If you’re serious about getting rich, you should know who Grant Cardone is. There are a million ways to make a million dollars, and this is how Grant Cardone did it.
But just in case you don’t know, Grant Cardone is a world-renowned entrepreneur, author, speaker, investor, and coach.
He owns and operates seven privately held companies, and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets worth over $4 Billion.
Now you know why you should care, so let’s jump straight to it.
Don’t worry if you don’t feel like reading, you can enjoy the video below or watch it on YouTube:
1
Never spend more than you earn
When it comes to getting rich, Grant Cardone is a big fan of the standard piece of financial advice: “Never Spend More Than You Earn.” Which says that you shouldn’t spend more than 20% of your income.
Cardone, an immensely successful entrepreneur and sales trainer, takes this age-old advice and gives it a contemporary, urgent spin.
Credit is easy and the lure of consumerism is everywhere. In a way, Cardone’s call to limit spending becomes even more significant with each day.
He says that this rule is not just about being thrifty or saving money; it is also about freedom and opportunities.
When you save money, you can use it to make investments, and investments are the best way to become financially free.
When Cardone says that you shouldn’t spend more than 20% of your pay, he emphasizes the importance of working hard to become financially independent.
For many people, especially those just starting out, 40% might be more realistic, but the concept remains the same: you must live below your means to give yourself the chance to become wealthy.
Here’s the fascinating twist: Cardone isn’t advocating a lifestyle of deprivation.
Rather, he’s pointing out that you have to make sacrifices now if you want the freedom to grow your business, invest in chances, or even enjoy luxuries in the future.
Think of the money you don’t spend as an investment in your future. A down payment on your freedom from money problems.
This concept is so important because it requires a change in the way people think.
When you are careful not to spend more than you earn, you automatically start to think about how you can make more money instead of how you can save money.
This subtle shift from a scarcity mindset to an abundance mindset can make a world of difference.
The most important thing to take away from this is that you can increase your wealth and financial security by carefully spending your money.
It’s not about cutting back just to cut back. It’s about making smart choices that give you more freedom to take calculated risks. And also take advantage of chances when they come up.
So, the next time you think about going over your spending limit, know that you’re not just saving money; you’re buying your future.
2
Know your cost of living
Imagine being the CEO of the most crucial enterprise you’ll ever run—your life. As CEO, you wouldn’t want to rely on guesses or approximations for your business budget, right?
You’d want specifics, details, and metrics.
Every dollar that leaves the business would have to be paid for, and you’d want a clear picture of where your money comes from.
Now in order to get rich, Grant Cardone thinks we should pay the same amount of careful attention to our personal finances.
Knowing the ins and outs of your cash flow is like looking at your daily habits, needs, wants, and perks through a magnifying glass.
When you have a clear picture, it’s easier to make choices.
But it’s not just a matter of writing down numbers. Cardone asks us to do a deep, and sometimes uncomfortable, analysis of our goals by telling us to figure out what our cost of living is.
Are you spending too much on things that won’t help you in the long run?
Could that money be used better somewhere else?
It becomes a compelling way to figure out what things are worth and forces you to ask “why” behind every cost.
The clarity you gain also makes the first point, which is to spend no more than 20% or 40% of your cash, more powerful.
When you know how much your life costs, it’s easier to stick to that 20% or 40% spending cap.
You’re no longer cutting without a plan. Instead, you’re using a scalpel to make exact cuts that let you live well today and save for tomorrow.
Knowing how much it costs you to live has other effects as well. It helps to ease financial stress, which is one of the most common causes of worry.
It helps you get ready for situations because you’ll know how much money you need as a safety net.
And, maybe most importantly, it sets you up to make more money.
When you know your numbers well, you can set more accurate and ambitious financial goals, which feeds back into the growth attitude of increasing your wealth.
In a word, knowing your cost of living isn’t just about staying out of financial trouble; it’s also about taking control of your life.
It’s an exercise called “financial mindfulness,” which is good for your wallet and your health.
So get that notebook or app and start keeping track of your money. You’re not just doing math; you’re making plans for your future.
3
Lease and rent
The way Grant Cardone views leasing and renting may seem strange, especially in a world where ownership is often seen as a sign of success.
In order to get rich, Cardone wants us to change our way of thinking. Think about it this way: when you’re trying to get rich, less may be more.
His mantra: “Stay away from long-term monetary commitments.”
The question then becomes: Why does a man who built his fortune on real estate advise against the dream of ‘owning’ your home? Let’s dive in.
Think for a moment about the huge financial responsibilities, such as mortgages.
They’re not just loans; they’re long-term relationships with financial companies that can last longer than most marriages.
You are tying up a big part of your future income, often for many years.
But here’s the catch: while you’re paying off that big debt, you might miss out on other investments that could give you much better returns.
The goal is not to tie up your resources, but to keep them flexible and ready to take advantage of new possibilities.
When it comes to getting rich through leasing and renting, Grant Cardone gives an example that really opens people’s eyes:
Even big banks, which many people think of as the picture of financial security, don’t own their properties; they lease them. Why?
Because leasing gives you options, it frees up your money so you can invest it in ways that could give you faster and/or better returns.
Banks understand the concept of opportunity cost better than anyone.
Every dollar you spend on owning land is a dollar you don’t spend on other things that could be more profitable.
The key takeaway here isn’t that ownership is bad, but that timing is crucial.
Cardone’s entire way of thinking can be summed up in one strong question: “Do you want to own a piece of real estate or do you want to own your financial freedom?”
For those in the early or even middle stages of wealth building, financial freedom should be the priority.
And that means keeping your capital free to move, grow, and multiply rather than being tied down.
So, what’s the action plan?
Begin by analyzing your financial commitments and ask yourself:
“Does this move me closer to being financially free, or does it hold me back?”
Make decisions that let you keep your money flexible.
In the race to become financially independent, it’s not always about who owns the most; it’s about who moves the smartest.
In short, think of your path to wealth as a game of chess. Every piece on the board and every dollar in your bank account is a possible step toward winning.
Long-term responsibilities, like mortgages, are like giving up your queen too soon in a game of chess.
Why should you limit yourself when you’re just starting out?
Keep your power pieces until you can make a move that will lead to a sure victory: financial independence.
4
Own assets, not stuff
It’s human nature to crave possessions.
From a young age, we’re programmed to desire the newest toys, and as we grow, these toys just become more expensive—designer clothes, luxury cars, high-end electronics.
But if you want to get rich, Grant Cardone advises redirecting this drive toward acquiring assets instead of mere “stuff.”
Picture your life as a sandbox.
Most people spend their time filling it with sand—items that may look nice but offer no real, lasting value.
Sure, it’s fun to play with for a while, but sand slips through your fingers. It doesn’t grow or change; it doesn’t bring anything to your life other than fleeting pleasure.
Assets, on the other hand, are like planting seeds in that sandbox.
Unlike the sand, which will always be just sand, seeds have the potential to grow into something more.
They can turn into plants, flowers, or even towering trees, depending on what you choose to nurture.
These “seeds” could be stocks, real estate investments, or a side business. Things that not only hold value but have the potential to multiply it.
Each time you make an investment, you’re essentially planting a new seed in your sandbox. You create the potential for unlimited growth.
To make this more concrete, think about buying a brand-new luxury car. It’s enticing, and you’d look great driving it.
However, the moment you drive off the lot, its value decreases significantly.
Conversely, if you were to invest that money in a promising start-up, a mutual fund, or real estate, your money has the potential to grow.
Five years down the line, that car will only be a depreciating relic of past indulgences, while your investments could have doubled or tripled in value.
The takeaway here is simple but transformative:
Every dollar you spend is a dollar that can no longer grow for you.
Grant Cardone’s philosophy is not about depriving yourself of life’s pleasures. But about making intelligent decisions that enable those pleasures to sustain themselves in the long term.
It’s about sowing seeds that will allow you to enjoy a bountiful harvest later on, rather than settling for a handful of sand that will soon slip through your fingers.
5
Buy stuff with passive income
“Cool stuff” is hard to stay away from.
But how you get these things can put you on the road to financial freedom. Or lead you down a rabbit hole of debt and sorrow.
Grant Cardone proposes a strategy for satisfying your desires for lavish items: Don’t buy them with your active income; buy them with your passive income.
Imagine your financial life as a well-designed video game.
In this game, what you make from your job is like the main weapon for your main character. It works and gets the job done, but it can’t do everything.
On the other hand, passive income, which is money you get from investments, royalties, or other assets, is like a powerful special skill or a strong magic spell.
It works all the time in the background, even when you aren’t playing the game. The catch?
To unlock these potent abilities, you first need to gather and wisely invest the ‘coins’ you collect, i.e., your active income.
Once your special skills (passive income streams) are strong enough, you can use them to buy magical items or powerful upgrades (the “cool stuff”). These make the game much more fun and easier.
But here’s an example of how Grant Cardone’s strategy applies to getting rich:
Imagine you have a monthly passive income from rental properties, dividends, or a side business.
Don’t use your paycheck to buy a new fashion watch or go on a trip to a faraway place. Wait until your assets make enough extra money to pay for your wants.
This way, you’re not trading your valuable time for material things. Your assets work for you, effectively buying you not just “cool stuff” but also freedom and time.
The main point is that you can turn the typical consumerist model on its head by building and caring for investments that bring in passive income.
Instead of becoming a slave to your wants, a smart financial plan turns your wants into a prize.
Every time you buy something like this, it’s an encouraging sign that you’re getting better with money and becoming more independent.
6
Rely only on yourself
The concept of self-reliance isn’t new. But when Grant Cardone talks about it in the context of getting rich, he’s not just paying lip service to a fashionable entrepreneurial mantra.
He’s talking about a key concept of true financial freedom: you should only depend on yourself.
This doesn’t mean you should cut yourself off from friends and family or refuse help. Instead, it means you should realize something at the end of the day.
Your skills, attitude, and work ethic are the most important factors in determining your financial future.
Imagine you’re the captain of a ship sailing through a turbulent ocean of financial uncertainties.
Many people make the mistake of thinking that outside forces. Things like a kind government, generous family and friends, or a loving husband, will steer their ship, or their financial life.
They forget that these entities are like passing ships or lighthouses—nice to have, but not entirely reliable for a safe journey.
If you’re waiting for a government stimulus check to build your fortune, you’re like a sailor relying on fickle winds.
You might move, but not necessarily in the direction you want to go.
Your ship’s engine, the thing that propels you toward your financial goals, is your own skill set, honed to perfection.
Whether it’s mastering the art of sales, becoming an expert in a highly specialized field, or creating something valuable, these are the skills that put the wind in your sails.
And just like a seasoned sailor, you should continuously upgrade your navigational tools—your mindset and work ethic.
Consider the myth of Sisyphus, condemned to push a boulder up a mountain for all eternity.
Now, what if Sisyphus had a moment of insight and decided to carve steps into the mountain or invent a lever system? It might take years to implement, but eventually, he’d reach the peak with far less effort.
This shows how important it is to keep learning and to be open to new ideas.
But what about work ethics?
Think of it as the North Star in your journey. A constant that helps you stay on course when the seas are rough and the destination seems far away.
Just as ancient sailors used celestial navigation to find their way, your work ethic will guide you when there are no lighthouses in sight.
7
Increase your income
Most of the time, people are told to work hard, save every bit, and live within their means.
Even though saving is important, it’s only one part of building wealth.
What often gets overlooked is how important it is to make more money.
Imagine you’re sailing a ship. Saving is like fixing any holes in the boat to keep it from sinking while making more money is like spreading out your sails to catch more wind and move faster.
When you do both, your wealth-ship can get to faraway places much faster.
This idea is very important to Grant Cardone, who is the perfect example of how to get rich.
He thinks that while saving gives you a safety net, making more money gives you opportunities.
More chances to invest, make more money, and live better without feeling guilty about spending too much.
Let’s say you like to read a lot and your goal is to have a big home library full of first-edition books.
Growing your income also gives you more room to help others. Whether be it through charity work or making family members’ dreams come true. Or by just simply having the power to make good things happen in your community.
The more you earn, the more you can affect the world around you in a meaningful way.
So, it’s important to leave the comfort of your daily paycheck and try something new.
- Look for extra jobs.
- Put money into improving your skills.
- Talk to your boss about your pay.
- Or even start your own business.
The goal is to make money work for you, not the other way around. Instead of trying to protect your finances, try to grow them.
Because what really matters is how much money you make, not how much you save.
8
10x your goals
The concept of “10X Your Goals” is not just a catchy slogan. It’s a philosophy that fundamentally changes how you approach life and ambition.
On your journey to get rich, you will learn that Grant Cardone is synonymous with this idea of scaling your goals to a level that seems almost absurd.
Now, why would someone want to set goals that look like they can’t be reached?
It’s about changing how you think and how the game is played. Let’s talk for a minute about how your mind works when you set goals.
When you set a goal that is “reasonable” or “doable,” you limit your drive, desire, and vision from the very beginning.
By doing this, you’re putting up mental boundaries that limit your options.
If you aim to make $100,000 this year, every action, every thought, and every plan will be in the context of that $100,000.
Now, what happens when you 10X that goal to $1,000,000?
The playing field changes dramatically.
All of a sudden, the plans you had for reaching the $100,000 goal seem woefully lacking.
Your 10X goal makes you rethink everything. From your daily habits to your skill set, from how you make connections to how you spend your money.
By changing the size of your goal, you force yourself to change the size of your efforts. That includes your plans, and, most importantly, the way you think.
If you want to get rich, Grant Cardone argues that even if you only reach 50% of that mighty goal, you’re still five times ahead of where you started.
This brings us to the loss aversion concept, which is another psychological advantage.
Most of the time, people are more worried about losing something they already have than they are about getting something of the same value.
So, if you fail to reach a 10X goal, it’s not as bad as if you failed to reach an acceptable goal.
In a way, 10Xing your goals is like deciding to play in the Champions League when you’ve been in the minor levels.
Yes, there is more rivalry, the stakes are higher, and the challenges are more difficult. But even if you don’t win the title, just playing at that level makes you a winner because you have to step up your game.
9
Be omnipresent
The idea of being “omnipresent” might sound like a divine attribute, but in the context of Grant Cardone’s teachings, it translates into an actionable, albeit ambitious, business strategy.
It’s not just about being everywhere, but being everywhere effectively.
How do you multiply your influence, voice, and brand to cover as much ground as possible?
In an age where attention is currency, Cardone argues that you need to be the face, the brand, and the message that people see everywhere they look.
In a world that’s swarming with information and distractions, the average individual is bombarded by thousands of messages each day.
Amid this deluge, if your voice isn’t loud enough, your message clear enough, and your presence strong enough, you’re almost certain to be drowned out.
This is where omnipresence comes into play.
It’s not about sheer volume or overexposure; it’s about consistency, quality, and strategic omnipresence.
You want to show up where your audience is looking, provide value where they’re seeking it, and offer solutions to the problems they’re experiencing.
In other words, if you manage to convert attention, you win.
10
Master the close
According to Grant Cardone, mastering the close is not just a tactic but an essential skill set that transcends the sales floor.
It’s the ultimate 10X action that seals the deal and validates all your efforts.
However, “mastering the close” is not just about learning some magical phrases or high-pressure tactics.
It requires psychology, timing, and skilled communication. As well as a strong belief in your product or service.
Cardone says a good closing can “close the gap” between a prospect’s problem and your product or service.
It’s more than just finishing a sale. It’s about providing real value, solving real problems, and creating a win-win situation for everyone involved.
This approach elevates closing from a mere transaction to an act of problem-solving.
You’re not just closing a sale. You’re creating a new chapter in someone’s life by solving their problem or improving their life.
There are two types of winners in life: Those who can create and those who can sell!
If you manage to be really good at either one, you’ll have a great life. And once you master both, your grandkids will have a great life too.
If you’ve enjoyed this article, we recommend you also read the one we made on Bill Gates. He held the title of world’s richest man for 17 years and it’s a value bomb.
Grant Cardone’s approach to getting rich is eye-opening, to say the least. His principles provide a good structure for personal finances that will get you quickly to a place of financial safety and comfort. See you next time!
