There is no doubt about it, Garrett Gunderson is one of the most successful entrepreneurs in the entire world. He’s so good with money that he has written multiple works on the secrets of prosperity and has been invited to talk shop on programs ranging from Good Money On ABC to CNBC’s Squawk On The Street.
Garrett Gunderson gives some basic tips about the type of mindset that differentiates the poor/middle class from the truly prosperous and his perspective on this is no doubt interesting.
Economic Decision Making:
- Price – the cost of a financial transaction. Transactional People – pay attention to price and desire sales. People who aren’t financially free almost always look at the price.
- Cost – is the economic impact. You may spend more but you get a better return and savings down the road. A more expensive accountant can save you more on your taxes.
- Value – the overall feeling of joy, satisfaction or fulfillment you get when spending money. Financially free people, consider value first.
Another important component is “investor DNA”, now what does having Investor DNA actually entail? Essentially, it refers to the courage needed to take risks and make investments that might seem crazy to everyone around you. Investor DNA is the mental fortitude required to trust your instincts in the face of opposition.
- Core Competency – What are you knowledgeable about?
- Drivers – What excites you? What do you want to learn about?
- Values – What are the things that you personally value?
- Focus – Diversification is a preservation strategy – wealth is built through focus. Become excellent at what you know.
These 2 most precious resources = our Financial Capital
- Mental Capital – our ideas, knowledge, wisdom, tools and insights
- Relationship Capital – all the people we know organizations we belong to, friends and family.
However, is that truly all that is needed to be rich and successful? Well, Mr. Gunderson also has some more specific bits of advice such as don’t diversify your investments and focus on only one,and that there is no such thing as a bad investment but only a bad investor. Whether you agree or disagree with this approach to business, it is no doubt an interesting one.
Don’t forget who you are, and what you’re after, when you look to invest in real estate! #Ironclad
- 1You should invest in things that you know about.
- 2You make money on the “buy”.
- 3Don’t focus on accumulation focus on cash flow.