Dave Lukas Chats with Garrett Gunderson
45: Killing Sacred Cows and Optimizing Wealth with Garrett Gunderson
In this episode, Dave is excited to welcome Garret Gunderson. Garrett is Chief Wealth Architect at Wealth Factory and author of the NY Times best-seller, Killing Sacred Cows. Wealth Factory helps entrepreneurs optimize cash flow, streamline their finances and keep more of their hard-earned money so they can make more powerful investments in their best wealth creator: their business. Garrett has appeared multiple times on ABC News Now, Your World with Neil Cavuto on Fox, CNBC’s Squawk on the Street and more — and his first firm made the Inc 500.
Garrett has dedicated his career to making personal finance for entrepreneurs simple, immediately actionable and enjoyable. Garrett teaches ways to pay off loans much faster and how to safely and legally save more in taxes.
Specifically, Garrett is a master at showing you how to recover cash, build sustainable wealth, and take true control over your finances – oh, and he’s not like any financial person you’ve ever met. That is why Dave wanted him on the show. He’s a true entrepreneur, a misfit, who’s chosen to show other entrepreneurs the unique methods to optimize their wealth…not some broker hawking investments for a commission. In fact, make sure you listen through to the end as Garrett is giving you a special gift to help you in your journey.
Get a copy of Garrett’s latest book, “What Would the Rockefellers’ Do” FREE. Just text 801-396-7211 and put WWRD in the subject line.
Garret is an entrepreneur who started out by creating a service business to clean trucks at coal mines and detail cars. He won $5000 for being the Young Entrepreneur of the Year. Unlike most teenagers, he wanted to invest his money, but his mom didn’t let him. He waited until 18 and put his money in the market and lost. He then started to learn more about finance and investing, and economics. He got an internship at a brokerage and started to bring in accounts, but it was in the late 90’s market boom.
As he says, “He looked like genius, until the market turned.” He then had to face the clients he had sold and tell them he really know what he was doing. He then started on path to figure out how to get “guaranteed returns.” He found this in unique places by learning how people could learn to stop overpaying on taxes, interest, and improper loan or insurance structures. He calls this “financial efficiency.”
He also spent time in a family office modeled after the Rockefeller model, but wanted to find a way for small business owners and entrepreneurs, who weren’t billionaires, to get the same type of benefits and has spent his life over the last decade doing so.
Garrett sites an interesting stat, “At 65 years old, 98% of entrepreneurs are not economically independent – meaning they can’t afford to retire and pay their bills.”
“Great intent and hard work with a bad philosophy still leads to bankruptcy or financial failure”
At the 12 minute mark, Garrett talks about his strategy and top misconceptions people have about wealth. He definitely kills some sacred cows and show you a whole different way of looking at building your wealth.
The 5 Levers to Manufacture Financial Independence:
One thing You Can do Under Each Lever:
At the 32 minute mark, Garrett talks about the Rockefeller Habits and setting up a family office.
“The more we invest in ideas and people instead of stocks and bonds, the more likely we are to perpetuate wealth.”
Single most important piece of advice for entrepreneurs?
Have a greater vision than any problem. As long as your vision is bigger, you will continue to be resourceful. The way you know your vision is big is if you don’t know how to accomplish it by yourself.
What have you learned about leadership from building businesses?
Secrets for putting a rockstar team together?
The 3 measures of worth?
Distinguishing price vs. cost. Vs. value. Value first, cost second, price third.
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