1 million dollars. The dream. You’ve made it! You’re a millionaire. Right?
Well, yes, but it’s often said that what you do once you have money is just as important as earning it in the first place.
This is why I have started studying Grant Cardone in great detail. I believe he is the king of multiplying cash.
He said he earned a small amount of money, like everyone else can, then worked on multiplying it. Simple.
In one of his recent podcasts, Grant said ‘any dummy can get their hands on $5,000.’ After then, it’s just a case of adding more and more to your income.
Grant stresses the importance of getting rid of your money rather than keeping it.
What do I mean by this? It means putting none, or very little, into the bank. As Cardone says, save to SPEND, don’t save to SAVE. As I’m writing this, my personal bank would give me 0.75% interest on my money if I put over $50,000 in there. That means if I put $1,000,000 in the bank, after a year it would increase to $1,007,500. Less than a $10,000 increase on 1 million dollars!
Grant has always said investing is the best way to multiply your cash. This can be done a number of ways, arguably the most effective being real estate. You can easily make 20% interest on your money with a good real estate deal – Grant claims to make 15% on his money with a ‘bad’ deal! A 20% interest rate would increase your million to $1,200,000!
It’s obviously easier said than done, but the key message here is that spending your money on assets is the way to go, rather than leaving it in the bank. Trust Grant Cardone, he has built a real estate empire worth roughly $900 million!
Let me know what you’d do with one million dollars over on my Instagram page @blackbusinessofficial. Thanks for reading, stay tuned for more blogs. And obviously, check out the man @grantcardone for financial tips – he’ll change your life.