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Grey Matters: Perspective for the People
40 minutes | Apr 27, 2020
#1 The Rich Don't Work for Money, with Garrett Sutton
Excited to share this conversation with Garrett Sutton, asset protection attorney for the Rich Dad Company and author of "Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them."Our civilization began with trade. Trade holds it all together. I trade my time, attention, energy, and freedom... for the time, attention, energy, and freedom of others.Today, we trade through businesses, governed and incentivized by laws. They're how we get what we need and organize human ingenuity to solve grand challenges. When I got interested in business, I picked up a copy of "Rich Dad Poor Dad" by Robert Kiyosaki—a very popular book on growing an entrepreneurial mindset. It made me understand that "the rich don't work for money." They seek wealth—assets that earn while they sleep. For example, equity in a self-sustaining business. They invest upfront time and money to create systems of value that can run themselves. Entrepreneurs are people who excel at this. But the risks of business are real. Any time you offer a product or service, you risk people either not wanting it or suing you for something you couldn't control.Asset protection strategies use legal entities to insulate assets from frivolous lawsuits, excessive taxes, and other losses. They're an essential part of any business or wealth planning strategy. Garrett has over 30 years experience helping others grow and protect their wealth. I've read several of his books, including "Start Your Own Corporation," in preparing to launch Rascal Roots. We discuss the role of asset protection, the future of business, the role of parenting, and much more. “The rich don't work for money… They provide a good service and the money comes. That's how it starts. It's not, oh God, I've got to make all this money right at the start. No, you have to offer a terrific service and people will flock to you.”“When you look at the message that you get in college, that business is greedy and then you get out and you realize that business, it can't be greedy. You have to compete on a price base. There's a market there that you have to compete in.”“No matter what your circumstances are. You can get the information through the books and the videos and everywhere. You too can take steps to improve your financial wellbeing. Don't let anybody tell you otherwise.”“You just have to work at finding a group of likeminded people. Shedding friends that are destructive or are dragging you down is difficult, but once you know you have to do it, take those steps. Find a new group.” Get on the email list at rascalroots.substack.com
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