Money myths for business owners and building the NEW portfolio (with Garrett Gunderson)

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.
Chapters
00:00 Introduction and Background
03:16 Debunking Money Myths
06:34 Understanding Money Personas
11:46 The Shadow Personas
20:53 Doing the Right Things in the Right Order
22:17 Redefining Retirement
25:05 The Benefits of Being an Entrepreneur
26:35 The Flaws of the Old Portfolio Mindset
29:29 The New Portfolio Mindset
35:11 Investing in Yourself for Long-Term Dividends
Takeaways
Challenge common money myths and beliefs to find what is truly right for you
Shift from a scarcity mindset to an abundance mindset
Identify your money persona and understand its strengths and weaknesses
Focus on financial independence rather than retirement
Create cash flow from assets and engage in value creation Retirement should be seen as a process of eliminating the things you hate doing and creating a compelling vision for your life.
In the modern age, staying engaged and finding purpose in your work is possible.
The old portfolio mindset, which relies on banks, stocks, bonds, and REITs, lacks control and is flawed.
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.

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