Digital Social Hour
Why Taking Vacations Can Skyrocket Your Business ROI | Jim Dew DSH #1127
Sun, 19 Jan 2025
Discover why taking vacations isn't just about relaxation—it could be the secret to skyrocketing your business ROI! 🌴 In this episode of Digital Social Hour, Sean Kelly sits down with financial expert Jim Due to unpack the surprising benefits of stepping away from the grind. From uncovering networking opportunities on vacation to sparking creativity in unexpected moments, this conversation is packed with valuable insights you can't afford to miss. 💼✨ Jim shares his journey from building a thriving business to helping entrepreneurs avoid common financial pitfalls. They dive into the importance of hiring the right team, creating systems, and mastering work-life balance. Plus, hear incredible stories about persistence, mindset shifts, and how being “lucky” might just be a skill you can develop. 🧠💸 Whether you're an entrepreneur looking for inspiration or someone seeking practical tips to level up, this episode has it all. Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more eye-opening stories on the Digital Social Hour with Sean Kelly! 🚀 #digitalmarketing #digitalmarketingagency #businessroi #benefitsofvacations #growthmindset CHAPTERS: 00:00 - Intro 01:40 - Annual Pitch Frequency for Jim 03:00 - Origin of WealthAbility 05:40 - Today's Sponsorship 08:20 - Work Obsession 11:36 - Cultivating Luck 14:15 - Hiring the Right Talent 17:20 - Relating to People 19:50 - Self-Made vs Inherited Wealth 22:10 - Embracing Risks 24:10 - Importance of Adaptability 26:40 - Skills and Talents as Security 29:44 - Four Stages of Entrepreneurship 32:57 - Significance of Money 35:58 - Impact of Earnings 38:20 - Jim's Personal Hobbies 38:55 - Entrepreneurs and Economic Growth 40:48 - Government Inefficiency 43:26 - Finding Jim Online APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Jim Dew https://www.instagram.com/jim.dew_/ SPONSORS: SPECIALIZED RECRUITING GROUP: https://www.srgpros.com/ LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/
Chapter 1: Why should you take more vacations for business success?
You know, it's funny. Years ago, there was a very wealthy person that I knew and he said to me, I said, do you have any tips for a young guy like me? He said, take more vacations. And I didn't exactly know what he meant then. It seemed like he didn't know what he was talking about.
And often on vacation, you'll meet somebody that actually can help your business or help your life in some way that you never would have met had you not taken the time to go do something like that. Absolutely.
Cool. All right, guys, Jim Du here, my financial advisor. Thanks for coming on today.
My pleasure. Nice to see you, Sean.
What's new with you, man?
Oh, man, busy. I mean, this is a busy part of the year for us near year end, doing things with clients, trying to carve out a little extra time off with Mimi, who you know, my wife as well. But things are good.
Yeah, you're all over the place. You're in like seven masterminds, right? I don't know about seven, but I get around. Yeah. That's where we met. Uh, Fleischman's right. A hundred million. Yeah. That's exactly right. Yeah. And now we're working together and you guys have saved me a ton of money. Helped me buy my first house. Yeah. Tax planning has been great. So it's been a pleasure.
Thank you, man. Absolutely.
It's been great working with you. I remember when we met, we had a long bus ride together, uh, At 100M, you were educating me on crypto a little bit. You're like the crypto expert. Did you get any? Yeah, I own some crypto. Okay. You're chilling now. Yeah.
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Chapter 2: What networking opportunities arise from vacations?
Jeez. Yeah. And what percentage of those actually make it to the end? About 50. So like 8%? Yeah. Okay. Yeah. And what, uh, is it industry specific usually or?
Chapter 3: How does hiring the right team impact your business?
Uh, no, I mean, everything from private equity, private debt, oil and gas, sexy stuff, venture capital, uh, real estate deals, you know, all the above.
Yeah. Cause making money, your clients are good at investing and saving. It's a whole nother part.
That's exactly right.
And that's what I struggled with because I was good at making money, but I would lose it all. It happened to me twice.
Yeah.
So I feel much, I could sleep better at night with the team behind me now.
Yeah. I appreciate that. Yeah. It's, you know, having the structure and having people, it's like, I like to quote Richard Feynman, one of the smartest physicists who ever lived. He said, principle number one, don't fool yourself. And you're the easiest person to fool. So a lot of us tend to think, oh, I know what I'm doing. I'm a smart guy, whatever. And the truth is no one's that smart.
I mean, even Warren Buffett had Charlie Munger by his side, right? Right. Smart people know that they can trick themselves into believing things that aren't true.
And I think that's why you're successful because you found an issue that entrepreneurs are dealing with. They're good at making money, but you probably saw a lot of them lose it or invest in dumb stuff. Oh, yeah. You provided a solution for them. Yeah, exactly right. Is that kind of how it started? Just going to events and seeing people's problems?
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Chapter 4: What is the importance of adaptability in entrepreneurship?
If you picture those like spokes on a wheel, they're usually not all A players. They're not talking to each other. No one's holding them accountable. But the worst part is the entrepreneur is in the middle of that wheel trying to manage that team when the entrepreneur doesn't speak the languages of tax, legal, insurance, and investment.
So that broken wealth wheel causes all kinds of issues for the entrepreneurs, like paying too much in taxes, making dumb investments, not having good asset protection, paying too much for insurance, even when they don't have the right coverages on and on that type of thing. And so that was really the problem that Mimi and I were experiencing as entrepreneurs.
You know, we started our business 25 years ago and then we learned what billionaires do, which is that solution called a family office.
I love it. Yeah. Shout out to Mimi, man. You guys have been rocking for a while now.
Yeah, she's incredible. We met 35 years ago on a blind date and married for 32 years. Blind date? How did that work? For her, it worked average. For me, it worked spectacular. When I met her, I was like, oh, this woman is beautiful and smart and funny and all those things. And I think she was more like, eh, you know, he's all right. She settled? Yeah.
I would like to say that she didn't settle, but... At the time, she was not really looking for a serious relationship, and she had just gotten out of a serious relationship. We were both in college. She had a lot more opportunities and options than I did. Really? But I pursued her, and I was... Have you ever watched Seinfeld? Episodes. I was super young, but yeah. Okay, well, Seinfeld.
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Chapter 5: How can luck be cultivated in business?
There's an episode where George Costanza, one of the characters...
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because the other characters on the show say, you know, it seems like you always make the wrong decision. Just do the opposite of everything you think you should do. And all of a sudden his life turns out like amazing. He just, every time he, you know, like he sees a woman and he's like, I would normally not approach her.
But he walks up to her and he says, I'm unemployed and I live with my parents. And she'd say, oh, wow, you're interesting. So his life turns around. So I always joke that I was like the George Costanza for her to date because all the other guys she dated before me, they came from, you know, they had money or they dressed well, they had nice cars.
They, you know, had a certain thing and I had no money. I had a crappy car. I dressed horrible. I'd get my haircut down at the barbershop. I didn't care. I just was not at all, you know, ready for prime time. But she saw that that kind of attracted her in a way that like, this guy's kind of different. Hmm. But then we had very deep conversations early in our dating.
I was always kind of an old soul. So even in my twenties, I would have deep conversations with her and she'd always say, gosh, you know what? We are early dates. We talked about all these real things, these deep things, these important things. And she's like, in the past when I dated guys, they're all like, let's go party and all that kind of stuff.
So that was, I think, I mean, she'd speak for herself, but I think that was what made her interested in me. And then I just kept going. being a nice guy and pursuing her and showing up and making her laugh. That was an important thing.
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Chapter 6: What are the benefits of taking time off for creativity?
And then eventually she was like, oh, I think this guy, I'll give him some time.
That's beautiful, man. What a story. Well, that's how you know she's a real one too, though.
Yeah, she's, they don't make them like her. I always say if I could live a thousand lifetimes, I don't think I could ever meet someone as well paired with me or that I believe in that I want to make a life partnership with as much as my wife, Mimi. I'm very grateful.
That's your soulmate right there. Yeah, it is. The more impressive thing to me though, is you guys work together.
Yeah, that's a whole nother story, you know, and I think anyone who works with their spouse can attest to some of the challenges. And I think what we learned in the very early days is to stay in our lane. And anytime we get in each other's lane, that creates problems. And so we stay in each other's lane and we try not to disrupt that.
And then when we talk about work, we try to set boundaries because I love my work. I love what I do. I could talk all day long every day. And so sometimes it'll be a Saturday and she'll say, okay, last conversation about work. And then we're done. I love that. I'm the same way though.
Even in bed, I'll be talking about work in bed. You know what I mean? It's nonstop on my mind. Exactly. Oh, I need to get that guy on the podcast.
And that's how you go great. You know, that's why you succeed is when you're constantly obsessing about something. I think people who casually want to be successful, I mean, there's no successful professional athletes who are casual about it. And same thing with business owners. I mean, you have to be almost obsessive to a degree with some balance.
You know, I think you can overwork as I'm sure you and I have done in our past, right? You can overwork where you have diminishing returns and an extra effort is actually working against yourself. But that being said, I think there's some obsession.
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Chapter 7: How does one's mindset influence perceived luck?
The people who feel they're not unlucky, they're looking inside like, woe is me. I'm never lucky. Nothing good happens to me. And when they're walking, they're probably looking at their shoes. They're not even looking around in the world.
So anyway, that's an interesting experiment that was done that makes you think that maybe luck and lack of luck are more than just what actually happens to you, but how you see the world. Wow, that is fascinating.
So you can kind of control your luck in a way. It's all perspective and mindset.
And in our hiring, because hiring and recruiting is big for our company to get the right advisors in, we adopted a question that Elon Musk asks when he's hiring. And that is, do you feel lucky? Wow. That's the question he asks. I love that. You want to hire those people. The people who say, I don't feel lucky. You don't want to hire those people. And why?
Because people who feel lucky, they're winners and winners win more. Losers lose more. And people who lose a lot, they feel they're not lucky. People who win a lot, they feel they're lucky. It also shows a little bit of humility because if you say, I feel lucky, it's not like, oh, everything that's happened in my life is because of me. I'm amazing.
And that's also a quality you want in an employee is someone who is humble, but they feel they're lucky. So they're outward looking in the world.
Yeah, I couldn't believe your hiring process, man. I remember the last mastermind, not the one that just happened, but before you had some guy talk about how you guys hire employees and it was like a thousand people apply and it gets down to one and just the whole system was insane.
Yeah, that's Justin, our COO. He's unbelievable at building systems. And when we first hired him, our biggest bottleneck, because we have more demand than we have supply for what we do, our biggest bottleneck was hiring and training the right advisors to deliver on the work that we do.
and so when he first was in the hiring process he said oh i'll fix that problem for you and i said really i said how are you going to fix the problem he said well first of all you're thinking about it wrong you're thinking that you have a problem with hr in hiring and training you don't have a problem with hr you have a problem with sales and marketing you have to think of
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Chapter 8: What lessons can be learned from successful entrepreneurs?
You need great systems to hire the great people to then grow your company. Right. Yeah. You were having them take, I think three personality tests. It was crazy. Yeah. We've got a cognitive, we've got a personality. The cognitive is important because in our industry with what we do, you have to be able to learn quickly and pick things up very fast.
And if you don't have that cognitive ability, no matter how hard you work, you can't do what real advisors do.
Wow.
So you got to be able to adapt. We carve that out. We find those people who can think quickly, learn quickly, and that's who we have to hire. Now they have to have other skills, obviously, but if they don't have that cognitive skill, we will bump them. We'll kick them out of the process because if you can't think and learn quickly, you're not going to be successful at our firm.
Wow. I want to take that test. See what I get. Cognitive test.
You'll probably get a high one.
You're a pretty smart guy. My IQ dropped a lot, man. I think it's TikTok brain. Yeah. I took the same IQ test I did in college and it dropped 20, 25 points. Maybe you were too smart. I don't know.
You know, some people are too smart and then no one can relate to them.
So maybe it brought you down. That's definitely not me. I wouldn't be able to do podcasts. That was my dad though. It was 150 IQ. Oh wow. Yeah. He was way too smart. Yeah.
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