I recently picked up Cardone’s Millionaire Booklet with a very unapologetic subtitle: How To Get Super Rich.
The man delivers with such power that after 2 hours (the book is really short) you’re left with a burning desire to succeed. The author went from being broke, taking drugs, and worrying about money to over 100 million in net worth – with no connections, and no lucky break. And yes, he has a private jet. I read two of his other books – 10X Rule which is about multiplying your efforts to succeed as a boss, and Be Obsessed or Be Average where Cardone dispels myths about the middle class and shows you that if you want to make it in life, you must become obsessed. All these ideas helped me greatly. Here are some of them, along with powerful quotes.
14 Best moneymaking ideas from Grant Cardone:
1. Who’s got my money?
This simple question can change your business life forever. In any business endeavor, just ask – “who’s got my money?” Who can pay for the products and services you’re offering? You should only be talking to these people and attracting them to your business. Always ask this question – “who’s got my money?” Focus is key here.
2. Perform at 10X levels
Grant tells you to be unreasonable and put in more work than anyone else around you. First, they’ll say it’s impossible, then they’ll criticize you and in the end, they’ll respect you. Cardone habitually works at least sixty hours per week and he’s been doing it for the last thirty years – no big breaks, no vacations. The amount of work you put in is the only variable you can control when it comes to creating wealth and success. “Extremely successful people know that their efforts must continue for them to realize new achievements. Once the hunt for a desired object or goal is abandoned, the cycle of success comes to an end.” ― Grant Cardone
3. Focus on increasing your income
There are so many misconceptions about becoming rich. One of them is that “if you only put $40 in the Coca-Cola stock at the beginning of the XX century, now you’d be worth millions of dollars”. It helps to demonstrate the power of compound interest but you won’t get rich in this way – you’ll just get old. The other misconception is that if you just cut down on your daily latte you’ll end up rich one day. Again – this is wrong. According to Cardone, you have to go on the offense and maximize your income. If you earned $50.000 last year, how are you going to earn $60.000 this year? Grow your income in increments until you get to $ 125,000 per year and you’re on your way to riches.
4. Transfer your monies to sacred accounts
Cardone echoes the advice of all wealthy people – pay yourself first. Get a percentage of your income automatically deducted and transferred to your future investment accounts. One way to get rich in the long term is to put your money in an index fund like the S&P 500 every month. Over 30 or 40 years, you can expect annual growth of 7% and through compound interest, even small monthly amounts can turn to millions. But you should also keep separate accounts for your other potential investments – ones that will multiply your income. More on this below.
5. When you finally find a deal, go all in
That’s the purpose behind your sacred accounts. You need to gain knowledge, experience, and expertise in your field and actively look for an opportunity to invest your money and create more wealth. Maybe it will be a partnership, a joint venture, setting up a second or third company, etc. If you look for it, you will find it at some point and then you have to be ready to go all in.
6. Drop the middle-class mindset
Many years ago I listened to one of the Jim Rohn tapes where he said that “profits are better than wages”. I kind of got that, but never fully implemented it in my life. Focus on profits is the millionaire mindset. What is the middle-class mindset, on the other hand? Get a job with a nice wage, buy a house, go to college, and try to enjoy your life. But man, with profits you can go so much further. With the same 10 hours a day you put in, you can take out ten times more wealth for yourself and the people you want to support. The obligation is on you.
7. Invest in yourself
This is the mantra of all high performers. You have to re-invest part of your income into your education. This will pay off a hundredfold. Cardone says that millionaires grab a book with a mindset: “Where is my next million-dollar idea here?” They are hungry for knowledge. Did you know that CEOs of major companies read around 60 books per year? Guess how many are read by a regular person? Less than one. Do you see any correlation between education and wealth? Good. “As long as you are alive, you will either live to accomplish your own goals and dreams or be used as a resource to accomplish someone else’s.” – Grant Cardone
8. Create multiple streams of income that supplement each other
Grant Cardone advises you to not abandon your primary flow of income until it’s ridiculous to keep it. A great way to start a business these days is to continue at your day job and expand your side hustle during the mornings and evenings. Gary Vee, another self-made multimillionaire, and a media personality asks: “What do you do every day between 7 PM and 2 in the morning?” Success requires sacrifice but it will be worth it.
9. Be broke but not poor
Many millionaires stay broke long into the game. When they already have millions in the bank, they’re still hungry and operate on minimal expenses. Why? Because they stay patient and wait for the big bucks. The flashy cars and houses can wait till the later stage of life. First, you need to hustle hard to save and invest your profits.
10. Show up and say yes to everything
One of the fastest ways to get attention is to say yes to everything. Interviews, podcasts, talks, shows, conferences, blog posts, social media collaborations – say yes. It’s the only way you’ll be able to break through the noise and reach your target audience (aka. “Who’s got my money?”). “What if the only thing standing in the way of your greatness was that you just had to go after everything obsessively, persistently, and as though your life depended on it?” ― Grant Cardone
11. Be inspired by criticism and naysayers
There’s no way you’ll succeed without attracting trolls and naysayers. Cardone says the trolls are good for you – they provide more attention for you and your business. When you start to attract criticism, it means you’re doing something good. But naysayers are sneakier. They could be your mom and your best friend. They’ll tell you to slow down and just enjoy life. But you have to be strong and continue with your resolve to succeed. That’s why reinforcing the belief and setting goals every day is crucial.
12. Take all your goals and 10X them
The 10X rule is all about multiplying your efforts and setting huge goals that will inspire you. Do you want to make a million dollars? 10X it! Do you want to make an impact in your community? You can do ten times more than this. Grant says that one thing he regrets is not setting his goals high enough early in life. He advises you to be unreasonable and ultimately, the reality will bend to your will.
13. Become obsessed
The only thing that will take you to a higher stratosphere of success is a constant, laser-like focus on your goals. I didn’t understand that for a long time, but now I try to practice it every day. I attack the day, I crush the day. Every day is an opportunity to move closer to your goals. Don’t miss out on that.
14. Don’t be average
If you’re not obsessed, you’ll quite likely be average. Get that – it takes the same amount of effort to be average as it does to be successful and highly efficient. Average people spend all their lives making up excuses about why they are not able to live the life of their dreams. Don’t let that be you. “Average is a failing plan! The average doesn’t work in any area of life. Anything that you give only average amounts of attention to will start to subside and will eventually cease to exist.” – Grant Cardone How did you like the best ideas and quotes from Grant Cardone?
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