Ep:203 The 5 levers to Economic Freedom and Lasting Wealth, With Garrett Gunderson

Many walk the entrepreneurial path with dreams to accommodate their unconventional lifestyle, creating financial freedom, living their passion and accumulating great wealth and financial abundance. There are now 582 million people in the world who follow the entrepreneurial path for a variety of reasons. However, with 22.5% of small businesses failing within their first year, not all entrepreneurs will reach the level of success they desire, nor will they attain economic freedom that drove them to start their own business. 

So what is the key factor that determines whether an entrepreneur reaches the level of success and wealth that they desire? 

What is the secret to ensuring financial and economic freedom as an aspiring entrepreneur? 

Unconventional Life caught up with Garrett Gunderson, to talk about wealth, money mindset and the role that ancestry and programming have in our experience of wealth and finances. Garrett is an entrepreneur, financial advocate, founder of Wealth Factory and New York Bestselling author of Killing Sacred Cows and What Would The Rockafellas Do. 

He is passionate about helping individuals dissolve inherited patterns, break free from ancestral programming and develop a wealth mindset that they can leave as a legacy for future generations.

Garrett’s keen interest in wealth and finances came from a necessity to change his long-held inherited belief systems around money and wealth. Coming from a little town in Italy where they didn’t have much, there was a deep mentality of scarcity in his family. 

A belief that you had to scrimp and save and sacrifice. 

A belief that “you can be separated [from your loved ones] if you don’t hold onto everything you have”

While his great grandfather wasn’t armed with the same knowledge around beliefs and programming and therefore wasn’t to blame for his scarcity mentality, Garrett was determined to change this programming for not only himself but became inspired by “the legacy you can live and leave” for future generations of his family. 

He stresses that the journey to change these beliefs was not just about ‘money’ or being ‘rich’. That wealth to him was “living a life of purpose and love”, and that it’s the pursuit of these things that you should focus on primarily with money as a bi-product.    

Money has an emotional charge for so many people and that is largely why it is so difficult to change beliefs around money. While it’s easy to lay down a formula and tell people ‘here’s how you make money’, if you don’t have the rooted layers addressed – the programmed belief systems, the mindset aspect – then all of that becomes useless. 

“Money is just a magnifying glass and it’s either going to be something that harms or helps depending on who [you] are” Garrett believes.

We asked Garrett how you can break and dissolve inherited patterns and belief systems around finances, money and wealth.

The most important thing, according to Garrett, is to understand what true wealth is – it is how we live, not just the money we have in the bank. He quotes Benjamin Franklin, saying “wealth isn’t the man that has it, but the man that lives it”. 

Being wealthy is having depth and harmony in 5 key categories (finances, soul purpose, mentality/mindset, physical and social). The best thing you can do in order to secure a sense of internal wealth is to find balance and define clear goals in what ‘wealthy’ looks like for you in each of these areas. 

From there, your mindset will be ‘wealthy’ and you will be able to attract success and money you desire.

Garrett also believes it’s about asking the right questions like ‘how do I become a better investor?’ and ‘where can I scale my business?’ instead of asking ‘where do I invest my money?’ which is the mistake most people make. 

Investing, according to Garrett, isn’t necessary to become economically independent. But, if you are interested in becoming financially independent, here are the things that will allow you to achieve this freedom in 3-7 years.

Five levers to Economic Freedom and Lasting Wealth
1. Having a “Peace of Mind” Fund + Plugging the 4 I’s To Efficiency

Making sure you are being financially efficient in the following areas which Garrett calls the 4 I’s: taxes, interest, investments, insurance. Using the money you’ve saved in these areas and by automatically saving a percentage of money off the top of what you earn, amass a “Peace of Mind” fund. This should cover 6 months of personal expenses that you set aside.

2. Engineer Wealth

Find out what your monthly “number” that you want to bring in is and reverse engineer from there – what would you have to do to create that income? 

3. Accelerate investment income

Turn on the cash flow of existing investments. Rather than focusing on what the ‘next thing to invest’ in should be, focus on capitalizing on and growing the investments you already have such as your own business, real estate you own, etc. 

4. Scaling business revenue

Scale the business you already own properlyPrioritize the things that you want to do and that are worth your time. Give yourself an ‘hourly rate’ and only do tasks that are worth that rate. Outsource anything that costs more time or effort than your hourly rate is worth.  

5. Make it count 

Build a life you don’t want to retire from. Enjoy life along the way so you are the best creator you can be. 

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Giveaway

For those of you who are eager to take control of your wealth mindset, become economically free or just learn more from Garrett, he has generously offered The Wealthfactory Mega Kit! Which includes: 

  • The Cash recovery toolkit (for finding lost money)
  • The Financial strength checklist (understanding where you might be exposed)
  • The Cash Flow Investors Tool Kit (how to become a cash flow investor) and
  • Both of his bestselling books Killing Sacred Cows and What Would The Rockafellas Do?

To be entered to win the giveaway, click here. A winner will be selected next week.

*Connect with Garrett by commenting on one of his Youtube videos!

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