A SELF-MADE multimillionaire revealed four money and spending hacks that may be unpopular but help you build wealth.
Grant Cardone currently operates seven privately-held companies and boasts a 3.6 billion multi-family project portfolio.
Over the course of his career, Cardone has started 18 companies and owns 12,000 apartments, which he uses to generate passive income.
He said he built these assets over 20 years of trial and error by” exercising tremendous discipline and investing as much money as possible into an income-generating asset"
“Many people know how to earn money, but that’s only a small part of the equation,” he wrote in an article for CNBC.
“You also have to know how to multiply it over time, and when you should — and should not — spend on something."
Cardone has revealed his top tips after becoming a self-made millionaire.
Cardone recalled his friends would reward themselves for earning with cars, boats, and lavish vacations once they started earning real cash.
However, Cardone wanted to buy a watch or even a house, he forced himself to have twice its price saved up.
“This kept me from overspending on something, while also giving me time to consider whether I really needed it,” he said
“Rather than dropping cash on big one-time purchases that had limited effects on my overall quality of life, I focused on putting my earnings towards improving my businesses.”
Cardone strictly bought things that could help increase his cash flow such as commercial properties, that generated rental income.
His own cars and primary residences were leased he did not have to be bothered with the extra expense and upkeep of owning.
In 2012, he sold his home and lived in rental houses for nearly a decade, allowing him to have more money to invest in real estate.
Once he had enough money saved up, he bought a house for cash.
He still leases his cars but not for more than two years, as he doesn't want to be stuck with a car that” doesn't meet” his needs.
“So even when I could afford something, I didn’t buy it just to impress my peers,” he said.
“Instead, I invested at a higher rate and built my wealth in private.”
He still tries to live below his means, and stays frugal, avoiding “flashy” items.
Cardone only spends his passive income from rentals on things that go beyond his basic needs.
He said if he earned $100,000 a year, from a job, and $20,000 from the passive income he would only spend the $20,00 o his wants.
“All these rules require a great amount of discipline, and they might not be for everyone,” he said.
.Occasionally, I would wonder why I was working so hard but not able to enjoy the fruits of my labor.
“But because I abided by these rules for two decades, I’ve successfully weathered several major recessions and a global pandemic.’
AS The U.S Sun has reported Cori Arnold, who has over 40,000 followers on Twitter, where she claimed she became a millionaire at the age of 41, revealed the ten secrets to her wealth.
According to Arnold, the first step is to read often as “88 [percent] of financially successful people read at least 30 minutes a day.”
Arnold also advises that people write down their goals, noting that "written goals are 42 percent more likely to be achieved."
According to Arnold, 50 percent of millionaires wake up three hours before their workday begins.
Arnold says getting more sleep is the key to success.
“The vast majority of millionaires sleep at least [seven] hours a night.”
While the average person doesn’t make money in their sleep, getting enough rest helps when it comes to memory, creativity, and decision-making, according to the National Institute of Health.
Indeed, Amazon CEO Jeff Bezos said that getting eight hours of sleep makes a “big difference” for him.
“I try hard to make that a priority. For me, that’s the needed amount to feel energized and excited," Bezos told Thrive Global.
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