Ten with Ty - Dale Beaumont

About The Guest(s):
Dale Beaumont is a serial entrepreneur, international speaker, and author of 19 best-selling books. He is the CEO of Business Blueprint, a business education and mentoring program that has helped thousands of entrepreneurs build successful businesses. Dale is known for his work-life balance and his passion for travel, having visited 85 countries with his family.

Summary:
Dale Beaumont, CEO of Business Blueprint, shares his insights on investing and success in this episode of Ten with Ty. He emphasises the importance of choosing the right life partner as a key investment and discusses his work-life balance, which involves working for two months and travelling for one month. Dale also talks about his passion for creating jobs in the Philippines and his goal of providing 10,000 high-paying jobs in the country. He advises young people to invest in their education and shares his personal investment strategies for different stages of life. Dale believes that success is about having control over your life, maintaining good health, making a positive impact, and nurturing strong relationships.

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Key Takeaways:

• Choose your life partner wisely as they can greatly impact your happiness and success.
• Investing in education is one of the best investments you can make for long-term success.
• Start investing in property and shares early to take advantage of compounding growth.
• Self-managed super funds can be a tax-efficient way to invest in commercial real estate.
• Losing money is a part of investing, but taking calculated risks and learning from mistakes is essential for long-term success.

Quotes:

• "My best investment has been choosing my life partner." - Dale Beaumont
• "Invest in yourself and your education. If you can invest up here, you can make millions." - Dale Beaumont
• "Success is about control, health, impact, and strong relationships." - Dale Beaumont

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Tyron Hyde is the CEO of Washington Brown Quantity Surveyors

Transcript

Tyron Hyde | I'm Tyron Hyde, the CEO of Washington Brown. And welcome to Ten with Ty, the podcast where I ask the smartest people I know the same ten questions to unlock the key to their success, and hopefully leave a playbook for my daughter, and your family, too, about investing. Before we get started, this podcast is general in nature and not intended to be individual financial advice. We always recommend you sit down with your accountant or financial planner before making any financial decisions.

Tyron Hyde | Now, let's get on with the show. And welcome to Ten with Ty. My next guest is Dale Beaumont. Dale's been building companies since he was 19 years old. He's a serial entrepreneur. In fact, I reckon he had his first lemonade stand when he was, like, two years old. He's an international speaker, author of 19 best selling books, has raised over $2 million for charity. He's actually currently building workspaces in the Philippines to house 10,000 VAS.

Tyron Hyde | He runs one of the world's best business programs, if you ask me, it's called Business Blueprint. I've actually been a member for ten years, but what I like most about Dale is his work-life balance. His goal is to work for two months and then travel for one month. Work for two months, travel for one month, and based upon his Facebook feed, he nails it. In fact, I reckon there should be a board game called ‘Where in the World is Dale Right Now?’

Tyron Hyde | Dale. Welcome to Ten with Ty.

Dale Beaumont | Thank you so much.

Tyron Hyde | I'm so excited to have you on.

Dale Beaumont | Yeah. And I saw a couple of the questions and this is something that I don't get to talk about every day and I'm looking forward to sharing some new stuff with everyone.

Tyron Hyde | I'm looking forward to it. Before we start Ten with Ty, I just want to ask the travel stuff, how do you do it? Like, seriously, you've got two teenage kids, right? Two teenage boys, and you travel with your family. How do you do it?

Dale Beaumont | We often heard when we became parents that when you become parents, you're not going to be able to travel like you do before kids. And so I suppose we decided we were going to prove everybody wrong. So when our son was six weeks old, we went on our first trip. And, yeah, there was obviously challenges with little kids and nappies and sleep times and jet lag and all those things, but you just deal with it. And so then when our next child came along, we did the same thing and it's kind of all the kids have ever known. So it's kind of normal for us now. And like you mentioned, our rhythm is two months kind of on, one month off, two months kind of like working living in Sydney and running our businesses and then one month traveling the world somewhere. So, yeah, we've basically done that now for 15 years and visited 85 countries and we have learned how to live on the road and run our businesses and have fun at the same time. And it's our passion.

Tyron Hyde | And is it going to stop? Are you going to continue doing it forever?

Dale Beaumont | I think forever. That's the thing that brings us a lot of joys is experiencing new cultures, different foods, different places. And so we definitely are going to try and savour the last like three or four years with our teenage kids before they go off and start doing their own thing. And then we probably will do it all again, but just with Katherine, my wife and I, without the kids. But yeah, we love to travel and we love traveling with friends now as well. A lot of it has just been with our kids.

Dale Beaumont | But we decided as we're getting a little bit older, that we want to share these experiences with people that we love. So later this year in December, we're taking a group of 60 of our friends to Egypt with us for a two and a half week trip around Egypt and then going to Jordan and Petra. And so our goal is to do a trip like that somewhere in the world with 50, 60 great friends every second year, every third year, and yeah, just have fun together.

Tyron Hyde | That's great. I still want to be part of Business Blueprint. I can't come to the Egypt one, but I want to go the next one. So let's aim for that. Now, just one final question. I know you've met more entrepreneurs than I reckon anyone in Australia, right? You've trained 5000 people through Business Blueprint. Is it about 5000 entrepreneurs? So my question to you, I've always wondered, are entrepreneurs born or can they be made?

Dale Beaumont | Dale okay, so the answer is yes, they can be made. However, when I did my book Secrets of Male Entrepreneurs and Secrets of Female Entrepreneurs, I was of the philosophy that you can learn anything. And it's true, you can. Many people became entrepreneurs in their 30s, 40s, 50s. And even, it’s the classic story of Colonel Sanders that started KFC because he didn't like his pension cheque and decided he wanted to start a business. So you can become an entrepreneur later on in life if you really want to.

Dale Beaumont | However, probably 80% of the entrepreneurs that I interviewed for my books, it was almost like, in them before they even knew it. They were having newspaper runs or the lemonade stand, or they were selling basketball cards, or they were trading marbles, or they were doing something. And a lot of them sort of even had other kids working for them before they even knew how they were actually running a business.

Dale Beaumont | And so I was kind of surprised by the fact that a lot of the entrepreneurs were born just different and they were born just like not following the norm. But yes, you can buck the trend and you can learn entrepreneurship at any age as well.

Tyron Hyde | I remember once I was at one of your conferences and I said to you, Dale, is there any business that you think you couldn't help? Right? And you answered, you said, well, no, I think I can help any business because every business has to have a website, right? And I was like, yeah, you're right. Even like funeral parlours have to have a website. Any business still needs a website, right? So you can help on that side as well. Anyway, now, Dale, are you ready to play Ten with Ty?

Dale Beaumont | Let's go.

Tyron Hyde | I've got this buzzer I want to press. Wait a second. Here we go. Okay, question number one. What has been your best investment?

Dale Beaumont | All right, this answer is going to seem like a total suck up, but it's not. Okay. I would say my best investment has been choosing my life partner. Basically my wife, Katherine.

Tyron Hyde | Love it.

Dale Beaumont | And the reason why is because I think so much of your happiness in life and so much of your potential is going to be having a partner that's going to support you on your journey and not just be supportive. Katherine has done that in spades, but she's also built it with me. And we met at like, a personal development course that we were doing together. And we both had goals and dreams of growing ourselves and also helping people and making a big impact.

Dale Beaumont | And so we kind of teamed up, and a lot of people see me as the guy out the front with the jazz hands up on stage, but she is behind the scenes making things happen, managing all the finances. We now have a large property portfolio as well, and it's more than a full time job to manage all of the investments and things that we have. And we used to joke and I used to say, I used to make the money and she’d manage the money.

Dale Beaumont | But now she actually laughs at me, saying, last year I made more money than you because me managing our money is actually making more money than you working for the money. Because when you got money, anyway so, having someone who's on the same page that is helping you, that is honestly my biggest wealth creation secret, is a partner that supports you and is helping you on the journey.

Tyron Hyde | That's beautiful. See, I have the same experience with my wife. For her, she's been a lot involved with the book. We've been together since we first kissed when we're 16, right. And so it's been a lot longer in our life we've been together than we haven't. But she knows more about property depreciation, Dale, than anyone, any other quantity surveyor in Sydney, in Australia, if you ask me, because she half wrote my book anyway. So I definitely get the journey of business with your partner.

Tyron Hyde | Having a partner that is on the same page is definitely something that I cherish as well.

Dale Beaumont | Yeah. And I would say to young people as well about just choosing a partner wisely as well. I understand that not every marriage works out, but in terms of like, we're talking about wealth creation here. If you go through a divorce and you lose half your money and that happens to you a couple of times.

Tyron Hyde | It's an expensive habit.

Dale Beaumont | It's an expensive habit, absolutely. If you can choose wisely, you'll be much better off personally and also financially. Let's just put it that way.

Tyron Hyde | Yeah, cool. All right, question number two. Now, I've learned a lot more from my worst investments than I have from my best investments. I don't know about you, but I'm wondering what's been your worst investment, Dale?

Dale Beaumont | Look, I think there's a few properties that we still have in our portfolio that probably haven't returned like others. Some of the ‘off the plan’ properties and places that were going to go nuts and sort of I was a bit hands off at that particular point and I was like, just give me three, and just sort of blindly trusted someone else. Katherine had a bad feeling, but I said, oh look, just do it anyway. And so I should have listened to her more.

Dale Beaumont | So there are a couple of those and also you know, stocks that I invested in as well because they were just going up and up and up and I thought that they were just going to continue to go in that direction. So we had made some great investments, but there's also been a few duds in there as well. But it's taught me a lot, it's taught me about what not to do and definitely helped me to develop my rules as an investor, what we do, what we don't do.

Dale Beaumont | So it's not all doom and gloom. Like you said, you can learn a lot from your failures as much as your success.

Tyron Hyde | Sometimes some of the best investment would be to do nothing right and just wait for the market to or the property market or the share market to crack. But it's been a bit in my nature that I kind of have to be fully invested all my life, but sometimes I just wish back. Why don't you just wait? When Sydney property market goes down 15%, then it's a good time to buy.

Tyron Hyde | Ten with Ty is brought to you by Washington Brown, the property depreciation experts. Okay, question number three. What's the most valuable investment advice you've ever received Dale?

Dale Beaumont | So I think it would be around investing in your education. In fact, how I started my journey actually was that when I was 18 years old, I went along to a money expo. Basically, what had happened was I was a pretty good saver as a kid, and I had a part time job since the age of 15. And actually, before that, I even worked for my dad because my dad ran a  small business and so I started working for him when I was maybe 12 or 13 and he just used to give me a little pay packet.

Dale Beaumont | And so I'd saved up that money. And then when I was 15 I got a better job. So I'd saved up, had about eight or nine grand. And I thought to myself, well, what am I going to do with this money? And I could either just leave it in the bank and at the time I was getting like, whatever 3 or 4% interest. Now it's like 0% interest. But anyway, I went along to this money expo and this lady kind of like jumped out from the stand and she's like, hi. I said hi.

Dale Beaumont | And she's like, what are you doing here? And I'm like, I'm thinking about investing. And I think it was because I was 18 years of age and I probably was, I don't know if I even was in my school uniform when I kind of went there, but I definitely stood out and didn't look like all the other brokers and stuff like that, walking around in suits. And so I told her basically my story. I'd saved up this money, I'm thinking about investing it.

Dale Beaumont | I was looking at these Colonial First State managed fund and I was like this guy was like, oh look, you can get 16% and look at this fund and look at this fund. And I was looking through all these prospectuses and stuff like that. And this is before the days you go online and put money in an ETF and kind of do it all yourself. It's so easy now to actually with these low cost index funds, but before that it was managed funds were all of the rage.

Dale Beaumont | And she said to me, look, you want some advice? I said yes. She goes, you're so young, you got so much life and so much potential. If I was you, I would invest it, half of it at least, in yourself and to educate yourself. Because if you can invest up here, you can make millions. And so that's when I went along to a wealth creation course, right? It was four days. And the first three days were all about mindset, all about personal development.

Dale Beaumont | And that's where I met my now wife Katherine. She was doing the course at the same time and so we were kind of you know, doing this course and then we kind of started working for the company and we became part of the support crew and stuff like that. And that's probably the best decision that I ever made because that sent me on this whole other path and trajectory where I was learning from other successful people. And then from that moment on, any guru that came to town, Tony Robbins, Brian Tracy, Zig Ziglar, Jim Rohn, Brandon Bayes, like anyone that was successful. I would go along to their events, and sometimes I'd just rock up and pay my hundred bucks and sit in the audience, and other times I'd invest in their CDs or DVDs, or if they had a workshop that was a couple of grand, I would invest in that.

Dale Beaumont | And that's completely changed my life. I probably invested half a million dollars now in education and courses and training, but as a result, I've generated over 50 million in terms of business income. So it's the best decision I think I ever got, was investing in myself.

Tyron Hyde | In terms of education. I agree. Investing in education is huge, and part of the Business Blueprint, that's actually probably been one of my best investments is going to your program. I'm not just saying that because you're here, but it's like the $5,000 or whatever I've paid per annum, right, has paid off so many times, to the point, and not just from what I learned from you, but also just even the clients.

Tyron Hyde | We've got some clients now that generate like 50 times my fee to pay you, but also the mental side as well, which I love from the program as well. And that's why I've been there for ten years. I still get something out of it. And I guess when you get a big enough business, you only need to learn one little thing that will pay for the program fee, right? And things like Google AdWords change so often, so you kind of get someone back every two years for Google AdWords, and now it's, AI right, that stuff's just blowing my mind. And I'm sure it's blowing your mind. I know you're all over it, right?

Tyron Hyde | In fact, you know, the funny story, when Chat GPT first came out, I went, this is insane. Right? And I don't know if you know, but there's an ETF called RBTZ, right, which is just basically invests in anything related to artificial intelligence, whether it be the chips, like that's, their biggest component is the chips that power, right? And they've gone mad. All right, question number four. Now, I know you're a systems kind of guy, right?

Tyron Hyde | And when it comes to your portfolio mix, you're probably the most systemised person I've ever met. When it comes to your portfolio mix, how do you deal with your portfolio? Do you have a system in place to say, this year I want 50% residential property, I want 30% of commercial? How do you structure your portfolio?

Dale Beaumont | Yeah, it's sort of just for the first ten years, sort of grew organically. At the beginning, I was 100% in business, and this is part of a lesson that we might talk about later on. For the first, probably eight years, it was like, don't talk to me about making money because I'm too busy making money. That was kind of like my philosophy. And I was just 100% invested in my business, and I missed a whole bunch of opportunities and should have invested in a property much sooner. And we actually only ended up buying our first property kind of out of necessity, because when Katherine was seven months pregnant, we were renting, and the person that owned our property said, oh, by the way, we're going to be selling your property next month. And it was like, oh, we're going to bring in a baby into this world, and we're going to kind of got nowhere to live.

Dale Beaumont | And so we ended up talking to the neighbour next door, and we basically bought the apartment next door. So that's kind of the kick up the ass that we needed to kind of get into investing, and then we kind of bought that one, and then we thought, oh, let's kind of buy another one. That wasn't too bad. Let's buy another one. And then we've been a lot more proactive about property, and we've tried to buy at least one property every year for the last ten years, sometimes two properties.

Dale Beaumont | So what our mix looks like now is probably 50% business, maybe 30% property, and probably 10% shares and 10% super. So that's kind of roughly where we're at right now. But we probably will need to refine that mix a little bit more. That's something that we're working on.

Tyron Hyde | Tell everyone about the workpods you're creating in the Philippines, because that sounds pretty interesting.

Dale Beaumont | A big part of my business success has been about building a team in the Philippines that now runs a lot of our business, and it's been super successful for me. And I've actually now helped a lot of my clients to build teams in the Philippines as well. And the word’s kind of spread. And now with salaries in Australia approaching for some industries, like $100,000 a year, we have the highest wages virtually anywhere in the world. It's very expensive to grow a business, and for a lot of people, it kind of wipes out pretty much all their profit is just wages.

Dale Beaumont | And so people can't just keep running businesses like that. They need to take all of the jobs that are not the most productive things to do locally and to have them done offshore. And that actually is a great thing for everybody and helps you to become a lot more profitable. So we have now in the last three years, we've hired 700 staff in the Philippines. Now, they don't all work for us. They work for our clients’ businesses.

Dale Beaumont | Some just have one, like, basically a remote executive assistant, and some now have teams of 5, 10, 20, 50 staff in the Philippines. So we set a crazy goal to in the next five years, we want to have 10,000 staff in the Philippines. And so Cody is my business partner. He's over there in the Philippines. Right now, we're looking at another building that will take about 800 staff, which will help us with our growth. So, yeah, we're pretty serious about making a big impact. And it's not just the business side that is getting me excited, because I'm kind of at the point now whereby financially I'm secure, but I think that I've done a lot of charity and we can talk a little bit about a bike ride that I do in Thailand every single year. And charity is important, but sometimes the best charity is giving people a well paid job, and especially in a developing country like the Philippines, by creating great jobs for people and being able to provide for their family.

Dale Beaumont | That just lifts people out of poverty, and it helps people to basically build security for their family and to be able to educate the next generation. So, for me and Cody as well, it's like a calling that we have to go. If we can create 10,000 well, high paying jobs, compared to the $2 an hour that they're getting, if they're working in McDonald's or some type of factory, they'd be paid, like $2. If we can pay 5 or $6, then that's going to change the lives of whole generations.

Dale Beaumont | Probably those 10,000 people will end up impacting 100,000 people or more.

Tyron Hyde | Must be pretty emotional when you go over there and see what you're doing and helping these people change their lives.

Dale Beaumont | Yeah, exactly. And there was one staff member who basically was working like, he was a really talented guy, but just during COVID he got laid off and he ended up basically working as a fisherman, and he wasn't able to make enough money selling fish. And so he actually took a loan from, like, a loan shark so he could basically pay his bills. And then basically they threatened his kind of life if he didn't kind of pay up. And so he ended up working for, we didn't know this at the time, but he ended up applying as a virtual assistant. One of our clients hired him, paid him decent salary. He was then able to pay off all of his debts, and now he's debt free and he's supporting his family.

Dale Beaumont | And he was like, yeah, I don't know what would have happened to me if I didn't get this job and opportunity. So there's so many amazing stories like that of young, talented people that are really smart, but they just don't have the same opportunities. It's hard for people to really understand when you live in a western country where every shop has got, like, barista, 100 grand a year for a barista, and then people are still walking past, like, I don't get out of bed for 100 grand.

Dale Beaumont | That's the attitude that we have in Australia. But there are young people in these developing countries that would kill to have those opportunities. This is what really excites us, is to go, how do we change the lives of more than 100,000 people?

Tyron Hyde | That's fantastic. We've got 10 VAS working for us in the Philippines, and we love it. They're so diligent and friendly and just fantastic and I don't think Washington Brown could now run without them. So anyway, we've actually developed more of their roles now. Now they're doing admin, like even far greater. They're actually really loving more of the challenge as well. But you know what it's like they do love a good system there and as long as you document it right, I'm sure you've had some trials and tribulations, but once you get the system right, it's really good.

Tyron Hyde | Question number five, how would you invest $20,000 as a 20 year old?

Dale Beaumont | There’s probably no perfect answer to this, but I think I would take 25% of it, like five grand. If you had 20 grand and I would invest it in education, it could start with podcasts, which are free anyway. You could buy books, you could buy a truckload of books for $1,000 and then you could invest in a couple of courses that you feel would really make a big difference. I reckon you take another probably 25% as well so the other quarter and put it into a low cost index fund just like some ETFs, even if you just did the S&P 500 and just something to start because I wish I started much sooner. I lost a sort of a decade of compound interest because I was just like, oh, I'll get to that later, I'll get to that later. So if you can develop the habit of just starting to put aside 10% of everything you make and just chuck it in there. And even if now they got these tools that are just like auto debit, where the moment you pay hits your account, any money hits your account, it just takes 10%, and it just disappears and it goes into your long term compounding account, then probably 25% you'd have basically for your deposit, for your property.

Dale Beaumont | And so it's good to see that amount of money there and go, okay, well in order for me to get my first property, I might need to get to $50,000 or something along those lines. And so I'm at five now. I'm already kind of like started. What do I do to keep getting to that kind of goal of being able to afford my deposit and then the other five grand I'd probably recommend either having as cash or getting ready to maybe invest in some type of a business.

Dale Beaumont | Now you could argue, well, why don't you just chuck that in the compounding account and just let that compound until you maybe need it for some type of business that you may want to start in the future. But I think that kind of little quadrant of education, shares, property and business, that's kind of a pretty balanced way of going about it.

Tyron Hyde | Yeah, I like it. Speaking of compounding interest, I saw an interview with Warren Buffett the other day and he said something like the first stocks he ever bought, he spent $127 on the stocks. It was like in 1950, so it was the first parcel he ever bought and he said if I just invested that in an index fund in the S&P 500 today, that would be worth $450,000. So that's the power of compounding interest, right.

Dale Beaumont | Wow.

Tyron Hyde | He actually says this will blow your mind. That's how he started this conversation. Anyway, I think he knows a little bit about investing. Old Warren.

Do you own an investment property? Washington Brown has helped over 250,000 property investors pay less tax with a depreciation schedule. Visit www.washingtonbrown.com.au to pay less tax today. Dale question number six. How would you invest $500,000 as a 50 year old. Let's just say you came to an inheritance, how would you invest that $500,000?

Dale Beaumont | Yeah, and first of all, I want to preface this by saying that financial advice, I'm just sharing just from my own experience, really, this is not actual advice for anyone. You should probably talk to a licensed person of exactly what to do. Like in terms of business, I can answer almost anything. That's one of my jams, business coaching. But when it comes to financial advice, I don't know if this is the sort of the best answer, but if you got about half a million dollars and you're 50, then you're closer to retirement than not.

Dale Beaumont | And so I think that self managed super is the best wealth creation, tax efficient vehicle that there is. And so being able to buy a piece of commercial real estate in a self managed super fund would probably be a pretty smart thing to do. So with that, you might be able to buy like a $2 million commercial property. And you'd have to obviously talk to a broker and see how much you can borrow and also see how much it's going to cost you and see whether the rent is going to fully pay the mortgage.

Dale Beaumont | But certainly some type of real estate investment and commercial is going to probably give you quite a good cash flow as well. But if you could store that inside self managed super fund, that's probably going to be the best wealth creation vehicle. And you also got some good leverage as well. You could take that 500,000 and just put it into stocks if you wanted to as well. But ten years before retirement isn't a lot of time for compounding and depending what shares you're going to be investing in, you're probably not going to have that great cash flow.

Dale Beaumont | So I don't know. What about you? What would your advice be Ty?

Tyron Hyde | I would put a substantial amount into bank shares. For me, the banking system, we have the four pillar banking system in this country. It's like banks are protected species, so I'd certainly put a fair amount into bank shares and reinvest those dividends so you're getting that compounding growth there as well. I'd also, look, probably is my thing, right? So I'd probably buy a property where I could add some value, do a 20 to 50K makeover, because that's a sweet spot if you ask me.

Tyron Hyde | I've seen too many people over capitalise, but that 20 to 50K reno, that's a sweet spot. And you also get those depreciation benefits too. So banking shares, a property I could renovate and add value to that's where I'd start.

Dale Beaumont | Okay, cool, good answer.

Tyron Hyde | Okay, now let's say you could go back in time and tap on Dale's shoulder, 20 year old Dale. What would you tell yourself about investing that you've learned over the last 20 odd years?

Dale Beaumont | I'm glad that I got into business fairly early. I think that was a good decision. So I would sort of say, do that again, but I'd also sort of say, look, set up that share portfolio just like the low cost index funds, just set it up at the beginning, even if you just put whatever, $100 a week into it, just do that. And then the moment you can afford to do more, do more, do more. Because I missed sort of like a decade of that compounding.

Dale Beaumont | I should have started a lot sooner, and I would have ridden the wave of Apple and Google and Tesla and all these kind of companies that were tiny back then, and now they're these behemoths and even companies like Amazon as well. That, I think, of course we had the little dot com bubble burst, but then the companies that survived that, they went on to become some of the biggest companies in the world.

Dale Beaumont | And so if you invested in that decade, then that would have been amazing. Of course you can't go back in time, but I would have done that and then basically got my first property sooner. I just thought to myself, oh, I'll wait till later, I'll wait till later, I'll wait till later. And I think the sooner you can get your first property, you go, oh, that wasn't too bad. And then you wait a couple of years and the equity goes up. And then you go, I've got enough to buy a second, I got enough to buy a third.

Dale Beaumont | I probably could have had five or six extra properties if I just started sooner. So that would have been my advice to myself financially.

Tyron Hyde | It's funny you say when I was in America once, and it was like in the early 2000s, I think, and on the screen was Jeff Bezos, right? And this is like a young Jeff Bezos talking about what he's going to do with Amazon, and he's pretty kooky, right? And I was looking at him going, why would anyone invest in this guy? This guy's mad. He kind of showed me, he did all right, I think, anyway. Okay, question number eight, Dale. What legacy do you want to leave your family or your community?

Dale Beaumont | Look, I think legacy for me, it's not so much about leaving them any money of course, they probably will get a decent amount of money. But I really think that it's the skills, it's the mindset that you pass on that is the biggest gift. It's not actually the money. Like I've told my mum and dad. Mum and Dad, if you give me any money when you die, I will be annoyed because you've given me everything that I need right now.

Dale Beaumont | And I want you to enjoy your money that you've worked hard for. I want you to spend everything before you die. And my brother feels the same way as well. It's like that's what I want to do for my kids is get them to the point whereby they don't actually need our money because they've got everything within themselves to be happy, to be secure, to be successful to whatever level what they want to. They don't necessarily have to make millions. They can just get a little home and raise some kids and have a job, and that's totally fine. But if they can be good people and they can be happy with what they have, and they can have the tools to be more successful or less successful, then that's really what a legacy is for me. And then the other one, globally, is just about creating jobs, creating jobs in developing countries. We've chosen the Philippines. And if I could, before I die, say that I've created 10,000 jobs, I'd be pretty happy.

Tyron Hyde | That's a pretty amazing answer. It's tricky, isn't it, these days? I didn't get on a plane till I was 20. Now getting on a plane to go to Bali, it seems like it's just getting the bus up the road. Right? And how do you get that hunger for your kids? Like, I know you're with them so much, they must just see you constantly being immersive in your business and meeting all these entrepreneurs all the time. And any tips on how we can continue to motivate your kids when they seem to get a lot more than what probably you or I did when we were growing up?

Dale Beaumont | Yeah, I think it's an interesting one because I do think if you try to force it or to try too hard, that the kids will kind of repel? And oftentimes it can have a reverse effect. They can feel more deflated because they feel like they're not living up to your kind of, like, standard. And so I think the key is kind of not to push them to be the example and to say, look, just be a good person and be happy with what you have.

Dale Beaumont | And if you want more, that's great. You can always do more. You can always have more because you can always do more and anytime you're willing. Because I was trying to get my son when he was 12, I'm like, the future is ecommerce. You need to start an ecommerce business. Do this, do this. I was forcing him. Forcing him. Forcing him. He did nothing for three years. And then finally he's come to me just a couple of weeks ago and said, hey, Dad, I think I'd like to talk to you about that ecommerce thing. It's like the moment I let go and I stopped hounding him and gave him some space. All of a sudden then he wants to chat about it. And I've given him a book around how to get started with e commerce and stuff. And so I think all you can do is know, be an example.

Dale Beaumont | And when they're ready, they will come to you.

Tyron Hyde | Okay. I like that. Was that Finn?

Dale Beaumont | That's Finn yeah.

Tyron Hyde | Just for people that don't know. Finn spoke on stage at Business Blueprint the other day for the first time, and he was amazing. And he stole your set, didn't he?

Dale Beaumont | He did? Yes. 15. And he kind of came to me a couple of months ago as well, in addition to this ecommerce business. He's like, Dad, I want to kind of be on the stage. I want to present at your event. And I've got this section where I talk about technology. I said, well, what section do you want to present? He goes, I want to present that section. I'm like. No, that's mine. Anyway, it was great. I gave him a spot and he did a fantastic job.

Dale Beaumont | And then he said to me, well, if I want to do this as a career, what do I need to do? And that's when I said, well, look, you're going to need to have some runs on the board, mate. Like if you're going to get people to listen to you, you can't just ride off my coattails. You're going to have to create a business of your own. So that's when he's, like, put two and two together and thought, oh, maybe I'll do this ecommerce thing. And so I think what you need to do is just not sort of force them and even as well take away the attachment. Like I've said to my kids, look, if you want to be like a barman for the rest of your life, as long as you're a good person, they're my non negotiables. As long as you're a good person and as long as you are happy with life. I don't want you going through life being depressed because there's so much joy in this world and so many amazing things that are out there.

Dale Beaumont | Then that's it. That's all I can want. And if you want to follow my path and do business and make money and all this type of stuff, I'll help you. But I'm not putting any responsibility on you. And I know it's something that maybe I'll change my mind in the future about this Generational Wealth kind of like concept. But I do think that it's got to be something that they need to want themselves. If they don't kind of want it and you just force them, eventually they'll just go the opposite way.

Tyron Hyde | Fantastic. All right, question number nine. Now, to a lot of people, including myself, you are the definition of success in terms of your business and your work-life balance, et cetera. But success can mean many things to many different people. But what does success look like to you Dale?

Dale Beaumont | There'd be a few words that come to mind. This is just my definition. I think that success is really your definition of success is success. For me, it's about control, control of how I choose to live my life. And part of that is being an entrepreneur gives me a certain amount of control that I don't have to work if I don't want to or if I want to travel. I don't have to ask anyone for anyone's permission. That's just what's important to me, to have that autonomy and that control and to be like a bit of a free spirit. So that brings me a lot of joy to know that I'm in control of my life.

Dale Beaumont | The other thing that's important to me is around health becoming more, because I think that's the ultimate form of wealth. If you don't have your health, you have kind of nothing. So actually focusing on eating well, exercising, staying fit, I think that's something that's a big part of success. You can have all the money in the world, but I think Kerry Packer once said, I'd give away all of my money if I could just have my health back.

Dale Beaumont | And so that's something that's important. And then another thing I think is impact, actually helping others, making a difference, being able to realise that in life, it's not just about what you get, it's about what you give and how you contribute and how you kind of help others as well. So, yeah, they're probably the things that are important to me. And of course, another thing, success is about friends and my family and about my relationship with my wife and my kind of kids, because that's something that you should never take for granted. There's a lot of very unhappy relationships out there, a lot of people that have a lot of challenges with their kids.

Dale Beaumont | Maybe they might be in a position where they have no contact with their children anymore or their kind of like grandchildren. When I do a bit of a stock take, before I think about my bank balance, which is way down here, I'm like, okay, am I still together? Do I still love my wife? Do I still, am able to hug my kids because they're there? Have I got my arms and my legs? And I'm still kind of, like, healthy and I can still go for a run, I can still play soccer and all that stuff, and I live in one of the most beautiful places in the world, or just in Sydney in general. Wherever you live, it's such a beautiful place. Then I'm doing okay.

Dale Beaumont | And of course I'm helping people and making a difference. If I do that checklist in my mind, I just feel so much better about myself and it helps that I've got money and assets as well. But I think all of that doesn't matter if you don't have all the other things.

Tyron Hyde | I think you're doing better than okay. Dale, I think you're living a great life. You know, when you do your 90 day action plan every quarter, Dale does a 90 day action plan and is part of that health and impacts? Is that part of your action plan?

Dale Beaumont | Yeah, probably not. It doesn't fall into the five things in business. Normally they're all business related, but certainly I've got a set of goals for my personal life as well. And I've got like a calendar now where I put in, okay, this is what I want to put into my fitness and this is what I want to do to stay healthy as well and also to spend time with my kids and my wife and travel. So all of that kind of gets locked and loaded into my diary. In fact, every year I do like a life planning day where I just plan out the next sort of twelve months.

Dale Beaumont | What's kind of important. And so that's another thing that I do as part of Business Blueprint, is help people not only to plan their business, but also to plan their life as well.

Tyron Hyde | Ten with Ty is brought to you by Washington Brown, the property depreciation expert. All right, question number ten, Dale. Warren Buffett is quoted as saying rule number one as an investor, never lose money. Rule number two, never forget rule number one. Dale, how do you not lose money?

Dale Beaumont | Well, this is an interesting question because one way not to lose money is to do nothing and not take any risk and take your money and put it in a pillow. But put it under the pillow. Yeah, inflation kills it. So that's not super smart. So you have to do something with your money, and there is going to be a little bit of risk, but you certainly can lower your risk by and even Warren Buffett himself says if he didn't have Berkshire Hathaway, or even with his kids. He'd just say, look, put it in the S&P 500 and just basically do nothing and just let it compound over time.

Dale Beaumont | And so that is a very low risk. And you may lose money one year, but you're not going to lose money over five years or ten years. It's never happened before. So I think that you have to do something. And losing money sometimes even when I wake up and I check my stocks and I go, I lost money overnight, and it's like, well, that's today. The whole market's gone down. Don't worry about it. It’ll be back up tomorrow.

Dale Beaumont | But I do get the point. You definitely don't want to lose money over a long period of time. But I think the other school of thought is if you're young enough or even if you're 50, with modern technology and all this stuff that's coming out with regards to health, if you start looking after yourself, you could live to 90 or 100. And that's my plan. My plan is to live to 100. And something like 90% of Warren Buffett's wealth came in the last 20 years of his life.

Dale Beaumont | And so if you're going to live to 100, you got plenty of time. Don't want to be thinking, oh, I'm 50, and I've kind of, like, lost my chance. It's like, no, you've got 50 years of compounding left. You got heaps of time. And I think even if you make a couple of bad decisions, even if you lose a little bit of money in the past, it would have been like, you're 50 years of age, you lost the money, and you didn't have the time to rebuild again.

Dale Beaumont | People are kind of, I hear sometimes people talking about, oh, yeah, ten years ago I lost all of this money. It's like, well, what have you done since then? You've had ten years to make it back, or you've had ten years to to do a whole bunch of other stuff, and you're still whinging and complaining about the money you lost ten years ago. Just like, let it go and move on and keep moving forward. And if you lose money, you just dust yourself off and you learn from it, and you just keep moving forward.

Dale Beaumont | So, yeah, while I agree with Warren's advice around losing money, I don't think people should be so scared about it. I think doing nothing is actually worse.

Tyron Hyde | Yeah, I agree. It's funny how many people I've met in my life that at age 50, and they're like, God, I wish I started investing earlier. And so what's that saying? When was the best time to buy property? Yesterday. When's the second best time to buy property? Today.

Dale Beaumont | Yeah.

Tyron Hyde | Very good. All right. Now, there is one thing I haven't told you, Dale. There is a surprise question, okay? Because these questions are on the website. So it's a trick, but it's the last question, and it's related to that individual's expertise and obviously your entrepreneurial skill. So what advice would you give parents on how to instil an entrepreneurial spirit in children?

Dale Beaumont | That's a really good question. So if you think about it.

Dale Beaumont | About what entrepreneurship is, oftentimes we would associate that with starting a business as some type of an enterprise. But an entrepreneur was like the person that used to make a theatre show, and they would have to hire the actors, and they would have to book the theatre, and they would have to go and figure out who's going to sell the tickets, and they'd have to think about the advertising. And that was the entrepreneur that used to, hundreds of years ago, put on a show.

Dale Beaumont | What you could do with your kids is basically, even if they're five years old, start with something like, let's organise a birthday party and we're going to do this together. They're not starting a business, but they're learning about, okay, well, what do we need to do to start this business? Well, we need to come up with some invitations. That's called marketing. We need to book a venue. We need to maybe hire a clown that's like staff and what's our budget for this? And things like that. So what I would suggest is get your kids involved in projects, whether that be organising a Christmas party or whether that be let's plan our itinerary or let's kind of coordinate landscaping. So we're going to do this type of stuff and unknowingly.

Dale Beaumont | They're developing these entrepreneurial skills around time management, around prioritisation, around making sure that we are allocating our resources wisely, we're saying no to something so we can say yes to other things. I think if you can kind of start to develop those skills at a younger age and all you do is plug in the right business opportunity and then voila, this person is suddenly a real entrepreneur in terms of a business entrepreneur. But they've got a lot of these skills that they've learned by default.

Tyron Hyde | Dale, that's brilliant. And then what we could do is send them an invoice and teach them about accounting and then on the way out, eat a third of their ice cream and teach them about tax. Exactly. Excellent. All right, well, that's it. Dale, thank you so much for being on the show. I know you're off traveling again. I've really enjoyed it. I think I've got so much out of this, it's unreal. Thank you for being on Ten with Ty.

Dale Beaumont | Pleasure. Good luck, everybody.