PODCAST

Keeping What You Make

Mitch Stephen|By October 11, 2018

Episode 237:

Garrett Gunderson is called a “financial genius” in entrepreneurial circles, but he wasn’t born with a silver spoon. In fact, Garrett’s blue-collar roots are what make him so passionate about helping entrepreneurs build Economic Independence.

Garrett comes from a fourth generation coal mining family, raised in rural Utah. His great-grandfather left San Giovanni, Italy in 1913 to escape government corruption and excessive taxation. He came to America and was separated from his family for 7 years, living in a tent so he could build a better life for his family.

Garrett’s approach to personal finance is firmly rooted in this history. His company, Wealth Factory, helps self-made business owners and entrepreneurs who understand hard work — but who haven’t been given the proper financial tools to build lasting wealth. Because even though Garrett’s great-grandfather understood the value of hard work, he never got to enjoy it. And without proper structures, hard work is like eating soup with a fork. You keep busy, but stay hungry.

So Garrett imagined his great-grandfather was his client. How could he have helped him grow his wealth faster? And with that thought in mind, he built the kind of company that would have helped his great-grandfather build Economic Independence in 3-7 years instead of taking three generations to break the cycle of scarcity.

The process Wealth Factory uses to help you is simple. First, they recover leaking money that’s rightfully yours. Next they connect you with experts who create a framework that preserves, protects and grows your money. And finally they build structures that help you live wealthy now while creating a lasting family legacy.

This family legacy — and the burning desire to pass on what he’s learned to his children — are what drive Garrett to help others. He now spends his time innovating new financial tools and technologies that help small business owners and entrepreneurs like you build lasting wealth, live the life you love, and pass on a lasting family legacy of your own. He believes your legacy is defined not just by money, but by the values and contribution you pass along.

Garrett lives in Salt Lake City with his wife, two children and a dog. When he’s not traveling, speaking, or spending time with his family, Garrett enjoys Crossfit, eats Paleo and makes people laugh at local stand up comedy clubs.

What you’ll learn about in this episode:

How Garrett started his first business at 15 years old and how it kick-started his financial education
Why finding a good mentor and continuing your financial learning is critical for success
Why it’s important to save as much money as possible on taxes and to have a new tax professional review your tax returns every three years
How to build an effective tax team with four key people who can save you money and why you should meet with them quarterly
Which questions you should be regularly asking the professionals on your tax team to turn expenses into deductions
Why thinking outside the box and using the reclassification of income can find tax deductions you might have missed and save you money
Examples of finding unconventional ways to get tax credits through the purchase and donation of artwork and historical building easements
How to get a free copy of Garrett’s book “What Would The Rockefellers Do?”
Why hiring a good team of tax professionals will more than pay for itself and shouldn’t be considered an expense
Garrett’s advice for new entrepreneurs for keeping more of your money in your pocket