Garrett Gunderson. He’s the chief wealth architect at Wealth Factory and author of the New York Times’ bestseller, 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 sector—their business.
Famous Five:
- Favorite Book? – Scaling Up and The War of Art
- What CEO do you follow? – Rich Christiansen
- Favorite online tool? — OmniFocus
- How many hours of sleep do you get?— 6
- If you could let your 20-year old self, know one thing, what would it be? – “It will be okay and I don’t mean to stress as much as I did”
Time Stamped Show Notes:
- 01:40 – Nathan introduces Garrett to the show
- 02:10 – It took Garrett two years of contemplating before writing Killing Sacred Cows
- 03:26 – Garrett worked with a publisher and the promotion firm Green Leaf
- 04:30 – Garrett is earning higher royalties for his book deal than the usual
- 05:00 – The possibility for bigger redistribution impacted the book deal
- 05:35 – Garrett was able to sell copies of the book even before it came out
- 06:10 – Garrett decided to have a publisher because it was more relevant than to self-publish
- 07:10 – Garrett self-published The Rockefellers last year
- 08:22 – Garrett co-published New Rules to Get Rich with Nightingale
- 08:45 – Garrett has self-published a few books which are more profitable than the one he made with the publisher
- 09:30 – Just because you’re starting a business doesn’t mean you know about investing
- 10:00 – For investing, investor DNA needs to be considered
- 10:04 – The core values, drivers and diversification
- 10:43 – There’s no magic product or magic investment
- 11:40 – Nathan shares how he deals with his real estate investments
- 12:10 – People think they need to invest because the money is there
- 12:40 – It is more important to invest in the RIGHT opportunity and something that we KNOW
- 13:50 – There are good, bad and lucky investors—but don’t rely on luck
- 14:37 – In terms of taxes:
- 14:42 – Never confuse deferral with deductions
- 16:00 – Garrett shares his stance on deferrals
- 16:54 – Tax should be a secondary consideration
- 18:00 – Garrett shares how he makes money
- 18:14 – Garrett works with entrepreneurs with $1-10M in ARR
- 19:10 – Garrett doesn’t offer asset management, they’re more on financial and cash flow management side
- 19:40 – Garrett’s co-founder passed away in 2006 from a plane crash
- 20:20 – Wealth Factory’s income is steady and they’ve raised their fees substantially
- 21:20 – “We’re the very best people”
- 21:31 – 2017 revenue goal
- 22:27 – Wealth Factory has 10 new customers monthly
- 22:37 – Team size is 20
- 24:04 – The Famous Five
3 Key Points:
- Investing and starting a business are two very different things.
- Deferrals are different than deductions.
- Billionaires don’t have the best financial advice.
Resources Mentioned:
- Simplero – The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
- The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
- GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
- Klipfolio – Track your business performance across all departments for FREE
- Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
- Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
- Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
- Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
- Show Notes provided by Mallard Creatives