Yahoo Finance Grant Cardone: 5 Real Ways To Become Rich Without Giving Up Starbucks
If you’re a millennial, you’ve heard the trope: boomers say if you gave up your daily Starbucks, you could have saved for a house by now. You might have tried and realized that’s not the case. Merely giving up Starbucks doesn’t give you the cash you need to buy a house in today’s inflated real estate market.
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Grant Cardone is a businessman, equity fund manager, and the author of seven books on economics. In a recent CNBC article, Cardone vehemently disagreed with the thought that giving up a daily coffee will earn you riches.
“Don’t let anyone give you the idea that you need to skip your Starbucks coffee and save $5 a day and somehow turn into a fortune.”
Instead, he gave five ways people serious about increasing their net worth can follow to bring in that capital. Read on to find out how to get rich the Cardone way.
Invest in You
Want to know your most valuable asset? Cardone said it’s you.
“Successful people invest time, energy, and money in improving themselves,” Cardone wrote. He gave the example that when he was 25, he invested in sales training, which greatly increased his income potential. “Investing in yourself is the best investment you can make.”
Find ways to train yourself in skills that will earn you cash, then go and apply those skills to job opportunities. Cardone said this will make you multifaceted, and earn you more profits.
Find the Right Job
This might sound obvious, but you need to find a job that fits your needs. Wondering what that means?
According to Cardone, that means knowing that your next job has room for growth so you can keep earning more.
“My VP of sales Jarrod Glandt started working for me over seven years ago for $2,500 a month,” Cardone explained. “Still, he was in the right vehicle. He grew his skill set and was able to multiply his monthly income many times over because he knew I was looking to expand.”
When you’re in your initial job interviews, ask if there is room to grow and what exactly that would look like before taking the job.
Cardone added that getting a job that pays on commission allows you to earn above your salary, so you always have the opportunity to bring in money based on how much you sell. He said this helps put your earning potential in your control.
Get Great at What You Do
Cardone said that if you want to be a high earner, you can’t settle for average performance. He said every rich person he knows isn’t just good at their job; they’re great.
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“Any industry can be a painful profession for average and bottom performers, but massively rewarding for those that are great. Those that live, breathe and eat their profession, those that are obsessed, become great.” Cardone said.
If you’re underperforming at your job, look for mentors and training opportunities to help elevate your work.
Get Multiple, Connected Income Streams Flowing
You might have heard that wealthy people have ways of generating income. Cardone said while that’s important, those streams need to be connected.
“You won’t get rich without multiple income flows,” Cardone wrote. “That starts with the income you currently have. Increase that income and start adding multiple flows.”
What does it mean for all flows of income to connect? Cardone gave the example of the person who does his videos also starting to do his advertising, then making ads for connections of Cardone. All those jobs are connected and not in completely different industries, making it easier to stay specialized and current with what’s in that landscape.
“Too many people go from one flow to a second flow, resulting in two flows that do nothing,” Cardone explained. “Your flows should always be connected.”
Hit $100K, Then Invest the Rest
“Saving $100,000 shows that you can make money and then keep it,” Cardone wrote. “Most people can’t do either of those things.” Cardone’s advice is to save as much as you can until you hit $100,000. If you aren’t hitting that anytime soon, Cardone said to find other connected income streams to get to that $100,000 faster.
Once you’ve said your $100,000 Cardone recommends investing future earnings in multi-family real estate. He added that this isn’t a get-rich-quick scheme, but adds to your financial portfolio and helps you build potentially generational wealth.
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