I Was Broke, Now I’m a Self-Made Millionaire: 6 Ways I Got Rich (and Only One Involves Math)
While going from being broke to having millions might sound unrealistic, the businessman, author and investor Grant Cardone did just that. He now brings in around $100 million annually through seven businesses and manages $4 billion in assets. In “The Millionaire Booklet: How To Get Super Rich,” Cardone revealed the path to his success. Here are six things he explained you should do to become rich.
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1. Believe That Getting Rich Is Achievable
Like with any financial goal, your mindset can make or break your success. If you think that only the famous or highly advantaged can build wealth, you’ll likely fail to become a millionaire. Gardone emphasized that you need to stop seeing the millionaire life as some fantasy and instead consciously commit to achieving that goal.
2. Look at the Numbers
To better see how your millionaire goal is realistic, get a spreadsheet or pen and paper to look at some options for making that amount. In a blog post attributed to Cardone and posted on The Tradeshow Network website, he provided an example that you could make $1 million through 2,000 sales of a $500 product. You could also make the same amount over a year if you charge 5,000 customers for $17 monthly subscriptions.
3. Build Up Your Income
Cardone instructed readers to find multiple income sources to start working toward a millionaire goal. This includes several side gigs, including making podcasts, writing materials and teaching online. You can also purchase investments or start businesses to generate money.
4. Be Around Those With Money
You’ll have a much better chance of becoming a millionaire if you seek out the right people. Cardone wrote in his book, “You don’t need to make money, you need to connect with those who’ve already collected money, who have money and exchange what you have (skills and knowledge) with what they have (money).” Find people who would buy your products and investors who can commit funds to your business ideas.
5. Stay Broke
Cardone emphasized the importance of immediately stashing away extra money you have into special accounts. Along with preventing potentially wasteful spending, this move can encourage you to seek more ways to generate cash. You’ll also be able to use that money for investments that help you build wealth.
6. Focus on Investing Rather Than Saving
“The only reason to save money is to one day invest money,” wrote Cardone. Leaving your money in savings accounts, which usually earn low returns, will make you miss out on opportunities to build lucrative income streams. Instead, you could put that cash to work to create businesses, become a passive real estate investor or invest in others’ business ideas.
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