Grant Cardone is recognized worldwide for his success in the entrepreneurial world. He is best known for his successful companies, including Cardone Training Technologies, Grant Cardone TV, and Cardone Capital. Cardone is also renowned, having authored several best-selling books, including The 10X Rule and Sell or Be Sold.
One of the reasons for Cardone’s success is his non-negotiable money tips. His 15 unique ways of creating wealth have helped him and many others rise from rags to riches. These tips are not only practical but also fascinating and inspiring. Below we detail some of these tips that anyone can live by.
Never spend more than you earn
This is one of the most essential rules in creating wealth. Cardone has lived by this rule since he was 25 years old. He insists that if you do not have the money, then you should not spend it. This rule helps avoid getting into debt, one of the primary reasons many people never create wealth. Additionally, it is essential not to count the money before it enters your bank account.
If you can’t write it off, do not buy it.
This money tip is specifically for the come-up. Cardone insists that one should not buy anything if one cannot write it off. It is an effective way of spending money on things that will help grow your business. For instance, taking clients out for dinner is a write-off, but taking your family out for dinner is not.
Know exactly what your cost of living is
Cardone believes knowing where all your money is going is essential. Knowing how much you spend on rent/mortgage, utilities, car payments, food, and entertainment is necessary. Once you know these costs, you can devise a plan to control your spending. Keeping track of your income, expenses, and taxes will help you manage your finances.
Never loan money to anyone.
According to Cardone, it is essential not to loan money to anyone. This applies to friends, family, and whoever else may come seeking a loan. People who ask for loans are often those who cannot get the money from banks, so they are not likely to pay it back. So, if you want to create wealth, do not loan money to anyone – even if they are your friends and family.
Invest only in assets that cash flow.
Cardone advises against investing in things that do not bring income. For instance, he does not recommend buying a house by getting a 30-year mortgage. Instead, he advises buying a four-unit home. The rental income from the other three units should be enough to cover the mortgage, allowing you to live rent-free. This is an excellent example of investing only in assets that produce cash flow.
Never gamble with money.
Cardone suggests that one should never gamble with money. Gambling is a sure way to lose money, whether in crypto, stock, or a casino.
Limit all discretionary spending to passive income
Discretionary spending should only be done if you have passive income. Passive income is money earned from investments rather than from working. Cardone advises investing in assets that bring passive income.
In conclusion, Cardone’s 15 non-negotiable money tips have helped him and many others create wealth. His rules may seem harsh, but they are practical and will prove helpful to anyone who wants to rise from rags to riches.
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Summary of Transcript:
Grant Cardone shares his 15 non-negotiable money tips to create wealth. He advises us never to spend more than we earn and never to loan money to anyone. He suggests investing only in assets that cash flow, not buying a home that doesn’t. He advises limiting discretionary spending to passive income and paying off credit cards monthly. Cardone suggests knowing your exact cost of living and investing in products or services that potentially increase in value. He emphasizes saving money by not buying unnecessary items but only things with value and purpose. He discourages gambling with money and advises only spending money on what you can write off. Lastly, he encourages his viewers to share and subscribe to his videos and share his tips with those close to them.
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Summary of Description:
This video provides 15 money tips for building wealth, including not spending more than you earn, knowing your living costs, paying off credit cards every 30 days, and avoiding people with money problems. The video also promotes the Wealth Creation Formula, available for $1 on the Grant Cardone website. Viewers are encouraged to share their favorite money tip in the comments.
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Source Description
#money #success #motivation
15 MONEY TIPS On The COME UP
If you want to learn how to create real wealth, here is a link to my Wealth Creation Formula for $1.
https://grantcardone.com/1
Please post in the comments your favorite money tip while on the come-up.
Thanks for watching!
▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬
0:00 – Intro
0:46 – 1. Never Spend More Than You Earn
1:09 – 2. If You Can’t Write it Off, Don’t Buy It
2:19 – 3. Know Your Living Cost
3:15 – 4. Never Lend Money
4:02 – 5. If it doesn’t Cashflow, I Say No
5:04 – 6. Never Gamble With Money
5:45 – 7. Limit Spending to Passive Income
6:30 – 8. Pay Off Credit Cards Every 30 Days
8:34 – 9. Rent Don’t Buy
9:24 – 10. Quit Buying “Stuff”
10:28 – 11. No Allowances
12:52 – 12. Never Mix Accounts
13:24 – 13. Keep Separate Accounts
14:35 – 14. No Show Me, No Go With Me
15:41 – 15. Avoid People With Money Problems
To get access to my Wealth Creation Formula, go to: https://grantcardone.com/1
