Too many people out there are offering ridiculous ideas on how you can become rich. Many of those ideas are about cutting back.
I can promise you that will not get rich by skipping your daily latte.
Look, if you don’t have income, then there is no money to save. Don’t let anyone give you the idea that you need to skip your Starbucks coffee and save $5 a day and that will somehow turn into a fortune.
Maybe you can skip spending $5 at Starbucks every day and save $10,000 over the next five years, but if you think $10,000 is going to change your life, you’re not just broke, you’re being stupid. Of course you should spend less than you earn, but if you make $50,000 a year with a couple of kids, what money is there left over to save?
If you are serious about getting rich, you need to get your mind focused on income. Increase your income enough and you will be able to save something substantial.
Here are five non-fiction tips you can use that will actually get you to millionaire status:
1. Invest in you
Successful people invest time, energy, and money in improving themselves. A man told me once, “The best way you can help people in need is to not be someone in need.” Help yourself out so you are in a position to help someone else out. This means investing in yourself to become great at something.
I invested in sales training when I was 25. That made my income-producing ability skyrocket. Investing in yourself is the best investment you can make.
2. Find the right job
The rich are able to get in with the right company where there is opportunity for growth. My VP of sales Jarrod Glandt started working for me over seven years ago for $2,500 a month. 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.
Too many people just look for a job. You need a job, but you need the right vehicle. All companies live from this thing called revenue. Get commissions rather than just a salary and you will finally be in control of how much you earn.
3. Get great at what you do
Commit to being great, not just average. 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.
I have never met a great who wasn’t all in and completely consumed by their trade. Have you?
The fact is, if you aren’t great, you are average. The rich get great.
4. Get multiple, connected income streams flowing
You won’t get rich without multiple flows of income. That starts with the income you currently have. Increase that income and start adding multiple flows.
You want what are called symbiotic flows. Do not just add disconnected flows. Instead, find other ways you can add income to the job you already have. My video guy does advertising for me — and after proving himself, he started making advertisements for those connected to me. He didn’t start a doughnut shop.
Too many people go from one flow to a second flow, resulting in two flows that do nothing. Your flows should always be connected.
“SAVING $100,000 SHOWS THAT YOU HAVE AN ABILITY TO MAKE MONEY AND KEEP IT. MOST PEOPLE CAN’T DO EITHER.”
5. Hit $100K, then invest the rest
First, try to save $100,000. Why? You need to prove to yourself that you can go out and get money. If you only have $10,000 saved, your only priority should be increasing your income so that you can save more.
Saving $100,000 shows that you have an ability to make money and then to keep it. Most people can’t do either of those things.
Once you can earn and save, then you can start building wealth. I’d recommend multi-family real estate if you are conservative like me. I never looked to get rich quick, but I did look to get rich.
Grant Cardone is a highly successful entrepreneur, New York Times best-selling author and sales training expert.
This is an updated version of a previously published piece.
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