“Getting rich is not only possible, it is vital to your
survival and your ability to help those you love. We live
on an economic planet.” ~~ Grant Cardone
In his book, “The Millionaire Booklet: How to Become Super Rich”, self-made entrepreneur and millionaire, Grant Cardone (GC), shares powerful insights on how to build indestructible wealth. And to be very clear, this isn’t some get-quick-rich scheme as reiterated several times in the book. Getting rich isn’t easy, and it requires hard work, discipline and lots of grinding for years. (Note, becoming wealthy doesn’t equal earning lots of money.)
So, if you are ready to begin taking actionable steps to creating long lasting riches, here are GC’s 8 steps to becoming super rich
Step 1: The Millionaire Decision
A decision is the first step to making any significant and transformative change. Same thing with getting rich. You will want to get rid of whatever negative, delimiting mindset that may be opposing your wealth journey. And of course, there are many reasons why you want to get wealthy – your family, friends, community, charity, etc. You’ll be able to make lots of impact to the world, so don’t think only about yourself as that is selfish/self-centered and, in fact, can hinder your wealth journey.
“Put a stake in the ground right now: “I am going to become very, very rich.”
Step 2: Millionaire Math
You haven’t decided until you take a step. So, once the decision is made, the next step is to simplify the process by doing the math (GC calls it Grant’s Math). Here is where you’d pick the amount you will like to have and permutate the different ways to make it. For example, if you plan to make $1,000,000, you could sell a $1000 product/service to 1000 people, sell a $200 product/service to 5000 people, or earn $114 per hour for a year, etc (you get the idea right?
Doing this reveals how possible it is to hit your set target.
After all getting to a million dollars is about numbers. But keep it simple. The best ideas are always simple.
Step 3: Increase Income
No one ever got rich by only saving money or cutting on expenses (defense), offense i.e. making more money, is essential to becoming rich. This will require you to find something extra you can begin doing to earn more money. This calls for you to put a demand on your current skills, and even learn new skills as well as maximize your gifts and talents.
“The creation of wealth, especially early on, is not about saving or investing—it’s about increasing your income flows.”
Step 4: Who’s Got My Money?
After figuring out what that extra service or product is which you want to begin offering, next thing is to find the right people who will pay you for it i.e. your customers. The more you get in front of potential customers, the higher your chances of making more sales. Keep asking yourself this key question “Who’s got my money?” as keep following through with them. In the nutshell, this is basically sales/marketing for your service/product.
“Sales made simple is, ‘Who’s got my money?’ “
Step 5: Stay Broke not poor
What GC meant here is to ensure that any excess monies flowing in from executing the previous steps actually get stashed and not spent. As Parkinson’s law states that expenses rises to meet income. So, it can be tempting to want to spend more when you begin to earn more. This is what GC warns against here; so, he strongly suggests not leaving money lying around but to stash this excesses instead.
“Money doesn’t sleep.” I thought to myself, “But it gets bored!”
Step 6: Save to Invest, Don’t Save to Save
Money never multiplies unless it’s invested. It’s usually the big investments that are the most significant. That said, to make those big investments happen one will require money, courage and knowledge. And it’s expected that you’ll invest in sure things, i.e. in vehicles you have studied and have some confidence in so you don’t lose your hard-earned money.
The only reason to save money is to one day invest money.
Step 7: Multiple Flows of Income
Most times it’s those who depend on only one flow of income who complain the most about their money issue. This step entails adding more streams of income to what’s already in existence. One thing worth noting is to ensure that for each flow of income that gets added, it is critical to, as much as possible, maintain the previous ones.
Creating multiple flows of income is the holy grail of creating financial freedom and true wealth.
Step 8: Repeat, Reinforce and Hyperfocus
Getting rich, as GC belabored in the book, takes time, commitment and discipline. It requires that you stick to the steps outlined above to create and to maintain wealth. Hence his formula:
Idea + Hard Work x Time + Discipline = Success
Note: The quotes referenced in this article were extracted from the book “The Millionaire Booklet: How to Become Super Rich”.
To becoming super rich!
[Full Disclosure: As an affiliate, I receive compensation if you purchase through links referenced in this article.]