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
  1. Be more efficient with your money by keeping more of what you make.
  2. Strategically engineer wealth to eliminate diversification.
  3. Accelerate investment by finding ways to make them produce cash.
  4. Scale your business revenue.
  5. 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:
  1. Be proactive with your team and communicate with them.
  2. Find all the related expenses to your business and write them off for tax deductions.
  3. 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:

Omnifocus

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