Grant Cardone’s 5 Easiest Tips To Help Grow Your Wealth
Written by
Jennifer Taylor
Edited by
Jenna Klaverweiden
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Grant Cardone knows a thing or two about success. Generous with his wisdom, the serial entrepreneur and author has shared many tips to help others build wealth.
If you’re interested in growing your net worth, figuring out where to start can feel overwhelming. Take it slow by following these five easy tips from Cardone.
Earn Passive Income
Cardone didn’t earn his fortune at a 9-to-5 job. Instead, he worked hard to generate passive income.
“Wealthy people tend to live off of passive income, not earned income,” Cardone told GOBankingRates. “Once your passive income exceeds your earned income and all of your expenses come from your passive income, then you have achieved wealth.”
Cardone’s preferred form of passive income is real estate. “I dump all of my money into real estate because it is a real asset that generates monthly passive income,” he said.
Real estate may not be a fit for you, and that’s okay. There’s no shortage of ways to earn passive income — e.g., investing, creating an online course, renting out storage space in your home, etc. — so find at least one option that works for you.
Build and Maintain Relationships
Being well connected can help you build wealth. Therefore, it’s important to make networking a priority.
“Money is a people game,” Cardone said in an interview.
Networking can take on many different forms, such as attending industry events, keeping in touch with former colleagues and volunteering at community events. Treating people with respect and showing a genuine interest in them builds trust.
This can lead to business opportunities, because people want to work with — or recommend to others — contacts they like who they feel they can count on.
Focus On Steady Returns
Get rich quick schemes rarely end well. Instead, Cardone, in the same interview, recommended seeking out investments with a steady annual return of around 7% to 8%. Additionally, he advised steadily investing your money every year to grow your wealth over time.
Building wealth shouldn’t be a race to the finish line. Taking your time to choose the solid investments that grow at a reasonable rate will bring you wealth that lasts.
Invest In Yourself
The most valuable asset on your journey to build wealth is you, Cardone wrote on his website. In addition to networking, as noted above, Cardone advised focusing on physical training and self-development.
This might mean taking a class, earning a new certification or even hitting the gym to boost your confidence. Think about any obstacles currently standing in your way and use this to determine which area(s) to invest in.
Focus On Your Goals
If you want to build wealth, you need to set goals and achieve them. On his website, Cardone emphasized the importance of physically writing your goals down multiple times per day.
“When you do this, it keeps your objective at the forefront of your mind,” he wrote.
It’s hard to push your goals to the side when they’re right in front of you. This small but powerful action can inspire you to keep working toward the objectives you need to accomplish to build wealth.
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