Grant Cardone is not a household name, but he offers lessons on how to get super-rich. Cardone is a self-made American entrepreneur who went from broke to earning millions. He owns and operates four companies that do nearly $100 million in annual sales—and says he did it by following six simple steps.
In his book, The Millionaire Booklet: How to Get Super Rich, Cardone says anyone can get rich, regardless of their current economic condition, where their live, or what they do. And I know it couldn’t be that simple, and there are no guarantees you’ll start earning as much as Cardone. Nonetheless, here are the steps on how to become a millionaire that he says worked for him, and I am going to paraphrase a lot of what he says in the book:
Step 1: Mentally Commit
He says, getting rich starts with your mindset, with the belief that you really can accumulate wealth. The biggest mistake is to think becoming a millionaire is impossible. The first thing you have to do is decide to become a millionaire, multimillionaire, or billionaire if you want, then you must reinforce that decision, over and over.
Step 2: Do The Math
Next, crunch the numbers to see what it actually takes to reach seven figures or whatever your personal goal is. Cardone calls this Million Dollar Math, where you figure out the different possible paths that can get you to collect a million dollars.
For example, if you can figure out a way to get 5,000 people to buy a $200 product, you’d have $1 million. Or if 5,000 people paid you $17 a month for 12 months, that would also get you to $1 million. While these examples are highly simplified, his point is to do the math to create possibility, then create the strategy to make it happen.
Step 3: Increase Your Income
Once you’ve done the math and realize how real it is to get super rich, you need to focus on increasing your income streams. And, he notes, self-made millionaires rarely depend on a “sure thing,” so most of them tend to have at least three sources of income.
Some of the ways of increasing your income are internet sales, becoming a paid blogger for something you’re passionate about, editing for authors, releasing a podcast, real-estate rentals, stock market investments, side businesses, or part-time jobs such as teaching a language or driving for Lyft. So, seek out multiple ways of increasing or supplementing your income streams.
Step 4: Find Out Who Has Money And Spend Time With Them
Then make a list of people who can pay you for what you’re good at, and get in touch with them. In other words, connect with people who have money and exchange what you have—your skills and knowledge—for what they have—the money.
Cardone believes there’s no shortage of money. The key is to get in front of those who have it, investors or potential buyers, and provide them with value.
Step 5: Stay Broke
No matter how much you increase your income, “stay broke.” Cardone says he has a policy to never, ever have money sitting around. Once he starts increasing his income, he immediately moves the surplus to sacred accounts that are out of his reach and marked for future investments.
This is a way of paying yourself first: investing your money before paying anyone else. This way, he’s never even tempted to spend or waste money that’s sitting around.
Plus, when you’re broke, you’re motivated. This state of staying broke forces you to continue producing new revenue and to keep reinforcing the actions that had already proven successful.
Step 6: Save To Invest, Don’t Save To Save
Investing money is how to become a millionaire, so Cardone believes the only reason to save money is to one day invest it.
Following Cardone’s steps is just the beginning. To truly succeed, you have to repeat and reinforce these steps and have hyper-focus. And, if you do, the rewards can be massive.
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