Garrett Gunderson shares how to earn interest rather than pay it and cut out the middle man. Plus his top tips to build sustainable wealth.
As an entrepreneur, financial advocate, the Founder of an Inc. 500 firm and author of the NY Times bestselling book Killing Sacred Cows, Garrett has dedicated his career to making personal finance for entrepreneurs simple, immediately actionable and even enjoyable.
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. Read more at WealthFactory.com and follow him at Facebook.com/wealthfactory and Twitter.com/wealthfactory_
Icebreaker
I taught English in Korea when I was 18.
Think Like A Journalist Quote
“The longer you’re not taking action the more money you’re losing.” –Carrie Wilkerson, author, speaker, and encourager.
Success Quote or Tip
“Wealth isn’t the man who has it but the man who lives it.” –Ben Franklin
Pay yourself first. Create your peace of mind fund.
Career Highlight
Garrett is proud of where he is in his marriage. He’s created an amazing relationship with his wife. To have a successful business, marriage, and life.
When It Didn’t Work
Garrett bought into a business to expand reach but didn’t work because he didn’t share the same values as one of the people who came on as a partner. It was four months of mediation and struggles. Find out what happened and how big the mistake was for Garrett.
Top Tips Building Sustainable Wealth: How to rig the financial game in your favor, earn interest rather than pay it, and cut out the middle man.
Live within your means.
Keep more of every dollar you make using the four “I”s.
93 percent of business owners tip the government through the IRS each year. Get an accounting team. Meet with your accounting team regularly. Every three years get a new accounting team’s eyes on your finances.
Any expense that relates to your business can be turned into an IRS expense.
- IRS: Learn to reclassify your income. W2 income / distributions at 1099 could be a better way to get paid.
- Insurance: look at deductibles and consider raising the deductible, look to group together for multiple policy discounts. Think about adding an Umbrella policy.
- Interest: most people are overpaying on interest. Boost your credit above 780 to lower your interest rates.Renegotiate your interest rate…ask to talk to the retention department.
- Investment: find out if you have hidden fees or commissions. Review with your financial planner. Watch out for Exorbitant fees. Consider 401ks and self-directed IRAs which can offer a flat fee for the year that’s less than other financial vehicles.
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One book, documentary, blog, podcast, or Internet Channel to watch?
The War Of Art, Steven Pressfield
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