For some people, how to be a millionaire is impossible. Moreover, it is difficult to imagine that someone would have reached such a position of wealth at the age of 30. It seems that it is just a fantasy.
But that doesn’t apply to Grant Cardone, an international sales expert, and manager of the US $ 1.78 billion Real Estate Fund. Cardone said at 21 he had left school bankrupt, and at 30 he had become a millionaire. He also shared tips for his success.
Citing, entrepreneur.com, Saturday (24/4), Cardone will share 10 steps on how to be a millionaire at a young age.
How to be a Millionaire
1. Follow the money
In today’s economic conditions, it is difficult for everyone to get millionaire status. So the first step is to focus on increasing your income gradually and repeating it. For example, when he first started working, Cardone recorded an income of US $ 3,000 per month and nine years later his monthly income was US $ 20,000.
“Start following the money and it will force you to control your income and see opportunities,” says Cardone.
2. Don’t boast, but work
Cardone says he doesn’t buy his first luxury watch or car until his businesses and investments generate multiple, safe streams of income. “I was still driving a Toyota Camry when I was a millionaire,” he explained. He added, identify your work ethic and not what you buy.
3. Save to invest
The only way to save money is to invest it in future needs. For that, our income should be kept in a safe place and untouched. “Never use the money, even in an emergency. This will force you to follow the first step,” he said.
He said that currently, at least twice a year he went bankrupt because he always invested his excess money in companies that he could not enter or withdraw anytime soon.
4. Avoid consumptive debt
Cardone said he borrowed money to buy a car because he knew it could increase his income. According to him, the rich use debt to increase investment and grow their cash flow.
“Meanwhile, the poor use debt to buy things that make the rich even richer,” he said.
5. Make money a priority
Millions of people want economic freedom, but only those who make money their priority have millions of money. Therefore, to be rich, money must be a priority.
“If you ignore it, then the money will either ignore you, or worse it will leave you for someone who considers it a priority,” Cardone said. this is one way how to be a millionaire
6. Money doesn’t sleep
Because money does not recognize a schedule including sleep, money likes people who have a work ethic. When, Cardone was 26 years old, he worked in retail and shops which closed at 7pm.
However, he mostly stayed in the shop until 11 pm selling other items. He emphasized that to become a millionaire one must work harder than other people. this is one way how to be a millionaire
7. Being poor doesn’t make sense
Cardone said he used to be a poor man and it was really annoying. Because of that, he asked to get rid of all the notion that it is okay to be poor.
Bill Gates said, “If you are born poor, it is not your fault. But if you die poor, it is your fault.” this is one way how to be a millionaire
8. Find a millionaire mentor
Most of us grew up in economically poor or middle class societies and we limit ourselves to the idea of one group.
“I have studied millionaires to imitate what they do. Find your personal mentor and study him. Most rich people are very generous with their knowledge and resources,” said Cardone. this is one way how to be a millionaire
In order to become a millionaire, you must be able to make the money you invested working hard to make money for you. Cardone takes the example of a company he founded that required an investment of US $ 50,000 and the company has been paying back that investment every month for the last ten years. this is one way how to be a millionaire
Then Cardone also invests in real estate. He started an investment of US $ 350,000, which was most of what he had at the time. Now he still owns the property but the property continues to give him income.
“Investing is the only reason to take other steps and your money will work for you and lift a heavy load,” he added.
10. Make a Target
He said the big mistake he made at that time was not thinking big. Yet according to him, this planet is not short of money, however, only a few people think big. this is one way how to be a millionaire
Therefore, Cardone recommends applying the 10 steps above to become a millionaire. Then get rid of those who say our financial impulses are greed.
But he also reminded us to avoid get-rich-quick schemes, stay ethical in getting money, never give up, and when we do that, we also have to help other people do it.