Legacy Wealth Creation From Your Practice w/Garrett Gunderson
Bulletproof Dental Practice Podcast Episode 15
Host: Dr. Peter Boulden / Atlanta Dental Spa
Guest: Garrett Gunderson / Wealth Factory
Key Takeaways:
- Big Mistake: putting money too early into investments for retirement and not having enough liquidity for your business.
- Grow your business first by investing in it. Invest in what you know.
- Diversification for a dentist is bad. Learn to be comfortable with having a lot of cash.
- 5 Part Formula that will give you financial independence in 5 – 7 years
- Be more efficient with your money by keeping more of what you make.
- Strategically engineer wealth to eliminate diversification.
- Accelerate investment by finding ways to make them produce cash.
- Scale your business revenue.
- Treat yourself as your greatest asset.
- Hire a good accountant in order to learn how to pay less in taxes.
- How to save on taxes:
- Be proactive with your team and communicate with them.
- Find all the related expenses to your business and write them off for tax deductions.
- Reclassify your income.
- Focus on abundance, than scarcity. Abundance creates value while scarcity destroys wealth.
- Investments are in relationships, in knowledge and in our own capacity to create value and make money not just money making money.
- Having a money problem is a symptom of not having the right ideas or the right network of people.
- Financially stay humble by cutting back, being more efficient or expanding your means.
- Invest in a great team that share the same philosophy.
- “Pay yourself first” is the fundamental financial foundation.
- Invest in becoming a better investor.
- To download your FREE copy of “What Would the Rockefellers Do,” Text WWRD to 801-396-7211
Tweetables:
“The real road to wealth is to own a business.” – Garrett Gunderson
“Invest in what you know.” – Garrett Gunderson
“Automatically save and deliberately invest.” – Garrett Gunderson
‘Abundance is about exchange; human innovation.” – Garrett Gunderson
“Scarcity will say ‘I can’t afford it.’ Abundance says ‘How can I afford it?’” – Garrett Gunderson
Resources Mentioned:
Books:
What Would the Rockefellers Do? by Garrett Gunderson
Killing Sacred Cows by Garrett Gunderson
The War of Art by Steven Pressfield
Productivity App:
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