Financial influencer and real estate mogul Grant Cardone is known for teaching his followers how to grow their personal wealth by applying proven business strategies. He encourages people to set high goals and work hard to achieve them.
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On Instagram, he explained that the reason someone isn’t rich is simple: they quit when it gets uncomfortable. “You can make money or you can make excuses, but you can’t make both,” he said. Here is what you can do to get out of your comfort zone and start building wealth, according to Cardone.
Forget Frugality
According to Cardone, saving every penny doesn’t result in wealth. In his blog, “How to Become a Millionaire,” the best-selling author explained that many people aren’t rich, not because they are lazy or incapable, but because they were not taught about how to build wealth. Instead, they were told to save their money and hope to be able to retire comfortably. Cardone said wealth can be built by first believing it is possible and then taking action like studying those who have already proven successful.
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Increase Income
Cardone also recommended hopeful millionaires work to increase their income. He advocated seeking a side hustle to help grow money. He explained in the article that people should spend 95% of their time focusing on income and only 5% on expenses. Side gigs can include anything from mowing lawns to consulting.
A large number of Americans are helping to fuel the gig economy. According to LinkedIn, almost one in three workers has a side hustle. Side gigs can help to provide extra income to invest or start a business.
Don’t Be a ‘Pretender Spender’
Finally, Cardone cautioned against what he calls a “pretender spender.” He warned people against throwing money around to show wealth. Instead he advocated spending the money on lavish things only after having made substantial amounts of it.
Things like buying an expensive new car can be a drain on a hopeful millionaire’s finances if they do not work on building income streams and increasing revenue first. As reported by Experian, the average cost of a new car is $47,962, nearing an all-time high. A used car, on the other hand, is almost half that at $25,180. Avoiding purchasing a new car, particularly a luxury one and driving a vehicle for a longer period of time can save thousands of dollars each year.
Focus on Investing
Cardone told his followers that they should save to invest, not save just to save. Investing is often a key component to financial influencers strategies for success. He encouraged investors to focus on one or two proven investments and to go “all in.” He explained that 90% of his savings for the past several years have been invested into income property since he knew technology or a down economy wouldn’t disrupt the cash flow.
Most money experts recommend speaking with an experienced financial professional before investing. A financial advisor can help to ensure that any risk can be tolerated and will review the tax implications of any investments.
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This article originally appeared on GOBankingRates.com: Grant Cardone Says This Is the Reason You’re Not Rich: Here’s What You Can Do About It
