If you’re serious about leveling up your financial game, tuning in to Grant Cardone‘s teachings can be a game-changer. Cardone is a powerhouse entrepreneur, trainer, author and motivational speaker who has built an empire around teaching people like you how to achieve not just millionaire, but multimillionaire status.
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From his bestselling books to his impactful online courses, Cardone is a thought leader in sales, real estate and personal finance. In short, he’s someone whose insights could be the key to your financial freedom. Here are 10 steps to take to become a self-made millionaire, according to Cardone.
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Decide To Be a Multimillionaire
Cardone said that the No. 1 mistake he’s made throughout his career is that he went for an earnings target that was too low. He says that even if you think a million sounds like enough for you, you should set your goal higher because you could come up short.
“To become a millionaire, set your target at becoming a multimillionaire. I would say 10 [million] or even 20 if you can think that big,” he said.
Stop All Poverty Behavior
Cardone advises, “Make a list of the activities that people that either live in poverty or act like they’re living in poverty — how they operate every day,” and cut all of them out of your life. The following are examples of the poverty behaviors he believes you need to stop:
Drugs
Alcohol
Not investing but spending
Wasting weekends
Government dependence or dependence on others
Shortcuts
Victim mentality
Not reading
Refusing to network
Refusing to get outside one’s ZIP code and travel
Study Multimillionaires
Cardone said not to study millionaires because once a person becomes a millionaire, they go into conservation mode to protect the million. He said to study two people deeply who have gotten it right when it comes to making millions, rather than 20 people in a shallow manner.
“If you get a chance to spend three days with anybody who has accumulated 30, 40, 50 or $100 million … I promise you it’s a game changer,” he said.
Work Like a Multimillionaire
Cardone said that 95, 100 and 110-hour workweeks are common among multimillionaires. He said that Elon Musk still works 100-hour weeks. Cardone recommends trading your 9 a.m. to 5 p.m. day for a 5 a.m. to 9 p.m. day, because that’s what he says the big players do.
Move Your Spending to Investing
Cardone said that instead of spending money, you should be investing it. “Quit spending money on stuff,” he said. “I’d rather invest $1,000 in something that can make me money than waste $100 on something that literally gives me pleasure.”
Create Multiple Flows of Income
It is said that the average millionaire has seven flows of income. However, Cardone said that the people he knows who have created multimillionaire levels of wealth have hundreds of flows of income.
He said to get started creating multiple flows of income, you should get great at what you currently do first. Next, he said to ask for a bonus — not a pay raise — for what you’ve contributed to the company. After that, Cardone said you should create an income source outside of what you do during the day.
Expand Your Network
Cardone said, “It’s said that your network is your net worth.” He explained that a big mistake he made was staying too close to his family. He said he’d get comfort and nurturing from them when he failed, which is not what he needed.
Instead, Cardone said you should be expanding your network by investing in conferences, summits and masterminds. He said these networking opportunities will give you access to the way other people think and operate as well as to their success.
Never Lose Money
Cardone said to quit putting your money into things where there’s a chance (even the slightest chance) of losing your money. He said to instead invest in yourself, your business and real assets that produce cash flow and over long periods of time will appreciate with no likelihood of losing money, such as real estate.
Make Hard Decisions
“When things get tough, the successful make hard decisions quickly,” Cardone said. “For you to be financially successful, you will have to make very, very difficult decisions. When you do, make them fast.”
Never Quit or Settle
“The super financially successful don’t stop once they hit their targets,” Cardone said. “They simply reset and go again. They also don’t quit when they have setbacks.”
Cardone said that instead of quitting in the face of setbacks, they recalibrate and invest in the direction they’re going, knowing that their new goals are attainable, important and worthy — as long as they don’t quit.
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This article originally appeared on GOBankingRates.com: Grant Cardone Shares 10 Steps To Becoming a Self-Made Millionaire
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