Chief Wealth Architect at Wealth Factory
Garrett Gunderson is the Chief Wealth Architect at the Wealth Factory. 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.
He is a paid contributor for Forbes and has spoken at MIT.
If you want to keep more of what you make and boost your bottom-line without having to cut back, work harder or take any additional risk…Garrett is your guy.
Tactic that has had the biggest impact on Garrett’s success
Result if you follow the steps in Garrett’s session
Less chaos & scale in your business
Full session with video, notes, audio and discussion inside EHQ Club. Learn more
Expert session snapshot
If you follow this methodology that I’m going to share right now, it’s 10 years or less. I know most people think about financial freedom is what financial institutions talk about. And it’s usually 30 years away, or age 65, whichever is longer.
And instead, I’ve had people that do this in three months, because they’re absolute beast and weird people, that I could never do it in three months, to people that are just like, and it’s really tight, tough situation right now that still get there within 10 years. I started doing this in June 1998, even though I didn’t know what I know today.
Now we’ve dissected it down to five main things. If you do these five things, it creates leverage for you and not leveraging money and taking risks, but leverage through knowledge in the proper framework.
The first thing is to recover cash. So how do you boost the bottom line? Business owners get major strategic advantages in these four main things to boost your bottom line.
One, save on taxes. Business owners get plenty of advantage there.
Two, save on interest if you have more than one loan, renegotiate restructure, there’s a lot of things that you could do to free up cash that way.
Number three, find any non performing investment fees.
And number four, discover you have duplicate coverages or cost with your insurances.
So that’s not even talking about margins of business or the other more advanced things.
That’s just four Is, IRS, interest, insurance and investments, put that money back in your pocket lever number.
To strategically engineer wealth, you got to know what economic independence number is, what’s that number and then reverse engineer and say, how do I get there? Starting with building a solid foundation.
Second, adding safety factors so you can have sustainability and so financial surprises don’t derail you and set you back.
And number three, focus on growth, which for a lot of people that’s investing back into their business and investing in people and processes and technological procedures allow them to create scale, but really just identifying that number and then working back on how can you get there.
For some that’s paying off loans, for other, starting to invest. I mean, you kind of figured that out.
Now, the number three thing is to accelerate investment income. So instead of waiting for 30 years and using compound interest, we like acceleration and turning it into cash flow, what do you have non performing assets, underutilized assets, non cash flowing assets turn that cash flow on so it can start to supporting you achieving economic independence and create an advantage for you.
The number four is the big game changer and they’re watching this. So they’ve been learning from other experts scale your business, scaling business revenue, that doesn’t mean taking massive risk either.
It means letting go the things that are lower level that you can of other people do to grasp for the things that only you can bring to the marketplace that deliver more value, solve bigger problems, or serve more people. And once you do that, and have scaled business revenue, you’re four fifths of the way there.
The fifth thing is, you are your greatest asset, not a stock or a bond or a piece of real estate. So you got to make it count. You gotta take care of yourself. So you don’t get a second chance to create a legacy and to live a life that you love.
So that fifth piece is being very intentional and deliberate about taking care of yourself. So you have more to give. So you begin with recovering cash, then you strategically engineer, well, then you accelerate investment income, then you scale business revenue, then you come together and make it count, treating yourself as a greatest asset.
Because in my 20s, I just worked so much I got diminishing returns. You work so much, you don’t think clearly. You take on too many problems, you handle everything and you don’t delegate properly.
When you can start doing those things properly, then you actually have more energy for the better things, for the bigger things, for the more impactful things. And if you follow those five levers, you can get there in 10 years or less.