The Millionaire Booklet grant cardone
This great book by Grant Cardone summarizes the steps that you should take in order to achieve financial success. Below I outlined the main points that I took from this book.
As with any summary, I believe it should be used as a refresher, as a list of guiding points that help remember the contents of the book. To fully understand and apply the following points, it is highly recommended to actually read the book. It does not replace the actual experience of reading the book, nor is it intended to.
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Step 1. The Millionaire Decision.
You must make a decision that you will become rich. Millionaires are today's new middle class. The idea of having just enough money or not enough is insane and ridiculous. Settling for mediocrity is selfish because you can not take care of others if you are just barely getting by. It also invalidates you, since you're not achieving your full potential.
Step 2. Millionaire Math.
How many ways can you get to a million dollars? $50,000/year for 20 years is a million dollars. So is 114$/hour for 1 year 24/7. A $500 product matched to 2,000 people is 1 million dollars. If only 300 people paid you $278/mo for your service, you would be a millionaire. Do the math for yourself.
Step 3. Increase Income.
Start by increasing it in increments, then increase it in leaps. From making $100,000 a year to $100,000 in a month to $100,000 in a day, and so on. No one gets rich without increasing their income. Do the math, keep it simple. The value of your business is based on how much income it generates.
Step 4. Who Has My Money?
All you need to do is to invest your time to connect to people that have money and are willing to spend it on your product/service. Decide on your target niche, build a service or product that they need and are willing to pay for it and stay close to them. Knock on that door or make a phone call to get to whoever got your money - that's the most important rule for growing your business.
Step 5. Stay Broke.
Never let money sit around, invest any surplus of money in a sacred investment account. Use that money to fund your future companies and investments. It's not about how much you can make, it's about how much you can keep.
Step 6. Save only to invest.
Never save just to save or to fund your way out of a disaster, save only for investing in the future. Once your main source of income is dependable and growing, you have a surplus of cash, and full confidence in your investment you can start investing. Your investment should reinforce an existing source of income, or create a new one.
Step 7. Multiple Flows of Income.
Do not walk away from your current source of income before finding a way to add a new one. Multiple flows of income are the holy grail of financial freedom and wealth. Do not create a second flow that is completely different from the original one and then neglect both of them. Always create new income flows that are parallel and supportive to your existing income flows. Nothing creates more confidence than having multiple strong flows of income.
Step 8. Repeat, Reinforce and Hyperfocus.
If you think big from the start, you will become a millionaire. But you have to give up on your middle-class mind. Stop wasting time on toys and things, invest in yourself, in your own education. You should be prepared to work at least 10 hours per day, 6 days per week, and dedicate the rest of the time to self-improvement. Get used to people criticizing you for changing: you are a threat to all the people around you, that choose to keep their status quo. Most of your old friends will fall off and lose interest and so will you once you are truly committed to becoming a millionaire. You will be adding super-successful people to your environment, and these are the people that you should surround yourself with. People that are committed to the middle class want everyone else to stay the same, and people who are committed to success want other people to become successful.