Book Review: The Millionaire Booklet
Book Author: Grant Cardone
The name of this booklet is small minded especially in this day and age. But I love the energy of Grant’s books so I gave it a whirl.
It’s a great no nonsense little book that talks about a topic often avoided or filled with scams – making money.
The first few chapters of the book deal with how people think about money, and about being selective where you get advice from.
It is crazy the ideas people have about wealth. The biggest blocker to making an impact on this world is limiting beliefs about yourself. The second is lack of courage. The third is lack of effort.
There is a reason most people don’t have money – because making it isn’t trivial. You must provide real value to the marketplace i.e. to the world.
Here are Grant’s steps to making wealth:
- decide to be rich
- do the math – how many sales of a product would you need, what salary for how many years, would it take?
- increase income incrementally – get in the habit of growing your wealth
- who’s got your money – who are you going to sell to?
- stay broke – don’t be frivolous with your money!
- save to invest, not to save – money should be put back to work making money, used to invest in new ventures, buy property and so on, not spent willy nilly
- create multiple flows of income
- repeat, reinforce, and hyperfocus – keep scaling up baby! double down on what works
One great bit of advice is to surround yourself with people you want to be like. You become the average of those around you by default – so have good models! Go out and meet these people.
Another favorite from this book is spurning traditional 401k and so on. I never considered early on in my life the opportunity cost. Why would I lock up my cash? Sure, there are tax benefits down the road but I know that I could 1000x that capital if reinvested early into one solid business – rather than an X% compounding over Y years.