Podcasts Business SaaS Interviews with CEOs, Startups, Founders 831: You Have $10k, Should You Defer or Deduct?

831: You Have $10k, Should You Defer or Deduct?

Published: Nov. 2, 2017, 9 a.m.

Garrett Gunderson. He\u2019s the chief wealth architect at Wealth Factory and author of the New York Times\u2019 bestseller, Killing Sacred Cows. Wealth Factory helps entrepreneurs optimize cash flow, streamline their finances and keep more of their hard-earned money so they can make more powerful investments in their best wealth sector\u2014their business.

Famous Five:

  • Favorite Book? \u2013 Scaling Up and The War of Art
  • What CEO do you follow? \u2013 Rich Christiansen
  • Favorite online tool? \u2014 OmniFocus
  • How many hours of sleep do you get?\u2014 6
  • If you could let your 20-year old self, know one thing, what would it be? \u2013 \u201cIt will be okay and I don\u2019t mean to stress as much as I did\u201d

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Time Stamped Show Notes:

  • 01:40 \u2013 Nathan introduces Garrett to the show
  • 02:10 \u2013 It took Garrett two years of contemplating before writing Killing Sacred Cows
    • 03:26 \u2013 Garrett worked with a publisher and the promotion firm Green Leaf
    • 04:30 \u2013 Garrett is earning higher royalties for his book deal than the usual
    • 05:00 \u2013 The possibility for bigger redistribution impacted the book deal
    • 05:35 \u2013 Garrett was able to sell copies of the book even before it came out
    • 06:10 \u2013 Garrett decided to have a publisher because it was more relevant than to self-publish
    • 07:10 \u2013 Garrett self-published The Rockefellers last year
    • 08:22 \u2013 Garrett co-published New Rules to Get Rich with Nightingale
    • 08:45 \u2013 Garrett has self-published a few books which are more profitable than the one he made with the publisher
  • 09:30 \u2013 Just because you\u2019re starting a business doesn\u2019t mean you know about investing
  • 10:00 \u2013 For investing, investor DNA needs to be considered
    • 10:04 \u2013 The core values, drivers and diversification
  • 10:43 \u2013 There\u2019s no magic product or magic investment
  • 11:40 \u2013 Nathan shares how he deals with his real estate investments
  • 12:10 \u2013 People think they need to invest because the money is there
  • 12:40 \u2013 It is more important to invest in the RIGHT opportunity and something that we KNOW
  • 13:50 \u2013 There are good, bad and lucky investors\u2014but don\u2019t rely on luck
  • 14:37 \u2013 In terms of taxes:
    • 14:42 \u2013 Never confuse deferral with deductions
    • 16:00 \u2013 Garrett shares his stance on deferrals
    • 16:54 \u2013 Tax should be a secondary consideration
  • 18:00 \u2013 Garrett shares how he makes money
    • 18:14 \u2013 Garrett works with entrepreneurs with $1-10M in ARR
  • 19:10 \u2013 Garrett doesn\u2019t offer asset management, they\u2019re more on financial and cash flow management side
  • 19:40 \u2013 Garrett\u2019s co-founder passed away in 2006 from a plane crash
  • 20:20 \u2013 Wealth Factory\u2019s income is steady and they\u2019ve raised their fees substantially
    • 21:20 \u2013 \u201cWe\u2019re the very best people\u201d
  • 21:31 \u2013 2017 revenue goal
  • 22:27 \u2013 Wealth Factory has 10 new customers monthly
  • 22:37 \u2013 Team size is 20
  • 24:04 \u2013 The Famous Five

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3 Key Points:

  1. Investing and starting a business are two very different things.
  2. Deferrals are different than deductions.
  3. Billionaires don\u2019t have the best financial advice.

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Resources Mentioned:

  • Simplero \u2013 The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
  • The Top Inbox \u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio \u2013 Track your business performance across all departments for FREE
  • Hotjar \u2013 Nathan uses Hotjar to track what you\u2019re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling \u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible\u2013 Nathan uses Audible when he\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
  • Show Notes provided by Mallard Creatives