Did you know that 76% of people are living paycheck to paycheck? Grant Cardone, the CEO of Cardone Capital, has often shared the shocking statistics behind how many people live on tight budgets and barely make it by. If it feels like you’re stuck in a cycle where you can’t seem to get ahead financially, Cardone believes that he has the reason for this.
Why Are 76% of People Living Paycheck to Paycheck?
“If you’re having financial trouble, it is because you have the wrong information,” Cardone has remarked numerous times. Cardone believes many people live paycheck to paycheck because they have the wrong information. While these people mean well, they haven’t found the right information to act on yet. He says that these people are worried instead of living a life of prosperity.
Cardone has shared that the rich work for their freedom. He has even stated that those who work a traditional 9-5 will continue to get average results. He urges his readers to stop doing just enough to get by.
What Can You Do to Break This Cycle?
What can you do if you’re living paycheck to paycheck? The trick is to find the correct information by constantly investing in yourself and your knowledge. Cardone is a massive proponent of investing all your money instead of letting it sit around in a savings account. Cardone believes you should invest in finding better information to earn more since most people have an income problem, not a debt problem.
Cardone wants you to set targets for increasing your income so that you’re always trying to make more money until you become a top earner. Cardone specifically wrote, “Regardless of where you are today, have a TARGET of where you want to be: Top 1% of Earners $823,763 Top 5% of Earners $342,987 Top 10% of Earners $173,176.” By setting targets and goals, you can increase your income so that you have more money coming in.
Then, the next step is to create passive income. “Wealthy people tend to live off of passive income, not earned income,” Grant Cardone shared with GOBankingRates. “Once your passive income exceeds your earned income and all of your expenses come from your passive income, then you have achieved wealth.”
What You Need To Know About Increasing Your Income.
Cardone firmly believes in increasing your income by not relying on a 9-5. The key to building real wealth is passive income streams that will pay you money in your sleep. Cardone often goes on record to share that he dumps most of his income into real estate.
On top of passive income, Cardone is a huge believer in multiple income streams, so you’re not relying only on your job. These multiple income streams include ordinary income and bonus revenue. Some ways that Cardone believes you can increase your income are sales, getting prospects for your company, affiliate programs, and buying an established income.
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