Financial success happens with perseverance, good spending habits, and making calculated moves with your money.
5 Steps To Becoming A Millionaire
Self made millionaire and real estate investor, Grant Cardone, peels back the curtain on his business, how he interacts with his team, and the 5 steps to becoming a millionaire. In this meeting with his staff he urges them all to change their mindset and personal goals as a means to fuel their passion for work. The list shown below on its own does not hold much value as this is not a get rich scheme. What Grant describes rather, is a lifestyle and a way of life that will ultimately lead you to your financial goal.
- Save 40% of Gross Income
- Play Broke Until You Can Invest
- Create Passive Income.
- (Not Specified) – but there’s an abundance of gems in this video!
Creating Passive Income
One crucial step in this process is generating passive income from your existing capital. As noted by Grant in the video, if you store your money for too long eventually it will disappear. He also mentions cash being worthless unless you use it. So when building yourself up it’s important to reinvest early in guaranteed sources of passive income, like real estate and possibly e-commerce or web marketing. Developing these additional income streams helps you hit your goal quicker and creates more stability for your finances overall. Stay mindful though when making these decision because a poorly planned start up runs the risk of becoming a money pit.