Money myths for business owners and building the NEW portfolio (with Garrett Gunderson)
Jul 9, 2024
auto_awesome
Garrett Gunderson, author of 'Killing Sacred Cows' and 'Money Unmasked', discusses debunking money myths, creating cash flow from assets, and redefining retirement as a process of eliminating undesirable tasks. The new portfolio mindset involves investing in oneself, intellectual property, and businesses aligned with one's passions for a more fulfilling life.
Embrace an abundance mindset for wealth creation and personal fulfillment.
Challenge traditional financial advice to debunk common money myths and make informed decisions.
Invest in a 'new portfolio' of assets aligned with personal skills and interests for long-term financial independence.
Deep dives
Garret Gunderson's Perspective on Building Wealth and Managing Assets
Garret Gunderson, a New York Times bestselling author, offers insights on managing money for entrepreneurs, emphasizing a diversified portfolio beyond traditional investments like stocks and bonds. He advocates viewing one's business, skills, and creations as assets in a 'new portfolio' approach. Through his books and personal experiences, Gunderson highlights the importance of challenging traditional money myths and embracing a mindset focused on value creation and financial independence.
Challenging Money Myths with 'Killing Sacred Cows'
Gunderson discusses the origins of his book 'Killing Sacred Cows' and the motivation behind debunking common money myths. By reflecting on his early financial mistakes and subsequent learning journey, he stresses the significance of questioning traditional financial advice. Key concepts from the book include debunking myths about high risk equals high return, debt strategies, and self-insurance, paving the way for a more critical and informed approach to personal finance.
Transitioning from Scarcity Mindset to Abundance Mentality
The conversation delves into shifting from a scarcity-driven mentality to embracing an abundance mindset in terms of wealth creation and personal fulfillment. Gunderson and the podcast host explore the idea of wealth accumulation versus becoming a producer, emphasizing the value of adding to society through entrepreneurship and knowledge creation. They discuss how focusing on adding value and serving others can lead to a more rewarding and purposeful approach to financial success.
Creating Financial Independence Through Personalization and Entrepreneurship
Gunderson introduces the concept of financial independence as a more personalized and entrepreneurial alternative to traditional retirement planning. By emphasizing the importance of aligning investments with one's skills and interests, he advocates for a 'new portfolio' consisting of assets like real estate, intellectual property, and businesses. This approach encourages individuals to create recurring income streams and maintain control over their financial future.
Building a Life Aligned with Personal Values and Fulfillment
The discussion concludes with an exploration of designing a life and business aligned with personal values and interests. Gunderson and the host advocate for embracing individuality, creativity, and value creation in pursuing entrepreneurial endeavors. By prioritizing self-investment, authenticity, and a commitment to lifelong learning, individuals can cultivate a fulfilling and purpose-driven approach to financial success and personal growth.
In this conversation, Graham Cochrane interviews Garrett Gunderson about his book 'Killing Sacred Cows' and his new book 'Money Unmasked'. They discuss different money myths and the importance of having an abundance mindset. They also explore the different money personas, including the miser, the conservative, the striver, and the high roller. Gunderson emphasizes the idea of financial independence rather than retirement and the importance of creating cash flow from assets. He encourages people to focus on value creation and enjoying life along the way. Retirement should be redefined as a process of eliminating the things you hate doing and creating a compelling vision for your life. In the modern age of technology and transformation, staying engaged and finding purpose in your work is possible. The old portfolio mindset, which relies on banks, stocks, bonds, and REITs, is flawed and lacks control. The new portfolio mindset involves investing in yourself, intellectual property, real estate, and businesses that align with your interests and skills. Overcoming fear and investing in yourself can lead to long-term dividends and a more fulfilling life.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
