Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity

by Garrett B. Gunderson

Western culture is riddled with destructive myths about money and prosperity that are severely limiting individuals' power, creativity, and financial potential. In "Killing Sacred Cows," Gunderson boldly exposes ingrained fallacies and misguided traditions in the world of personal finance.

Genres: Finance, Business, Nonfiction, Personal Finance, Money, Self Help, Economics

270 pages, Hardcover

First published July 1, 2007

Reviews

[S · Rating 1 out of 5]

I can see how an average person might be find this book to be a paradigm shifter as it's written with all sorts of economic buzzwords, both real and made-up. The basic premise is you can only count on yourself for financial success. 401ks, investments, etc are riskier than the financial industry wants you to believe. If you focus on wealth, you will always be poor. Focus on adding value to the world! Do what you love and the money will come! Focus on cash flow instead of savings! No, no and no. Investing in yourself is far riskier than any financial asset since there's no diversification of risk. If what you love is doing nothing or non-profit, the money will NOT come. Cash flow will get you through life as long as you always have positive cash flow. You'll need savings for when cash flow isn't positive. But I guess you won't even notice that you're starving if you focus on adding value to the world instead of your (lack of) wealth.

[Chazzle · Rating 3 out of 5]

Really mixed feelings about this book. On the one hand, I really liked it because it had lots of interesting tidbits that "never make it to the scorecard", in other words, intangible reasons to consider factors much, much more important than the "almighty" dollar. And, of course, since the book has a myth-busting mentality, it spurs thinking.

On the other hand, at times the book gave me a headache, with almost cultish repetition of certain key phrases. It's almost as if the author is saying, "Don't believe everybody else, just nod in agreement as I feed you that key phrase for the 10,000th time."

So, if you can get past the repetition, I believe you can benefit from the thought provoking opinions.

[Frisco · Rating 5 out of 5]

WOW. I'm a bit surprised that this is so poorly rated on here. I found this to be thoroughly groundbreaking for me. It does a phenomenal job of tying together the concept of value creation and an abundance mindset in purely financial terms, and showing how the accumulation mentality falls short in critical areas of life. I blew threw this in a day and it's thoroughly changed my outlook on money. Must-read, if only to challenge your own thoughts for holes.

[Ronda · Rating 5 out of 5]

I'm not giving this book five stars because I agree with everything in it, nor because the audio was well-read--it wasn't really. The author is not a terrific reader. He talks fast too fast, for starters, and doesn't enunciate very clearly. But I'm chalking that up to his passion, because it seems that he really is enthusiastic about what he's teaching.

And there was plenty that I don't necessarily completely agree with. Because I am a Christian, there are points that I definitely see differently than he does, and there is also the fact that I am older than he is. Life experience broadens our perceptions of things.

For instance, his views on scarcity mindset are thought-provoking and he makes a great case for his view. The thing that I noticed, though, is that he has never experienced true scarcity. He doesn't personally know what it feels like to be in need. If he did, he would have a great deal more compassion for those who can't shake that mindset. On the other hand, I found that his argument is quite convicting, and agree that it is easy to become parsimonious as a habit, even when wealthy.

The reason I decided to give it five stars is that he really truly does make an excellent case for tearing down the prevailing wisdom of finance that I have always been taught. Though I didn't agree with everything, I did change my mind on a few things. And there were several things that I have definitely been thinking about in a different light than I did before. Any book that makes me think and re-evaluate things to the extent this one did is worthy of a five-star review.

After my rather harsh critique of the audio book quality, I will say that I liked the fact that he used the opportunity to insert a few extra words at the beginning of each chapter which I found worthwhile. But overall, the audio went far too fast, and I really feel like I need a hard copy in order to study some of his ideas more thoroughly.

[Jennifer · Rating 1 out of 5]

I must admit that I didn't finish this book - it was hard to read. The quotes within the body of the text were distracting and the changes of margin widths were annoying. Besides the layout, I felt that this book is not for everyone. There was an emphasis on materialism and I felt that the author taught some things that were contrary to what church leaders have taught. I also thought the author was pushing his own agenda and think he probably sells whole or universal life insurance, which I am very wary of.

He spoke a lot about finding your "Soul Purpose" - something you would do all day, even if you didn't get paid for it - then pursue that purpose to create wealth beyond all that you can imagine. Problem is - what if your "Soul Purpose" is something for which you don't get paid? John said that he would like to be a missionary full time - where is the money in that? We sometimes need to do hard things or things that we don't necessarily love in order to fund our Soul Purpose - maybe he talked about that near the end. The author assumes that everyone's "Soul Purpose" is something that could be turned into a business venture. I may pick this up again, and I'm going to check out his website, but I'm not a fan.

[Philip Athans · Rating 5 out of 5]

Immediately after finishing this book I turned off my 401(k) contribution and never looked back. And no, I don't believe everything I read.

[James Knowles · Rating 4 out of 5]

I've listened to Garret Gunderson in person and on the radio quite a bit, so there was little there that was new. However, the material is excellent and bears consideration. The reason people struggle financially is because they're basing decisions on flawed ideas. You can' rise above the quality (good or bad) of the information you believe. This book cuts to the heart of the most common faulty beliefs about money in our age.

Stephen Palmer shows his talent for writing. I don't know where his voice begins or ends, but the material is well organized and reads easily.

[Catherine Sullivan · Rating 3 out of 5]

I enjoy reading financial books, and this one looked intriguing. After reading it, I think the target audience is business school graduates and those in the financial services. He presents several financial myths and realities but it’s all very conceptual. Most of the advice is “don’t do this, do something better” without much guidance as to the “something better”—like living with according to your Soul Purpose, or not saving for retirement but using that money to move forward. What do those even look like, practically speaking? After finishing the book, I’m still not sure.

[Rachel · Rating 4 out of 5]

I really enjoyed this book because it not only taught me about finance but also about making a better life for myself and those around me. The author teaches that happiness = prosperity, not money! The other most influential concept of the book is to seek out our soul purpose in life and to always be investing in ourselves, with regard to our human life value. It was an uplifting book about a topic that can be such a drag.

[James Davis · Rating 5 out of 5]

This book is where I learned about the difference between producers and consumers. It motivated me to be a creator, a starter, and a producer of value. It reinforced my belief that when you strive to create value in the world that money will naturally follow.

[Preston Gee · Rating 2 out of 5]

The authors discussion on sole purpose and finding your passion is valuable and many people could use it to improve their lives. However, a lot of his financial discussion is flat out disinformation designed to scare the standard consumer, and people should be made aware of that prior to reading

[Dorothy Vandezande · Rating 5 out of 5]

Fascinating and intriguing! So many excellent, counter-cultural ideas in this book. My husband and I listened to this together, and even if we're not sure whether we agree with all of his points, he brings up many great questions and things to consider. Adhering to the common financial myths which he addresses is clearly not working for the majority of people. He details why much of standard accepted advice is so foolish and does more harm than good. (401k, anyone?)

I absolutely love his premise of value creation and human life value and how YOU are your biggest asset. I love his statements about how utilization of money to serve others is a worthy goal while accumulation of money for a false sense of security is not. I also think there's a lot of wisdom in his advice about retraining our perspective from a mindset of scarcity. I could keep going--his views on the "finite pie," win-lose transactions, and many other commonly accepted financial myths are worthy of thoughtful consideration.

Highly recommend! We'll be buying a copy of this one!

[Gina · Rating 2 out of 5]

Oof, this was hard to get through. The book wasn't great to start with and on top of that, it didn't age well yielding a lot of his advice obsolete. The reason I am not giving it one star is because, after wading through empty pompous buzzwords and locker room humor, I did find a couple of useful bits of financial advice. But to get to them I had to suffer through horrible editing, outdated advice and hockey "Christian capitalism - become as rich as you can because it's the right thing to do " psychology.

The author is quick to tell you what NOT to do (like 401ks and corporate jobs) , but is very vague about what you SHOULD do with your money - other than start your own business and invest in real estate. He spends lots of time explaining how 401ks and mutual funds generate mediocre returns but is conveniently silent about how many start-ups go bust after people cash out their 401k's to launch them. He loves labeling thing as good/bad - "producers" vs "consumers", "abundance" vs "scarcity" and then over-generalizes literally everything in life to fall under these categories.

The author peddles his own website that supposedly gives additional, more specific advice - but as of September 2023, that site is defunct.

[Tim Zornes · Rating 4 out of 5]

Really good. This book will not give you specifics for financial freedom, but it will get you re-examining your philosophy of wealth building. Are typical financial instruments, 401K's, IRA's, etc really the best use for your money? Probably not.
The main idea Gunderson gets at is that you should be the one deciding what you want your portfolio to look like, not what "the market" or "best practices" teach. Not everyone needs to be a millionaire, but everyone should be financially responsible and proactively so.

[Chris Earley · Rating 5 out of 5]

I put this book up there with Rich Dad Poor Dad in the amount of "Aha's" I had. Great great read.

[Sandra · Rating 2 out of 5]

This book was recommended to me. I found it meandered and unfocused in its presentation and if there were any gems to be learned I didn't have the patience to decipher them.

[Diana Nagy · Rating 5 out of 5]

Okay...this book...its a must read. No joke. This book is the one financial book you need to read today and its the only financial book you'll ever need in regards to investing and saving. It's worth every penny, no matter if you paid 10 cents or 10 dollars. In fact, in my opinion, its worth thousands. Especially to those of you who have spent that amount in your 401K's. Not smart, people. Get out of the 401k. It isn't going to do for you what you are going to do for yourself with your money after you read this book. I have always followed this advice, and while I am not rich, I am definitely in the black when my expenses and assets are calculated. Way way way in the black. And that's a good thing. It's where you want to be. But let me tell you one thing. I learned the hard way about credit cards and debt. Now I don't have any. Not one. And I used to have 9 credit cards that were eventually all maxed out. I was addicted to shopping. Not that I'm not still addicted, just not so bad. Now I pay cash for everything. If I don't have the cash, guess what? I don't buy it. And you know what I've found anyway? A lot of the things I just "had to have" I ended up finding something better and cheaper, something which ended up making me a lot happier just by waiting and saving up for that fantastic thing that I didn't always end up buying anyway. Just like my husband taught me (although he needs to learn to follow his own advice sometimes), there's always going to be a good deal somewhere. In fact, you will probably run into one every single day. And he's right. There are good and even great deals everywhere but no matter how good of a deal it is, it doesn't mean you have to take it. There will be another deal later with a better item for a better price and it's likely to be much newer and nicer than the one you wanted initially. If you don't have the cash to pay for it, you're not meant to have it at this time. Please read this book and take its advice. Our world needs to change. Our children need to change. They need to not follow the footsteps that most of their parents are sending them in. They learn what we show them. And building up debt is not the answer. Building up assets, investments and savings are. But they have to be the right investments. Obtained the right way. For the right price. And trust me. They're out there and they're easy to come by. It will only take a little bit of research but you will get there.

[Michael Arrett · Rating 1 out of 5]

I have rarely encountered such a poorly composed piece of writing. Rather than persuading the reader of his ideas on finance, as author Gunderson clearly wishes to do, the book rambles from idea to idea with little form or direction. Even setting aside the collection of half baked notions the author wishes to bestow upon the reader, it is clear no serious effort was made to edit and clarify the content of this book prior to publication. It is a poor piece of work through and through.

Having finished the book I am left wondering exactly who Gunderson is trying to persuade. Anyone who has enjoyed even a modicum of financial success will quickly lose confidence in the author's ability to speak on the topic of finance. The author does not have a strong grasp on any of the topics he attempts to cover - debt, insurance, common business financial documents (Balance Sheets, Profit and Loss Statements, Etc...). It is as though he read one article or had a cursory encounter with each topic and then decided to write his book as though he had some expertise.

One section in particular provided me a great deal of amusement - the author spends a lot of time dancing around the concept of debt, and in particular his odd definition of "debt" as only the situation where one's liabilities exceeds one's assets. Any "debt" not meeting that standard is, per the author, to be celebrated and labelled a "liability." It's an odd hair to split, but Gunderson splits it and circles around it for page after page treating his discovery as especially novel and "sacred cow killing." I kept waiting for him to use the word that applied - insolvency (i.e., when liabilities exceed assets), but I'm fairly certain that hadn't come up in the one article he must have read on debt in his working life.

This book is bad and many of its ideas, if executed, would leave the average reader financially worse off. Gunderson charges at the reader with a series of myth-busting ideas that are questionable on their face and never manage to persuade. I'd urge anyone to steer clear of this book and spend their time reading any of the truly excellent business and financial books on the market...or at least one that passed across an editor's desk.

[Rayfes Mondal · Rating 2 out of 5]

The author makes strong claims about 401ks being bad that don't hold up. His claim that even employer matches aren't what they are cracked up to be are wrong.

This is mostly a self-help book telling people to find their Soul Purpose and pursue that and that lives have meaning when we serve others. Nothing wrong with that but I was looking for hard economic data and life coaching.

The author falls into the camp of investing in rental properties to generate cash flow instead of saving for retirement. That's fine but it has risks and requires work just like the stock market. A balanced portfolio would have both.

He has a good chapter on insurance and why you shouldn't have least amount once you have assets which is true for auto, homeowner's and umbrella policies. But I don't think whole life insurance policies are good. Insurance should be used to take care of people who depend on your income. A term policy that covers when your children are under 18 is sufficient. For your spouse a term policy that covers you until your retirement is sufficient since after that point if you've planned properly she'll have enough from your inheritance.

I liked his view of money isn't the most important thing but when you become prosperous by following your Soul Purpose that you shouldn't feel bad about it.

There's a lot of talk about the retirement mentality being wrong. That most people feel like they suffer through their working years to save enough for retirement and when they do retire they've become so stingy that they can't enjoy their money. That can happen but I don't think passive investment strategies like index funds through 401ks are bad and you'll want that money later if you don't make F-you money off of your Soul Purpose.

I've taken plenty of chances in my life and career and am better for it. So much of this book was either "Duh" or wrong that I got very little out of it. I felt like I was reading an infomercial and then I realized the author puts on seminars and such so I guess I was!

[Erin · Rating 2 out of 5]

Oh where to begin? My life will be better if I never again hear the sentence, "For more information, go to KillingSacredCows.com". There are a lot of interesting thoughts in this book and the evaluation of cultural wisdom isn't a bad idea. However, the broad brushstrokes the author uses to paint the picture are often fear-mongering and do not speak to educated use of the financial industry. This book did get me thinking but mostly about why the arguments were hollow or incorrect. So many fallacies... https://en.wikipedia.org/wiki/List_of...

I did find the conversation of cash flow versus net worth to be an interesting perspective and will probably spend more time contemplating that particular topic. I think my biggest issue with the author's point of view is that investment in oneself is only useful as long as one desires to and actively can contribute to society and the economy. There's also some discussion of legacy that I find particularly off-putting because the author seems to come from the perspective that everyone should be making decisions based on what will preserve their money and legacy. I don't really consider monetary legacy to be a worthwhile investment of my time or resources so we have a philosophical difference about why one is productive. I want the last check I write to bounce. Teehee. ;-)

The author states in the audiobook that he wrote with the intention of being thought-provoking. In that aim, I think he was successful. I do not agree with a significant portion of what he wrote and I do not approve of the judgmental way some of the information is conveyed but it did get me thinking about a few things. I don't think it'll change any of my life plans but it wasn't a bad audio track for a few hours.

[Amie · Rating 3 out of 5]

The positives: This was an easy book to listen to and was full of good self-help advice to get started in personal financial planning. I like how much emphasis he puts on finding your own financial path and investing in yourself, which he calls “soul purpose.” It was nice to hear that versus how much money you need to make just to survive. It’s an incredibly positive approach to long-term planning. The negatives: 1) I agree with others that he repeats himself too much, 2) there isn’t a lot of real financial advice, and 3) this is one long advertisement to visit his website. I would recommend this book to anyone who is just getting started or just making real money - college kids, newly single people, etc. and I am glad I read/listened to it. But it just could have been better, hence the three stars.

[Jeffrey · Rating 4 out of 5]

There are so many cultural and societal myths that boil just above the surface of truth waiting to be despoiled, yet few do the work to weed them out. They can be found in education, relationships, health, medicine, even finance. And here is where Sacred Cows comes in to save the day. What do you know about the 401k myth (or 403b, if public)? I know a LOT for I have been deceived. I have also first-hand seen my life suffer via the education, health, work, and finance myths. What do you know about retirement myths that may be preventing you from fully enjoying retirement. Debt may not be what you think it is. Or assets for that matter. Grunderson has earned quite a reputation to cutting to the core of sacred financial myths that just may save your financial life. Certainly worth a read.

[Lori · Rating 2 out of 5]

I skim-read this book (can you do anything else with these self-help type books?). Things I liked: principles of responsibility, productivity, and abundance. Things I didn't like: no examples that didn't include real estate or entrepreneurship, the term "Soul Purpose" (not that I could come up with a better term), and that it is basically a sales pitch for his consulting (not that I blame him for trying.) It did make me think about my retirement plan and consider doing something unusual instead of the 401k and IRA thing. I agree that those products have been pushed on everyone--and there must be a reason for it and that the reason is probably not because they really benefit us so much.

[Kunal Sampat · Rating 3 out of 5]

This book is less about finances and more about the philosophy of life, of which finance is a huge part.
I found many parts of the book repetitive. However, the repetition does help reinforce the points the author is trying to make.
The author provides a list of questions you should be asking in life and before making any financial decisions. I loved this list of questions.
The links, as mentioned in the book, on the killingscaredcows.com website don't work.

[Terry · Rating 4 out of 5]

I vacillated between 3.5 and 4. Lots of great material in this book, however, the writing is boring and repetitive. Don't dismiss the book because of that, like I said, full of useful and eye opening information.

[Tim · Rating 4 out of 5]

Gunderson exposes how the scarcity mindset can ripple out in all aspects of our lives, and how to convert our thinking and actions to achieve greater productivity, achieve our dreams, and life with more purpose.

[Shaeley Santiago · Rating 4 out of 5]

Thought-provoking exploration of common financial/retirement myths

[Moseray Smart · Rating 3 out of 5]

Good insight, I’m under the impression that financial books tend to simply pull information out of each other. No wonder why I enjoy Biographies more. It is still a good read.

[Cory Wallace · Rating 5 out of 5]

Great read that debunks the 401(k) and other financial myths. Highly recommended.

[Porter · Rating 3 out of 5]

3.5 stars. Certainly some interesting points and topics but retreaded some of the same topics over and over. My favorite was talking about perception of value, living with an abundance mindset, investing in yourself. I especially enjoyed the discussion on cost cutting versus revenue generation—you can infinitely increase your revenues, but are likely to only cut costs a relatively minuscule amount without destroying value. He talked quite a bit about focusing on revenue generation.

The author loathes investing in 401ks because they don’t allow you to focus on your Soul Purpose with your money, yet, he wants you to buy permanent life insurance… I haven’t been able to reconcile the contradiction.

I found it interesting the way the author distinguishes between debt and liabilities. His claim that anyone holding liabilities less than their assets has no debt. He makes a point of ensuring people feel comfortable using some kind of liability to further their Soul Purpose so long as they don’t go into his definition of debt.



The only way to stay out of debt is to create more value in the world than we consume, or in other words, to serve more than we are served. Page 209

Those who say it can’t be done are usually interrupted by others doing it. Joel Barker

There are risks and costs to a program of action. But they are far less than the long range risks and costs of comfortable inaction. John F Kennedy

How can it be risky to wake up each morning and do what we love doing, provided it is moral, principle based, and creates value in the world?
Sacrificing the things that bring us the most joy for an imaginary security, and therefore not living up to our potential, is actually the more risky thing to do. This, then, is the elusive obvious behind the advice to sacrifice passion for security. Garrett Gunderson

Men do not attract that which they want, but that which they are. James Allen Page 24

Net worth is only potential value—it is worthless until realized, just as a Person's potential is worthless until it is realized through serving and creating value for others. The way to bridge the gap between the potential of net worth and the productivity of cash flow is through creating value-finding ways to meet the perceived needs and wants of other people. To be financially successful, we must stop focusing on accumulating net worth and focus instead on providing goods and services that other people value. Page 55


Consumers, particularly savers, think that they save money by mowing their own lawns. I pay $150 per month to have someone take care of my lawn.
The price I pay is obvious. What isn't so obvious is what it would actually cost me if I chose to do it myself. I would immediately have to pay a few hundred dollars to get all of the equipment, and attached to those dollars are opportunity costs of what they could have been had I invested instead in something that is a more productive use of my abilities. Once I have the equipment, I must count the time it takes me to take care of my lawn and calculate what I could actually earn if I spent those hours using my greatest abilities instead.
When I consider all of the factors, it becomes clear that it would be incredibly foolish for me to mow my own lawn for the sake of saving money.
Although I'm capable of doing it, I personally don't get energy from mowing my lawn. What if I were mowing my lawn instead of writing this book? It might only take half an hour a week to mow my lawn, but that adds up quickly over the years. Which activity is more productive for me? Which is of higher value to the world? Mowing my lawn would also take time away from my family, and that is too high a cost for me.
Now, it may be a joy for you to work on your landscape or in your gar-den, in which case it makes sense for you to do it yourself. This example is not meant to discredit those endeavors. But there's more to seemingly simple choices like this than it first appears. Page 222

When we focus on price and ignore value, we starve our goose that lays the golden eggs in an effort to cut our expenses. A better approach is to do whatever is necessary to take the best care of our "goose," which, of course, happens to be us. Page 224