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Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the breakthrough entrepreneurship strategies and actionable advice to accelerate your success! The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncover each guest's key tools, tactics, and tricks that listeners can start using in their lives right now. Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!
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The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the best, actionable advice to accelerate your success!

The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncovers each guest's key tools, tactics, and tricks that listeners can start using in their lives right now.

Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!

Jun 14, 2017

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.

www.WealthFactory.com

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:

  1. Boost Your Profits: Keep more of what you make. Most businesses overpay on taxes,, overpay on investment fees, insurance costs, and interest.
  2. Strategically Engineer Wealth:
    1. Focus don’t diversify.
    2. Build your foundation – Liquidity, corporate structure, umbrella policies
    3. Asset protection
    4. Financial Team
    5. Growth – aligned with your investor DNA – your interests, capabilities
  3. Accelerate Investment Income: Any asset that is not producing cash flow, tap into it and make sure it is producing as it should.
  4. Scaling Business Revenue: Garret calls this the “game changer.” Giving up things that don’t bring the most value. True delegation.
  5. Make it Count: You are your greatest asset. Have a life and live it. Wealth isn’t just the man that has it, but the man that lives it.

One thing You Can do Under Each Lever:

  1. When it comes to taxes. Can you reclassify your business income? Does it make sense to set up a corporation for what you do as there are tax advantages in doing so. For example, distribution is taxed at different rates.
  2. #1 thing to strategically engineer wealth: Go to your bank and setup a separate account. Every time you pay yourself from your business, take a percentage of that into that account first – automate savings. This builds liquidity and allows you to save on in sequential costs. You can also eliminate budgeting and pinching pennies.
  3. If you have a retirement plan, you can move it over to a self-directed plan which takes away restrictions and can help you lower fees. You can also use the rule of 72T.
  4. Delegate a role in the right way - make them in charge of it. They own it. You don’t dictate any more. Give up you top 3 time wasters and focus on the top 3 things you are good at.
  5. Take more time off from business and your income will go up. Why? You learn to delegate, hire the right people to run things, and are more relaxed and refreshed.

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?

  • Communicating the difficult things is absolutely critical. The sooner you do it, the better and the more trust built.
  • Empowering people and finding the right culture makes doing things much easier.

Secrets for putting a rockstar team together?

  • Create such an attractive environment that people will do whatever they can to be a part of it.
  • Create the expectations and make sure that people are willing to live up to them and go through the “hoops” needed to become a part of your team
  • The longer the hiring process the better with specific tasks
  • The more you do up front, the better
  • Lastly, the wife test. If they meet Garrett’s wife and she says no, then that’s it.

The 3 measures of worth? Distinguishing price vs. cost. Vs. value. Value first, cost second, price third.

 

Best Quote: "No one shrinks their way to wealth. Production and expanding your means is the best way.”

 

Misfit 3:

  1. Budget differently. Setup a wealth capture account stop borrowing to consume.
  2. Increase your efficiency. Are you overpaying on tax, interest fees, investment fees, or insurance?
  3. Expand your means. What is one thing you could do today to scale your business? What is one thing you can delegate? And what is the one thing you should do more of?
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