Yeah, exactly, because I mean, at the end of the day, if you’ve vetted the operators and you feel confident and you’re investing in good deals, yeah, you’re writing a check, you’re wiring money, and then you’re collecting and you can keep monitors, you get the updates and stuff and see how the deal’s going, but ultimately you’re just collecting dividends and maybe some other great things depending on the strategy. I wanted to ask a little bit about the other asset classes then that you’re in.

Do you wanna go into the real estate stuff that you’ve talked about or the debt?

[Dave Wolcott]
Yeah, so why don’t we talk about private credit? Because I think you’re starting to see more deals in the marketplace around private credit. And let me also just make a note that this is an industry we’ve been watching for quite a while.

For the past 15 years, it’s been growing at over a 20% combined annual growth rate. So, and the reason being, right, this industry is growing so much is because banks are continuing to have tighter regulations around lending, and you have small businesses that are growing and need access to capital. So it’s very much like really hard money lending on the real estate side, but it’s more like hard money lending to businesses, right, that are growing and things.

Now, I think an important distinction to make is that you can actually invest in private credit. There’s all kinds of different forms. You can actually invest in national defense companies, providing private credit for them.

Of late, you’ve seen a lot of private credit around multifamily and some real estate assets, but I would really caution the listeners if you were looking at that as an investment, a lot of the reason they’re creating that private credit is it’s really almost like a PREF equity tranche for a troubled asset, right? That’s pushing equity holders back in terms of getting their money, and then they’re giving this PREF equity kind of piece and calling it private credit. So the terms of it look enticing, but you really have to understand the underlying asset because I think there is some risk there as well.

Now, in terms of the fund that we’ve been working for the past couple of years, we work with a sponsor that’s institutional. There’s some very big institutions on their platform. They’re really one of the biggest in the country, and this thing has been growing at over 20% a year, just like completely crushing it.

We’re basically providing that short-term lending to smaller businesses that are growing. A great example is like, I live in Florida, right? So when we had the hurricane last year, you got a roofer who’s got two years of business, right?

But he cannot fulfill it because he needs supplies, he needs people to go over to fulfill that business, and if he goes to a bank, it’ll take him six months if he can even get the funding. We can underwrite him inside of a week, and then he takes out his loan. He’s gonna pay a premium for that loan, but the average life of the loan is only seven months long, so they’re paying back principal and interest.

He’s happy because he captured the business, right? And then we’re happy as investors because we offered that up, and we’re getting a very nice return. So you can get either a strong cash flow return if you’re looking for passive income, or a really slick strategy a lot of investors are doing too if they have like other 401k money, you could actually convert that into a self-directed IRA, and then basically triple your output from what you were getting just averaging in the stock market to now getting a non-correlated asset that’s growing a lot better on a risk-adjusted basis.

[Mattias]
Yeah, the self-directed IRA is fun. I’ve often not been as interested in that just simply because, again, you can’t touch that until you’re retired. However, I do have money in IRAs, and it would make sense, especially the money I have in Roth IRAs.

It makes a ton of sense that that would then grow tax-free. So it would be great. Okay, so that makes sense.

And what kind of interest is a business gonna be likely paying for this kind of thing?

[Dave Wolcott]
I mean, that really varies depending on the business and the terms that they kind of structure, but they really call it like a factor rate. So it’d be like, could be around like 1.3 or something. I mean, they’re gonna pay pretty steep.

So that’s around 30% interest, right? It’s pretty steep for the business. But again, see it as more like, it’s like hard money lending, right?

You’re gonna pay for the access to capital on the short term, but it’s gonna be worth it based upon what they’re doing.

[Mattias]
Yeah, yeah, the hard money lending thing sounds like it’s like somebody that’s gonna go break your ankles if you don’t pay up. But yeah, really all it is is somebody willing to, if you’re not able to get financing or if it’s too hard, an investor will be reaching out to a private entity and getting a loan to complete their deal, and they are factoring a higher interest rate in that. But if the numbers pencil out, then it’s better than not having to deal altogether.

[Dave Wolcott]
Yeah, absolutely.

[Mattias]
It boils down to. So how has this world enabled you to be, how’s that helped your family life? How’s that helped your personal life?

Have you been able to feel more free and not as much of a slave to a company or to whatever, to be there for your kids, be there for your family?

[Dave Wolcott]
Yeah, I appreciate that question, Mattias. And I know, I think we really share in that philosophy. And again, my book is actually called The Holistic Wealth Strategy, because as I was starting to invest and look at alternatives and everything in real estate and all this stuff, right back in 2000, keep in mind, right, that’s when I took the purple pill and Kiyosaki had really literally just came out.

In fact, we just had Sharon Lecter, the co-author of Rich Dad, was just on our podcast last month. But it’s really, I think, what I thought about all these things was, I really like this psychology piece of this, and what does it all do, right? We talk about creating passive income to create financial freedom, but you have to keep asking the question, why?

Like for what, you know? A question I love to ask our investors or clients is, if I gave you a billion dollars today, what would you be doing, where would you be, and who would you be with, right? How does that actually change your life?

You really have to do some deep-level thinking. We also run a mastermind community. So we’ve had some amazing, we had an industrial psychologist come in.

Have you ever seen Wendy on Billions? She’s kind of like the person who psychoanalyzes this hedge fund trader and all the psychology around it. But she came and spoke, and so we spent a lot of time kind of talking about that, and I feel strongly about that, right?

And in my book, I talk about, in our holistic wealth strategy, it all starts with creating a vision for yourself, because if you don’t have a target, you’re gonna miss every time. So once you can actually create this crystal-clear vision of what does life look like in three years and 10 years, then you can then start to re-engineer and say, how do I actually build that? And to me, it’s all about, it comes down to really freedom, Mattias.

I think this is really what everyone’s looking for. And it’s not only freedom of money, right? Because money is just energy, right?

To amplify what it is you’re doing. We also want freedom of purpose. We wanna wake up every day and be fascinated and motivated about the work we’re doing.

We also want freedom of relationships. I mean, I get to spend my time talking with you today, a like-minded person, right, on a similar mission, on the journey, and learn something myself, and what a great way to spend my day, right? And it’s also about freedom of location, right?

I mean, I’m living here in Florida. I got rid of state taxes in winter a couple years ago. I moved, so we’ve got freedom of location.

And so all of these different things, these are the kind of freedoms I’m looking to create in my life so that my relationships, I can put 10X energy into my relationships, who I am, focus on the things that really work, and then just start living that life. And interestingly enough, you’ll find a lot of times when you do some of this deep work, it’s actually not even about money. It’s much more, actually, it’s about intention, right?

[Mattias]
Absolutely, I couldn’t agree more. I think if you don’t do that type of work, you’re just gonna have life happen to you. And nobody would do that type of work, or nobody would plan their vivid vision and think, okay, I wanna be overweight, divorced, have my kids not talk to me, but one day you might end up there.

And that’s one of the things that I talk about in the book and everything with agents is that we tend to just get so focused on the sales and the deals that are coming through and we sacrifice a lot when it’s busy because it’s just the way the business works that when you’re busy, you have to go out and work hard, but at the same time, you wanna have that intention to be with your family. And I think you’re absolutely right. It’s the freedom that we do seek.

And for me, the image of being on the beach and drinking a mojito, if you’ve made it, you got that billion dollars, is that what you really wanna do every day? Sure, that’s fun on vacation, but like you said, getting up with excitement and purpose is really what you’re gonna find fulfillment in. So I think that even if you did get that billion dollars, you’re gonna wanna think about how you can wake up with a purpose and maybe that is then to use that billion dollars to make a difference in the world and have a purpose that way if you’re not pursuing more wealth anymore.

So I couldn’t agree with you more. It’s well said.

[Dave Wolcott]
Yeah, 100%, I mean, because, and that’s why this, the other thing, right, that ties to traditional financial planning is this construct of accumulation theory, which drives basically this retirement notion, right? Which is I’m gonna work my whole life for 40 years, save up some kind of nest egg and then kind of live on the nest egg and hope that my health, my relationships are really still there at that point. But like, why would you retire?

You retire is stopping to do something you don’t like to do. If you don’t like to do something, do it today, right? Don’t wait till some arbitrary number that’s actually out there, right?

So you wanna be focusing on having that purpose. And again, as you build wealth and once you hit this level where it materially actually doesn’t change your life that much, right, you’re able to take vacations, do the things that you want to do. So more money, what does more money really mean?

It means that, yes, can I create more impact? Can I magnify basically the things that I am projecting into the world by creating more impact, more value, more education, improve the quality of my relationships and things like that?

[Mattias]
Yeah, so going through this process myself is really a big motivator for me and with everything I’m doing. I realized that, you know, I grew up international and you talked about having experience overseas and how that can really bring great perspective. I was born in Mexico, lived there for two years, don’t remember much of that, but my mom’s from Switzerland and we would spend summers there.

So I’ve probably spent, you know, two, three years of my life in Switzerland throughout the years. And I lived in Germany then for a year as well. And I realized that when I was thinking about what I want, how I want to design my life, how I want to design my family’s life, I realized that, you know, they’re not gonna have, my kids are not gonna have this experience of living overseas unless we make this happen.

And if I don’t make it happen or if I do make it happen the way things were, you know, my business would just kind of fall apart if I left for a year, if I’m mainly selling real estate, you know, that’s just gonna kind of hurt me for years to come, not just the year that I’m gone. So that was a big purpose driver for me to create a sales team to kind of intentionally design my life so that I could have the freedom to have my kids experience an overseas year. And we figured out the best time age-wise for them so that they A, can remember it and B, don’t hate us forever because we took them out of their senior year of high school, things like that.

Like if you’re not thinking intentionally and planning your life, you just, that won’t never happen. And so that’s been a huge reason for everything I do and it’s just such a good practice. Yeah, couldn’t agree more with you.

Dave, there have been a million golden nuggets that you’ve dropped along the way so far but I’m curious if you have anything that you’d like to share with the audience.

[Dave Wolcott]
Yeah, I guess the last thing you had asked the question earlier just to kind of come back to because this is one of the real passions that I’ve had which is actually creating this software program, right? Yeah, I wanna talk about that, yeah, thanks. Yeah, because I struggled so much.

I mean, for 20 some odd years, right? Investing, I mean, you’ve got all these different real estate assets. I mean, how many of you have more than 20 different spreadsheets on different assets and then you cannot have one dashboard that says, okay, what does my passive income look like this month, right, across 15 different assets?

What does my true asset allocation look like? And that could consist of maybe my wife’s 401k, I’ve got some crypto, I’ve got all these real estate assets, I’ve got a business, like, how do you even make sense of all of that? Do you have a central repository whereas if something actually happened to you and you needed to explain that to your wife, like, how is she gonna, I mean, let’s face it, we all do really complicated stuff in real estate, all these deals, how is your spouse gonna figure that out if God forbid something happens to you, right?

So I’ve been struggling with that challenge to really try to run my portfolio like a business because we have a family office. So I’m really excited that we have launched Pantheon WealthOS, we’re actually giving free access to the first 100 users that sign up at pantheonwealthos.com and it’s basically that, you’re gonna be able to see KPIs on all of your passive income, you’ll be able to drill into your assets around real estate, around alternatives, do full modeling, do analysis through AI level kind of analysis and modeling, like what if I sell this asset, right?

How does that impact my taxes? How does that impact my passive income? My asset allocation, right?

And understand all those things so we can make smarter decisions. And at the end of the day, you can’t improve something unless you start measuring it.

[Mattias]
Absolutely, so true. And actually, I was just having this conversation about does it make more sense to save up capital now to invest in a larger syndication or sorry, larger commercial type deal or invest into syndications? Do I need the tax write off now?

And yeah, that sounds perfect for that kind of thing. That’s really cool. Yeah.

Thanks for sharing that. You bet. Yeah, sorry.

Is there anything else you wanted to cover yet? Nope. Because you’ve got a lot of complicated things happening.

[Dave Wolcott]
Yeah, I know. I, that’s why it was interesting you asked me that first question, but really Mattias, right, I see this, I’m a problem solver and an innovator, right? So as an investor, right, we all get into real estate because we wanna build wealth, right?

That’s one of the biggest drivers, but somewhere along the lines, right, it might become a job sometimes, right? Or we’re losing track of our wealth or where are we headed with this whole thing, right? So I kind of see this as always, I’ve tried to create solutions, right, for me as I’ve built my wealth and now for our high net worth investors as well, like advanced strategies that you just don’t hear anywhere else, right?

One of the other things we do is cash value whole life insurance or the infinite banking, right? Which is such a great tandem for real estate investors to kind of take over that banking function, have access to capital, it grows tax free, you can borrow against it, right, to go into deals and different things. But there’s just so many really cool, I think advanced strategies that no one’s really talking about that can exponentially grow your wealth.

[Mattias]
Yeah, yeah, it’s such a, you’re absolutely right. And I think learning these things is so critical and that’s kind of one of the, like I think one of the motivators for this podcast on syndications alone is just like, I don’t think agents realize what advantages they have as a real estate professional tax wise and how much syndications could help. You think about an agent that’s out there, just doesn’t have time to think about investing, is just super busy selling tons of money, could qualify as a accredited investor because they make well over 200 or $300,000 a year and just have no idea about what a syndication even is.

But yeah, no, that’s great. So did you have any other golden nuggets you wanted to share then?

[Dave Wolcott]
Yeah, no, that’s it. I mean, I guess I just wanted to let folks know if they wanted, I wanted to give your audience really a special gift. If they found any of this interesting and helpful, I kind of lay that out in my book.

You could just go to holisticwealthstrategy.com and download a free copy of the book.

[Mattias]
Awesome, and then other than your book, do you have any other favorite books that you can recommend or that you currently love?

[Dave Wolcott]
Yeah, so many good ones out there. I think 10X is easier than 2X by Ben Hardy and Dan Sullivan. You might’ve heard of Who Not How.

Those guys also wrote that, but I know I’ve had Dan on my show. I know Ben, I’m in a mastermind group with him, but they’re just a phenomenal thinker around psychology, motivation, and all of those things for really anyone entrepreneurial or just even sophisticated investors really trying to go 10X, right? This whole approach is not for people who want to be average, right?

If you’re seeking alpha, seeking optimization, going for 10X, we have to constantly study, be lifelong learners, and educate ourselves, and there’s some just great concepts there that will help you break through some ceilings.

[Mattias]
Yeah, I love it, it’s a great book. And then finally, where else can people find you if they want to follow you on social media or any other websites you want to share?

[Dave Wolcott]
Yeah, just pantheoninvest.com is our site, and we’ve got all of our socials up there. We also run a podcast called Wealth Strategy Secrets of the Ultra Wealthy, so that’s a good place. We’ll have to get you in, Mattias, and yeah, so that’s really the best place.

[Mattias]
Can you spell Pantheon for us?

[Dave Wolcott]
P-A-N-T-H-E-O-N, just like the building in Italy.

[Mattias]
Perfect, awesome. Well, Dave, thank you so much for being on the show. It’s been a very educational one, so I’m sure people will get tons of value from this.

[Dave Wolcott]
Awesome, thanks for having me.