Grant Cardone is a man of many titles and achievements: entrepreneur, investor, speaker, best-selling author, and millionaire, just to name a few. But before he transformed himself into a giant in his field and achieved the “American Dream”, he was simply known as a drug addict and a failure.
Growing up in the small town of Lake Charles in Louisiana, Cardone was the youngest of five children. At the age of 10, his father passed away, leaving his mother to raise the children on her own with no formal training or work experience. Thus, Cardone grew up in a broken and financially strapped household.
At the age of 16, under pressure from bad influences, he tried drugs and spent the next 9 years struggling to break free from addiction. He almost lost his life three times due to drug overdoses and narrowly escaped death in a violent encounter with a drug dealer. Despite needing 70 stitches on his head and face, he continued to battle addiction for two more years until his mother intervened decisively.
One day at the age of 25, after being addicted to drugs, he appeared before his mother who sternly told him that he was no longer welcome in their home. This harsh reality check prompted Cardone to make a firm decision to change his life. He spent 30 days in rehab, successfully overcame his addiction, and proved his counselors wrong when they doubted his commitment to recovery.
Cardone always dreamed of fame and wealth from a young age – to write books, give speeches, and accomplish great things. He transformed his obsession with drugs into an obsession with his career, pushing himself to excel in a job he didn’t like and becoming a millionaire at the age of 30. He then expanded his business empire continuously, eventually becoming a leading figure in the business world today.
In today’s society, talking about getting rich and becoming a millionaire may raise eyebrows. Achieving it by the age of 30 may sound like a fairy tale, but Cardone’s rags-to-riches story proves that it’s possible.
He revealed 10 steps to becoming a millionaire in an article he wrote for Entrepreneur’s website. According to him, following these steps can lead to wealth and success by the age of 30.
To become a millionaire, one must focus on gradually increasing income and constantly repeat this step. Pay attention to where money flows and discover opportunities through it.
Cardone emphasized that the sole purpose of saving money is to invest it. He shared that he would often have no money at least twice a year because he always reinvested his earnings into untouchable investment projects, forcing himself to earn more.
Set rules for yourself and never take on debt that does not generate returns. The wealthy use debt for investments to increase cash flow.
Most people aspire to achieve financial freedom, but only those who prioritize it can amass millions in assets. To become wealthy and stay wealthy, you must make it your top priority. If you don’t focus on money, money won’t favor you.
Money doesn’t care about work schedules or holidays, and neither should you. Money likes those with work ethics. Cardone mentioned working sales in a store that closed at 7 pm when he was 26, but he would often stay until 11 pm just to secure more deals. Never try to be the smartest or luckiest person; you just have to make sure you work harder than everyone else.
Cardone stated that he had experienced poverty and it was a terrible feeling. Erase any thoughts that say poverty is acceptable. Declare war on poverty in your mind.
Many of us are raised in middle-class or poor families and then limit ourselves to the mindset and circumstances of that group. Cardone studied millionaires, learned their ways of thinking and principles, and then replicated their actions. Find a millionaire mentor of your own and study them. Most wealthy people are very generous in sharing their knowledge and resources.
Investing is the key to becoming a millionaire; you should earn more money from investments (including starting your own company) than from working. Your money must work for you and complete the heavy tasks.
According to Cardone, his biggest financial mistake was not aiming big enough from the start. Money is not scarce on this planet; what’s lacking are people with grand ambitions.
By following these 10 steps, Cardone believes that anyone can become wealthy. Stay away from those who think your desire for wealth stems from greed. Avoid schemes that promise quick money, adhere to work ethics, never give up, and once you succeed, be willing to help others as well.