Grant Cardone is one of the best motivational speakers alive. He is also an international sales expert, and a New York Times best-selling author. In 2014, he penned an article where he outlined the 10 steps to become a millionaire by age 30. Today, Ignitia reviews those steps.
Follow the Money
According to Grant, the first step is to ‘focus on increasing your income in increments and repeating that’. He notes that you cannot ‘save your way to millionaire status’. According to Grant, if you start by following the money, it will force you to control revenues and see new opportunities.
Don’t Show-Off, Show-Up!
Grant’s second step is all about not making lavish purchases before you can afford them. It seems obvious but is apparently all too common that once a person begins to make some money, they want to make a luxury purchase. If you truly want to become a millionaire, hold off on those purchases until you can truly afford them.
Save to Invest, Don’t Save to Save
As Grant puts it, ‘The only reason to save money is to invest it’. According to Grant, once you do see some income this money should be invested in secured accounts that you cannot access under any circumstances. Once money has been invested, it should be 100% inaccessible. According to Grant, this will force you to circle back to step one and to find new sources of income.
Avoid Debt that Doesn’t Pay You
According to Grant, you should only use credit as a way to make yourself money. According to Grant, ‘Rich people use debt to leverage investments and grow cash flow.’ As a further example, Grant explains how he took out a loan for a car because it would help him to make more money – the only acceptable time to use debt.
Treat Money Like a Jealous Lover
The gist of this advice is to make money a priority. According to Grant, people who want more money should treat money like a jealous lover; one who will leave them if not made a top priority. According to Grant, if we do not make money a top priority, it will leave us for someone who does.
Money Doesn’t Sleep
According to Grant, if you want to make money, money will be awake waiting to be made. The only thing you have to do is work to get it. And to work you have to be awake. As long as you’re awake, you can be making money. The more work you put in, the more money you can make. If you want to be rich, this is what it will take.
Poor Makes No Sense
For this tip Grant relates some advice once said by Bill Gates, ‘If you’re born poor, it’s not your mistake. If you die poor, it is your mistake’. According to Grant, if you want to be rich you have to convince yourself it is not okay to be poor. You also have to convince yourself it’s not okay to just get by.
Get a Millionaire Mentor
According to Grant, if you were not born rich, meaning you were born poor or middle class, you will need to break out of the thinking of that group. According to Grant, ‘Most rich people are extremely generous with their knowledge and their resources’. This is the type of people you will want to be around. If you want to live the way they do, you will need to learn from them. So, get yourself a millionaire mentor.
Get Your Money To Do The Heavy Lifting
According to Grant, the most important and best way to become a millionaire is through investing. According to Grant, millionaires make more off their investments than they do from their income. But investing requires capital. According to Grant, this is the only reason for the first 8 steps – to get to the point where you have enough money to invest. Let your money do the heavy lifting.
Shoot For $10 Million, Not $1 Million
According to Grant, the single biggest financial mistake he’s made is not thinking big enough. If you want to make a million dollars, shoot for ten million. The bigger you think, the better. Avoid anyone who says you’re dreaming, they’re probably not where you want to be anyway. You can do this, if you just think BIG!