EP 29: Dave Mason – Before You Skip Financial Education, Listen To This!

Join Vee Khuu (Real Estate Lab Podcast) and Dave Mason as they talk about learning to manage finances. Dave is not a real estate investor, but he’s someone who knows his way around money by learning everything himself! He shares the story of the creation of his book, The Cash Machine, and how it can help people understand their financial situation better through a fresh and relatable perspective.

Learn how Dave Mason got financially literate! – Listen to the show now on the Real Estate Lab Podcast! https://bit.ly/RealEstateLabPodcast

The Book

While most nonfiction books on finances go through strategies on how to get more money, in The Cash Machine, Dave touches on the emotional side of finances. Throughout the love story of the main characters Amber and Dylan, you will be exposed to so many different areas surrounding financial freedom. It won’t make you financially literate just on its own, but the book will allow you to discuss money issues, learn about financial matters, and make better business decisions because you know they also did it in the story. You’d be surprised to see the differences between someone driving new cars and a “bum” wearing dirty clothes living in a little basement apartment!

“…The reason why people are not comfortable talking about money [is because] they don’t even know what to talk about.” – Dave Mason. Catch the interview on the Real Estate Lab Podcast! https://bit.ly/RealEstateLabPodcast

Behind the Writing of the Novel: The Adventure Towards Financial Freedom

Dave was working as an attorney in Israel when he realized that he didn’t want to become like those people he served. As a single man, he didn’t mind working crazy hours on a case, but as he matured to become someone who wanted to build a family, he wanted to spend time on things that were more meaningful to him. He wanted to explore his religion, know himself more, and see his family often, which a lot of attorneys didn’t have the luxury of doing. So, he decided to create a business that fits his schedule rather than being an employee for an organization working 60-hour weeks.

It was great to earn as much money as he needed, but when his business had excess profits, he was very uncomfortable and didn’t know what to do with it. At that time, Dave still hadn’t known how to establish a strong financial foundation by investing in profitable avenues. Because he felt guilty and greedy, he decided to help others by employing a lot more people than he should have. Due to his poor judgment, the company went from being profitable to losing money in a very short time. But of course, the story doesn’t end there. Listen to the podcast to learn what change happened to Dave that allowed him to get back up!

“I looked at the lives of the attorneys I worked under, and I said to myself, ‘I don’t want that to become me.’” – Dave Mason. Catch Whitney on this episode from the Real Estate Lab Podcast! https://bit.ly/RealEstateLabPodcast

About Dave and Chana Mason:

Dave and Chana define their mission as “Learn, Grow, Teach.”

Unlike other authors who set out to write money books, Dave and Chana were not financial experts. They wrote The Cash Machine primarily for themselves, because they needed to learn how to deal with their own financial struggles.

Outline of the Episode:

  • [03:08] Introduction: working as a personal assistant to the Interpol Secretary-General
  • [05:47] Finding time to do fascinating things after being a litigator. He traveled over 20 countries!
  • [07:45] Selling cabinet hardware online, earning as much money as needed, then earning way more than needed.
  • [10:45] The difference between conscious and subconscious thinking. Justifying things consciously but still making dumb decisions.
  • [12:50] An epiphany about financial difficulty, understanding stuff on his own, and researching everything from credit cards to real estate.
  • [19:59] His mistake of sinking a ton of cash into renovating his house and ended up losing it just to pay back his debt to his parents.
  • [21:05] The main characters in his book The Money Machine, the college drop-out, the one who looked for a well-paying career, and the woman who dated the former but acts like the latter!
  • [27:17] The inspiration behind his book. A discussion on assets and liabilities.
  • [29:00] Yona Weiss and how Dave learned depreciation from him.
  • [32:30] The other character in the story who had an agenda against the IRS!
  • [36:29] How to use the tax code to your benefit and differences between index funds and mutual funds.
  • [42:52] Is there a way to avoid taxes in the United States?
  • [43:54] His goals for the book. Getting others financially literate, asking the right questions, and being exposed to financial matters.
  • [47:23] Doing better financially, but not spending more money.
  • [50:15] Be a tail to lions rather than a head to foxes.

Resources:

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