Grant Cardone: 5 Money Resolutions You Should Make in the New Year
Written by
Gabrielle Olya
Edited by
Ashleigh Ray
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Grant Cardone, private equity fund manager and real estate investor, believes that setting money goals is something everyone should do, regardless of the time of year.
“I very much believe in resolutions,” he told GOBankingRates. “Every day is a new year for me, so I’m always thinking about, how do I grow?”
To make your resolutions stick, Cardone — who will be hosting his 2023 Real Estate Summit in Scottsdale, Arizona, Dec. 19-20 — recommends writing them down twice every day.
“Your New Year’s resolutions are not to be written one time on Jan. 1 or Dec. 31. Write resolutions daily — [in the] morning as soon as [you] wake up and at night,” he said. “Anytime I’m disappointed or discouraged, I write my resolution down again.”
Cardone also keeps track of his progress toward his goals throughout the year.
“Whatever I’m trying to measure, I’m going to graph,” he said. “If I can collect $20, my graph goes to $20. I blow my $20, my graph goes down to zero. I’m going to graph everything.”
As for what money resolutions to make in the new year, Cardone recommends these five.
Set a Target
“Number one, you have to have a target,” Cardone said. “One of the most important things in financial success is the target itself.”
Once you set a goal, break it down into more manageable steps.
“Let’s say it’s to produce $1 million in new income in 2024. I’m going to start looking at, how possible is that?” Cardone said. “What if I broke it down to its most simplistic numbers. What if I told you it was $1.90 a minute?”
Expand Your Network
After you break down the target, figure out how you can actually achieve it. This will likely mean expanding your professional network.
“I ask, ‘Who can help me do this?’ — not, ‘What do I need to do?’,” Cardone said. “I’m going to need people that can help me. This means you have to get rid of the people that you have right now and you’ve got to go spend time with new people. I do not get new information from old people. You want new information, you’ve got to go to new people.”
Reinvest Any Money You Make
“When you get money, don’t blow it,” Cardone said. “Use that money to get more momentum for the things that worked.”
This is counter to what most people do.
“Let’s say you got $5,000. Do not reward yourself with a vacation,” Cardone said. “Resist the temptation. People want to celebrate and they celebrate prematurely, but you haven’t achieved your target yet.
“What you want to do right now is double down on the things that work,” he continued. “Reinvest that money, either in something that can continue the process or something that will grow your other revenue streams.”
Enlist an Accountability Partner
Whatever your financial goal is, find someone that will help keep you on track. This may be a friend or family member, or if it’s a business goal, you might consider hiring someone.
“[The] fourth [money resolution should be], I’m going to hire somebody to hold me accountable,” Cardone said.
Don’t Quit
“‘I am not going to quit’ — I’m going to add that to my affirmations,” Cardone said. “I am going to continue with this until I hit my targets. That might mean I need to get my wife or my kids on board with whatever it is.”
Instead of holding yourself to staying committed for a full year, Cardone said to start with a month. This will make you less likely to quit.
“What I’m going to do at the first of the year is I’m going to do this for 30 days,” he said. “I’m not going to do it for the whole year, I’m gonna do it for shorter periods, because anyone can suffer for short periods of time.”
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