Do This and You’ll Be Successful
What You’ll Learn in this Article: 2 things to do this week to get on the path to success.
Do you want to get super rich? If you’re like me, you know that you’re capable of doing unbelievable things. I believe that you can do it but you’ll need money and lots of it to reach your full potential. “Should I put my 5K in stocks or cryptocurrency?” I get questions like this all the time. There are 2 things I tell people:
#1 Spend Money on Yourself
People don’t create wealth because they never invest enough in a deal to get a big pay off. Significant wealth creators make big plays, not little ones. If you have a little bit of money, the only big play that you can make is to invest yourself. Spend your money on developing new skills, gaining knowledge, and making powerful connections. You can never lose when you invest in yourself.
What skills can you learn that will increase your ability to collect money from others?
When I was 25, I spent my last $3K on an audio program and I can honestly say the investment and commitment to go “all in” are the reasons for my success today. Before that, I was addicted to drugs and obsessed with all the wrong things.
One single investment changed the whole course of my life. Do you see how powerful investing in yourself can be? The sad truth is that most people don’t take it seriously. Maybe you have a friend that talks about riches and glory but won’t spend a few thousand dollars to learn a skill or make a connection that can make their dreams come true.
How does that make sense?
Those kinds of folks, if they do anything at all, look for opportunities to get rich quick without thinking of how to create wealth that can never be destroyed. Don’t let that be you. Spend money on yourself so that you can get your income to massive levels. Once it’s up, you’ll be ready to start making investments in income-producing assets. Take your money and use it to become better. Add skills and your value will increase in the marketplace.
#2 Spend Money on a Sure Thing
Thinking of buying your first apartment deal this year?
After you spend money on gaining new skills, your income will skyrocket. You should put that money away in sacred accounts to prepare for future investments.
When it comes to investing, I’m a coward. Losing money terrifies me. One of my goals is to create indestructible wealth so, if anything ever happened to me, my family would never have to worry about the future. When I spend money, I think in terms of my long-term goals and legacy. That’s why I don’t risk losing my money. I only spend money on a sure thing—and real estate has been proven for many years to be the preferred investment of the 1%.
Why? It produces income…
If you make the right investment real estate has proven it’s a solid bet. Keep in mind, I don’t invest in single-family homes. I go after monster deals that produce income. Just like I mentioned earlier, the same principle applies—go after a big play. That means putting all your money in a great deal.
Most people don’t go after a big enough deal for it to be worth it. They try to play it safe and small. That’s not going to get you the results that you want. Whether you choose to invest in real estate or something else, look for income producing assets. That means cash flow. It’s said that “cash is king” for a reason.
When you’re new to investing, I think you’re ready to invest when you save up 100K. It’s an arbitrary number but if you can do that, you’ve proven to yourself that you have enough discipline to make and keep money. Keep the money coming and put it away. Be smart—position yourself to get rich for sure by making big plays on sure things!
Check out investing opportunities with me at Cardone Capital.
Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the “25 Marketing Influencers to Watch in 2017”. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.