Grant Cardone has built a billion-dollar empire through real estate and private equity. His approach to wealth centers on smart investing, passive income and expanding your network.
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Here are Cardone’s top three tips for getting richer.
1. Invest In Real Estate for Passive Income
Cardone believes that passive income is the key to building real wealth, and that real estate is the best passive income stream out there.
“I dump all of my money into real estate because it is a real asset that generates monthly passive income,” he told GOBankingRates.
Cardone got into the real estate game in his 30s and hasn’t looked back.
“When I was 30 years old, I started looking for the asset class where I couldn’t lose money,” he said. “That means I can’t just save money because money is going down in value. I can’t be in the stock market because I could lose money.
“No. 2, I need passive income from my investment,” he said. “No. 3, I want some appreciation in the asset over long periods of time. And No. 4, I’d like to get some tax write-offs because taxes are everybody’s biggest expense, no matter what income bracket you’re in. So what fits those four criteria? There’s only one asset class that does all that. It’s not gold, silver, Bitcoin or the stock market — it’s real estate.”
He recommends multifamily properties over single units, emphasizing scale, location and long-term cash flow.
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2. Build Multiple Income Streams
To truly grow wealth, Cardone stresses the importance of diversification.
“Everyone should have multiple flows of income — ordinary income, bonus revenue and passive income,” he said.
Outside of your 9-to-5 and real estate investments, Cardone recommends earning additional income through sales, getting prospects for your company, affiliate programs or buying a business that’s already running and producing income.
3. Grow Your Network Strategically
Cardone believes your connections are your greatest asset — especially when starting out.
“If you don’t have enough money to invest, then you have to find other people that have money to invest,” Cardone said. “People have everything you want.”
Networking opens doors to partnerships, funding and mentorship — all of which can help you build wealth over time.
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This article originally appeared on GOBankingRates.com: Grant Cardone’s Top 3 Tips for Getting Richer
