I BELIEVE THAT WISDOM IN BUSINESS COMES FROM DIVERSIFICATION, from discerning what ways are the best ways to bring in additional income streams into your business so that you’re not fully reliant on “all your eggs being in one basket.”
That’s why today, I’m having Dustin Heiner on the show. Dustin is the founder of Master Passive Income and Successfully Unemployed. In today’s episode, we dive into a lot of the things that come with diversification, building passive income streams and the freedom that comes with that.
As a father of four Dustin also offers great perspective around why this is so critical when it comes to building generational wealth and legacy that we get to pass along to our children.
IN THIS EPISODE, WE COVER:
When Dustin was 37 years old, he quit his job.
He hasn’t had a job since and he never will again.
Dustin was always an entrepreneur at heart, but he was always taught (as most of us are) that the right way to do things was to go to school, get good grades, get a degree, and find a job. So, that’s what he did.
When Dustin’s wife gave birth to their fourth child, he was working in IT for a local county government in California. One day, after coming back from his paternity leave, he got a call from his boss to come to his office. As he was walking in his boss’s office, Dustin remembered that two months prior there were rumors going around about potential layoffs due to the lack of funds. And sure enough, a few minutes later, Dustin got laid off from his job.
At that moment Dustin realized two things: (1) he needed a new job and (2) his value didn’t come from his job. He always knew that he wanted to be an investor but somehow life always got in the way. It was at this moment that Dustin decided that it’s time to quit working j.o.b. (just over broke) and create passive income as an investor.
Dustin was fortunate enough to find a new job pretty quickly and he started buying one real estate property after another. After 6 years he finally had a big enough portfolio with 30+ properties that allowed him to “lay off” his boss this time. At 37 years old, Dustin handed in his 2-weeks notice and hasn’t looked back since.
[12:25] A River of Income
Dustin was entrepreneurial all his life. From newspaper route as a kid to owning a pizza place, he was always looking for different ways to make money.
But, throughout the years he realized that his customers were his “bosses”. He was depending on them as they were the ones paying for his work.
When he started investing in real estate, he discovered the magic of passive income and his whole perspective shifted. It wasn’t about trading hours for dollars; it was about creating work that other people enjoyed doing but that was simultaneously creating passive income for his businesses.
It wasn’t about creating multiple streams of income, it was about creating a river of income. For Dustin, that river of income was his real estate business.
[18:41] Empower and Trust
One of the hardest lessons for Dustin to learn, and one that troubles many entrepreneurs is – you don’t need to do everything yourself.
As entrepreneurs, sometimes even though we hire people, we still do everything. We still oversee literally every nook and cranny of every single thing in our business. It’s hard for us to accept that even though we have a particular way that we want things done, it isn’t necessarily the right way. We need to be ready to empower others to do the work but also trust that they’ll do a good job.
This way, you (as a leader) can stay in your zone of genius and focus on what matters the most.
[22:40] Passing It Down
Everything Dustin does in his business, he does for his kids.
Any property he buys, he buys for them; any coaching he does, he does for them; his main focus is on what he can pass down to his kids. He makes sure to include his kids and let them witness him doing business as much as possible. His goal isn’t just to teach them how to do business but also how to think and how to lead.
One of Dustin’s current goals in his business is to help one million people invest in real estate. Because for him, it’s all about passing down his knowledge and experience, both to his kids and people around him and witnessing the change that can create.
I hope today’s episode gave you exactly what you need to start working on creating your own passive income.
And if this episode spoke to you, make sure to subscribe and leave us a review! Come connect with me on Instagram at @elizhartke! If there’s a topic, a question or a guest you want to hear on the show, just reach out and share that. We do this for you so the more you tell us, the more we can serve.
RESOURCES FROM THIS EPISODE:
- The Master Passive Income Podcast
- Dustin’s free Real Estate Investing Course
- Master Passive Income YouTube Channel
- Successfully Unemployed Podcast
- Did this episode resonate with you? Help spread the message by rating and leaving a review for the show here!
- Connect with me on Instagram!