The Millionaire Booklet: Becoming Super Rich
I have the read The Millionaire Booklet, by Grant Cardone about 25 times. Why? My 10x Goal is to build a $250 million dollar empire that will help build up the communities I grew up in.
Grant Cardone says Millionaire is the new middle class. The middle class is dead. To have financial prosperity you have to be rich. You need money to fund your goals, help your community, and give to your causes. Understand this is not about greed or self-indulgence.
Becoming Super Rich
Becoming Super Rich is about reaching your financial potential and helping others. Those museums, hospitals, and recreational centers for youth do not get built by the poor. Scholarships and grants are not handed out by people who are in debt and living paycheck to paycheck.
You becoming Super Rich is about setting up your family for financial prosperity. It’s about building wealth that will leave a legacy. It’s about you giving and helping elevate peoples lives. It’s about funding your church or community activities.
Here are the 8 Steps of the Millionaire Booklet:
Step One: The Millionaire Decision
You must decide to become Super Rich. Commit now and put your stake in the ground and say, “I am going to be very, very, very rich one day”. Your decision and your consistent commitment to that decision is the most important thing you can do for your financial future.
People spend more time on deciding on what to wear, where to eat, and who to watch on TV than they do with their finances. They are satisfied with the middle-class lie. They are comfortable. Comfort is the enemy of progress. Put away the notions of, “Just Enough”, “Getting By”, “I am doing better than they are”.
Step Two: Do The Millionaire Math
First, decide to become super rich. Then you have to do the math. The truth is most people will earn one million dollars in their lifetime. If you work a stable job for 20 years at $50k per year. You would have earned $1 million dollars. Sell your home plus your retirement savings and you could come in contact with a million dollars.
What will it take for you to earn a million dollars now? You must do the math. That means you have to find a vehicle that could get you to one million. Is it your job, real estate, sales, your business? Will you need a promotion? Can you add other income streams that are symbiotic to what you are doing now?
Step Three: Increase Income
You get rich by increasing your income. It’s not by saving or investing. You increase income first. INCOME IS KING. Income is your only way to start building wealth. Nothing ever replaces income. It’s the road to wealth. Star athletes and entertainers go broke because after their contracts or movie roles end they fail to produce income.
There are several ways that you can produce more income now. Get a second job, sell all of that stuff you don’t use, get a side hustle, start a business with your skills, or find a way to increase your income from your primary source.
Increase your income in increments. You are not going to go from $2500 per month to one million dollars over night. If you are making $2500 per month make your new target $3000. When you hit that target make $3500 or $4000 your next goal. Keep going. The key is to save your increases (Step 6).
Step Four: Who’s Got My Money?
Simple… Who has your money? To increase your income you need people with money or access to money. Find people who can pay you for your services. Your new mantra is, “Who Has My Money?” Spend less time with broke people and spend more time with people who can increase your income. Find a need, fill it, and then get paid for it.
Step Five: Stay Broke
You heard me. Stay Broke! Do not increase your expenses as your income increases. Have a monthly cashflow plan. Know how much money you are spending each month. People get raises every year and still, they are in a financial crisis. Cut back on your expenses and expand your earnings. Don’t occur anymore debt unless that debt can increase your cashflow.
Staying broke does not mean being poor. It means maintaining a budget that will help elevate you to becoming super rich.
Step Six: Save It All
Save to invest, Don’t Save to Save. Investing money (from increased income) is how you get to the super rich. The reason why I was able to save $10k in six months from a new income stream is because I saved my all my income surges, tips, and bonuses. I stayed broke as in step 5 and I socked away all my income increases.
People never create wealth because they never invest enough in a deal to payoff. When your income increases in increments save all of your surges, bonuses, and any extras that come in. Stay broke and save the rest for a big deal. This also gives you time to learn how to find big deals. I label my sacred account “Big Deal”.
Step Seven: Multiple Flows of Income
First, you increase your income. Then you find ways to add multiple flows. The simplest way is to find symbiotic ways to increase your cashflow. Where can you find other cashflow streams at your current job? Are their opportunities that you are missing in your current business? Expand your product line, offer more services, get more tips, or go after your bonuses.
Step Eight: Repeat, Reinforce, and Hyperfocus
Wash, rinse, and repeat. Following these steps will get you on your way to the Super Rich and having you earn a million dollars sooner than you thought possible. Pick up The Millionaire Booklet, by Grant Cardone.