5 Money Lessons From a Young Millionaire
Millionaire status isn’t so elusive now, thanks to superstar entrepreneur Grant Cardone, contributor to Entrepeneur and self-proclaimed millionaire-by-age-30 who guarantees a person can become a millionaire in as little as 9 years if they follow his go-to formula for success.
But is it really that easy? Let’s find out...
A millionaire's guide to becoming a millionaire
- Increase your income
Start by small increments and repeat. As Cardone phrases it: Follow the money.
- Save to invest; not just to save
“The only reason to save money is to invest it,” writes Cardone. Put your money somewhere you can’t touch it - not even in dire circumstances.
“You cannot save your way to millionaire status,” adds Cardone.
- Don’t get into debt that isn't ultimately an investment
Only use credit to acquire things that will help you accumulate more wealth. For instance, real estate is an investment - but a designer handbag that maxes out your cards is dead weight.
- Pretending you’re rich doesn’t mean you’re rich
Hold off on the lavish purchases and expensive buys until they’re a drop in the bucket. Focus on becoming a millionaire - not merely looking like one.
- Get a millionaire mentor
Ah yes - the millionaire mentor. We’ve seen her in movies, read about her in books. She's the generous, warm character with a heart of gold, a chest of valour, and a big, eloquent mansion - just waiting to share her wealth of knowledge with us. Observe her, take notes, and ask questions. According to Cardone, millionaires are often more than happy to take on mentoring new friends (he would know).
by Golden Girl Finance
A leader in financial digital media, Golden Girl Finance is the modern woman's guide to finance, making the discussion of finance real, relevant and relatable - and shockingly entertaining.