Okay, so this is how you get your money fixed. This may sound strange, but it is a philosophy developed by entrepreneur and author Grant Cardone. For those unfamiliar with Cardone, he is the founder and CEO of Cardone Enterprises, a multimillion-dollar company that includes real estate, digital sales training, and speaking engagements. He also authorizes several popular self-help books and hosts the Cardone Zone, a popular podcast and YouTube series.
Cardone’s philosophy is based on seven unique and fascinating aspects that can help individuals and businesses improve their financial situation. Let’s take a closer look at each element:
1. Never spend it until you get it. This rule applies to every department in a company, from sales to advertising, and it’s how Cardone runs his business. He never spends money until he has received it. In other words, he does not count a deal closed until the money is in his account.
2. The 40% rule. This rule is all about paying your taxes. Cardone believes that if you pay the IRS 40% of your income, you should also pay yourself 40%. This means you should try to live on 20% of your income and use the remaining 40% for business expenses, marketing, and advertising.
3. Don’t change your standard of living until the 20% changes. This rule is all about maintaining discipline with your money. Cardone advises against renting a Lamborghini or buying expensive watches until your income increases.
4. Don’t buy it if you can’t write it off. This rule is a great way to save money on unnecessary expenses. It is more worth the investment if you can write something off on your taxes.
5. Rent and lease, don’t own. Cardone advises against owning expensive assets, such as cars or property. He believes that it’s better to rent or lease so that you can use your money on other investments.
6. Stabilize and grow your first flow before adding a second one. Cardone advises against working a second job and instead focuses on increasing your primary source of income. This rule primarily aims at individuals trying to make extra income through a side hustle.
7. The 47 rule. This rule is all about the number of hours you work each week. Cardone believes that if you work 40 hours a week, you might as well work 47. These extra 7 hours can make all the difference in achieving your goals.
In conclusion, Cardone’s philosophy may not be for everyone, but it is certainly worth considering. The unique and fascinating aspects of “Okay, so this is how you get your money fixed” can help individuals and businesses improve their financial situation and become more disciplined with their money. So, whether you’re an entrepreneur or just trying to manage your finances, remember that discipline, focus, and hard work are the key to financial success.
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Summary of Transcript:
In this YouTube video, the speaker shares six financial rules to follow. The first rule is never to spend money until you have it, which applies to all company departments. The second rule is to follow the 40 percent rule, which means paying taxes and living off the remaining 60 percent. The speaker advises against changing your standard of living until your income changes. The third rule is only to buy things that can be written off as expenses. Rule number four is to rent, lease, and not own something. The fifth rule is to focus on stabilizing and growing your first income stream before looking for a second one. The final rule is the 47-hour rule, where you should work no more than 47 hours per week and use your free time to find ways to increase your income rather than take on additional jobs.
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Summary of Description:
The article discusses how most people are unaware of what it takes to make significant amounts of money and outlines ten essential rules for managing money. These rules include avoiding inevitable financial mistakes, not overspending on luxury items, knowing what to buy, and challenging the traditional idea of saving money. The article encourages readers to watch the video and register for the free 10X Daily newsletter to receive helpful advice on money and motivation.
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Source Description
“Save for a rainy day”… “A penny saved is a penny earned.” No rich person ever said these words, and yet – we’ve been programmed to believe these words are valid.
Most people don’t know the absolute truth about money. They’re clueless about what it takes to make $100k… $1 million… or even $1 billion.
I was clueless until I discovered 10 essential rules to get my money right.
Rich people know these rules. If you watch this video, you’ll know the rules, too… to start creating wealth correctly.
When you watch this video, you’ll learn:
What never to do with your money – to avoid financial ruin. The same approach applies to business, rental, dividend, and even your salary.
The 40% rule – and why buying fast cars, luxury watches, and fancy clothes is the #1 mistake that stops people from getting rich
These are the only items I ever buy, and why you should buy them too
Why do you need to stay broke to get rich? Your parents, friends, and teachers are all wrong about saving money. I’ll show you the right thing to do with your cash.
Ready to get your money? Watch the video now!
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