David Young is currently the Mayor of Orem, Utah and he also works as the CEO of Paragon Wealth Management. Young has been successfully leveraging his business and management skills to revolutionize the way the city operates. Young also wrote a new book called “Hunting for True Wealth,” which combines stories of adventure and thrill-seeking—from Alaska to Africa—with the fundamentals of financial investing and entrepreneurship. Pulse 2.0 interviewed David Young to learn more about his experiences.
David Young’s Background
What is David Young’s background? Young said:
“I started doing magic as a kid, and by the time I was 16, I was performing magic shows at clubs. It was kind of funny because I was underage, but there I was, doing shows in these venues. I later attended Brigham Young University for a semester before leaving on a two-year church mission to (Australia). While on the island of Tasmania, I performed many magic shows at different churches to attract crowds to hear our church’s message. I even ate fire, which generated some provocative headlines like “Fire-eating Mormon” on the front page of the newspaper. In fact, I have at least 20 front-page articles in my mission scrapbook.”
“When I came back home, my dad had booked dozens of magic shows for us. Over the next four years, we performed at various colleges, as well as in venues in Las Vegas, Reno, Tahoe, and throughout the West.”
“Eventually, I started a family and gave up ‘Grand Illusion’ , my full stage magic show. I went on to start several businesses, including Diet Center franchises in Idaho, Nevada, and multiple locations in Illinois, Michigan, and Wisconsin. Wanting to do something local in Utah, where I lived, I opened a Maaco Auto Painting shop and an interior design store. During the deep recession of the 1980s, I figured people would prefer giving their cars a makeover rather than buying new ones. Additionally, I started a farm in Utah where we raised llamas that we used for backpacking. As you can see, my professional background is quite varied.”
“I had made a considerable amount of money from the businesses I started and wanted to invest it. However, I didn’t trust the approach most financial management firms took, which was to invest in the market and let it sit without adjustments. I wanted a more proactive strategy that adapted to market fluctuations. This led me to build quantitative models that measured various market inputs, providing buy and sell signals. I started using these models in 1986, and in August 1987, when the market began to decline, my models advised me to exit early. This foresight paid off when the market crashed in October 1987. Others noticed how I avoided the market crash during the financial crisis and asked me to manage their investments. I started with fewer than 20 clients and, by 1993, had founded Paragon Wealth Management, a thriving investment management firm.”
Challenges Faced In Young’s Career
What are some of the challenges you faced in your career? Young acknowledged:
“The City had recently developed a State Street Master Plan to build 10,000 apartments on State Street, which would essentially turn Orem into a rental community. This bothered me so much that I became interested in running for mayor, even though I had never been in politics before. I debated the decision for a while and tried to get it out of my head. I had a strong impression that I should seriously consider it.”
“Initially, I thought that was the end of it, but the thought kept lingering. Then, a week before the deadline, someone told me that only the former Mayor was running and if we wanted serious change in Orem I needed to consider it more seriously. I started having a strong feeling that I should run, so I discussed it with my family. While some were excited, others were concerned about missing out on family trips and other activities. Nevertheless, I decided to run. On the last day and the final hour to sign up, my wife and I went down to submit the paperwork. Ultimately, I was elected.”
“I’ve lived in Orem for 34 years, and about every 10 years, I pitch the idea of moving, as I like change, but my wife doesn’t. Instead, we ended up remodeling our house each time. This time, when the mayoral opportunity came up, I asked her if we were ever going to move, considering the direction the community was headed. She said no, as she had all her friends, neighbors, and church here. Realizing we were likely staying put for good, I thought that if we were going to live here permanently, I wanted to ensure Orem remained an amazing place to live. Being mayor allows me to directly influence and maintain the quality of our community.”
“I think some of the most challenging times were during the market downturns. In 2000 to 2003, the stock market dropped about 56%, causing widespread financial destruction. Navigating through this from an investment standpoint required constantly reassessing and modifying our strategies as we watched the market collapse around us. About 75% of market sectors were declining, while 25% were either stable or growing. We focused on those stable areas to make money during this difficult time.”
“Then, we faced another severe downturn in 2008 to early 2009, when the market dropped over 50%. This period was even worse, with about 95% of all sectors declining, and the only positive sector was treasury bonds. It felt like a war, with different areas falling apart, recovering, or coming back, requiring constant adjustments and strategic shifts. It was extremely stressful, but we managed to navigate through it successfully.”
“As for managing stress, I have always approached it with resilience. You can either get stressed out or keep moving forward positively, regardless of the challenges. Personally, hunting in the mountains has been a great stress reliever for me. It allows me to disconnect from phones and computers, immerse myself in nature, and recharge by immersing myself in the mountains that have stood for thousands of years. This connection with nature helps me regain perspective and energy.”
Managing A Busy Schedule
How do you manage your time between managing a city, a renowned wealth management firm, and authoring an informative book?
“Time management is key for me. I have an amazing assistant who does a phenomenal job running traffic and helping me manage my time between running the city and Paragon. One of my former assistants had been urging me for 10 years to write a book about the funny and adventurous stories from my hunting excursions. When she found out I had been elected mayor, she was worried that I would never write the book, considering I now had to juggle being mayor and CEO of Paragon. Despite working over 70 hours a week, I finally managed to complete the book.”
“I also had a client who was involved in the book publishing industry, and she kept insisting that I needed to write a book. This client, Laura Bush, was very persistent. When she learned I had been elected mayor, she expressed her concern, saying, ‘Are you kidding me? Now you’ll never write your book. You didn’t have enough time before, and now you have even less. All your great stories will be lost.’ This led to a conversation about how to make it happen. We agreed to meet for one hour once a week via Zoom to work on the book.”
“So, despite my busy schedule, there was always a one-hour block each week dedicated to the book. Laura and I would discuss different aspects of the book, address various issues, and go through different stories. It’s all about time management. Even though I’m working 60 to 70 hours a week, by planning it all out and sticking to the schedule, you can make it happen.”
Lessons From The Book
What lessons would readers take away from your book? Young noted:
“I think the hunting stories make the book entertaining and keep the readers engaged. My goal was to explain the basics of investing in a way that anyone could understand. I wanted people to be able to buy the book and learn the fundamental principles of investing that Paragon follows, and how they can apply these principles to build wealth themselves. Most people want to build some kind of wealth, and I’ve been successful in helping many achieve that. However, I’ve also seen that money clearly does not buy happiness. I’ve witnessed people accumulate a lot of money, only for their lives to become a wreck because they didn’t follow basic principles that build personal character, which I call true wealth. I wanted readers to understand not just financial lessons, but the essence of true wealth and how they can incorporate it into their lives. That’s how the book came together.”
Orem Saving $1 Million With New Technologies
The city of Orem is saving $1 million through new cutting edge technologies. Can you discuss how this came together? Young replied:
“We implemented some structural and management shifts. Once I understood the lay of the land, I identified positions that needed to be changed or replaced, and we got to work on the restructuring. Previously, everything was managed top-down, with a city manager directly overseeing all operations. We changed this structure by establishing different divisions, each with managers who have a lot of latitude in how they do their jobs. This approach significantly improved both culture and productivity. While the management restructure saved us close to $2 million, we reinvested $900,000 of that back into various projects.”
Orem Becoming Location For Business Investments
How did Orem become an attractive location for business investments and new residents under your tenure? Young pointed out:
“We often place a lot of certainty in the way things have been done in the past. For example, there was a proposal to build 10,000 apartments on State Street, which would have dramatically altered its dynamic. We decided to cancel that plan and instead focus on service, retail, and office spaces. This decision provided clarity and stability for investors, who prefer knowing exactly what they’re investing in. As a result, we’ve seen a significant increase in interest from investors. They want certainty and stability, knowing that their investments won’t be in a constantly shifting environment. By clearly defining our core values and building on them, we created the confidence needed to attract investment.”
“Additionally, I believe that being an entrepreneur myself helps to instill faith in the business community. The recognition we received from the chamber, which awarded us the Business of the Month, an award that has never been given to a government entity, reflects how well we are managing things. This accolade speaks volumes about our current direction and effectiveness.”
Infrastructure Projects
The city of Orem has about $100 million in infrastructure projects under construction all achieved without imposing new taxes on residents. Could you discuss how this was possible? Young shared:
“It’s a lot about effectively managing our budget. Orem’s budget has grown from around $135 million to about $160 million. Within this $160 million budget, there are numerous accounts and various ongoing activities. Without diving too deep into the details, the key is to identify areas where you can save money and reallocate those savings to other needed areas. Additionally, when existing debts are paid off, the money saved from those payments can be redirected towards more impactful uses. It’s essentially about optimizing your finances to ensure they’re being utilized in the best possible way. Having an effective City Manager run the city brings this level of financial efficiency and strategic planning.”
Future Company Goals
What are some of your future goals? Young concluded:
“As far as the city is concerned, our next major project is upgrading, revitalizing and beautifying State Street. It’s an old area, possibly 80 or 90 years old, with a mix of long-established and newer businesses. My theory about State Street is that Orem is a phenomenal community with 23 parks, abundant green spaces, and amazing people. However, State Street, which is what most people see when they drive through, doesn’t really represent who we are. My vision is to revitalize and overhaul State Street, despite the challenges and the fact that it’s actually owned by the state as a highway. We have some ideas, and we’re going to work hard to make it happen.”
“Regarding Paragon, my goal is to elevate it to the next level. We currently have about 160 clients and manage $160 million in assets, which is relatively small in the grand scheme of things. However, we have some of the best performance numbers and a model that really works for our clients. I want to build on our foundation and find the best way to grow Paragon and capitalize on our strengths to take it to the next level.”
