Grant Cardone: These Are the 3 Income Streams You Need To 10X Your Bank Account
Written by
Gabrielle Olya
Edited by
Levi Leidy
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you want to increase your earnings exponentially, the key is to have more than one income stream. According to Grant Cardone, private equity fund manager and real estate investor, you would ideally have three income streams to 10X what you’re making now.
1. Your Full-Time Job
Cardone, who will be hosting the 10X Growth Conference 2024 in April, said that your job is the first source of income you should work to build. While you may be able to achieve wealth working for someone else, he believes that owning your own business is the best way to create an income stream for yourself and future generations.
“My daughters have been working since they were 6. They have a job at our company,” he told GOBankingRates. “There are 32 million small businesses in America. The kids should work at the company and get an income.”
2. Something You Bought
“The second thing that anyone can do without learning a new skill is to invest in something that provides cash flow,” Cardone said. “That’s just an easy way. The second flow should be something you bought.”
For this second income stream, Cardone recommends an income-producing asset such as a multiunit rental property.
3. A Side Hustle
Side hustles have become an increasingly popular way for Americans to boost their earnings. While Cardone does think everyone should have a side hustle, he believes this should be something you can do during your existing work day.
“The third flow should be some side hustle that is similar to the first hustle, the job, that would not require more time,” he said. “Let’s say I’m an assistant at a company. I would look inside the company for other things I could do while I’m there. Not later. Not on the weekends, but something else I could do while I’m there to assist that company to either generate more customers or more revenue.”
More From GOBankingRates
