For me, this is a great book to learn about the mindset of successful people I have read in this year 2020. And there are so many valuable things that I learn from him, Grant Cardone.
As I used to watch many of his Youtube videos about sale motivations and business lessons, I want to say that his tones, the ways to approach problems, and sharing the solution are very engaged and inspired.
But the contents in his books, even more, inspired me and let me gain more valuable lessons than I expected. Maybe because I’m the kind of person who loves to read and imagine or could be because the contents themselves are so great with real take-away lessons that I can get into.
And in this book, he has presented 8 valuable lessons that can make someone from the average to the millionaire that I believe it is super valuable for me to approach and follow.
So I write this story as a part of sharing what I learned from his book and saving it for myself to re-read again frequently to remind me what I need to do to achieve my millions goal.
1. Millionaire Mindset
One of the most important lessons that Grant Cardone mentioned at the beginning of his book is “The Millionaire Mindset”.
As you want to achieve the things you want in life, you need to have the right mindset to get it. This is the advantage of human beings, we are not limited to achieving anything we want in life except when our mindset is limited.
In his book, he mentioned that the way how to achieve anything in life is just simply to go through 3 periods:
(1) Goal, (2) Target, (3) Commitment to do it.
It means that we need to have a clear goal about what we really want to achieve in life. Because if you even can’t clear what you want, how can you really get it?
And in the case of being a millionaire, the main goal is making 1 million dollars to be a millionaire. That’s what you really need to focus on.
Then, after having a goal to do, we need to have a target to achieve this goal. So if you want to be a millionaire in the next 12 months, what is your target in each of the following months? What should you do and don’t do during this time?
The targets look like the “small achievements” that we try to achieve during the journey to the destination of being a millionaire.
You need to have small achievements to boost your energy, enthusiasm, and willpower frequently in this long-term game.
Because it looks like your fuel to keep you on your marathon track.
And a “commitment to do it” is a compulsory factor. Anything in life you can achieve when you commit to doing it until the end, and it also can’t achieve if you just work halfway and stop it.
Your commitment decides your outcome!
And in the lesson about “Millionaire Mindset”, Grant Cardone also emphasizes the role of understanding the limiting beliefs in your problem.
Because many people are living with a belief that their ability is limited and their ability to succeed stands at a certain level.
But what Grant Cardone confirms is
Success is not limited
Everyone can go to a higher level than they are standing now if they have the right mindset and belief in their ability. We all can do the things we are doing right now in a better way and create a better result.
“When you change your belief. You will change your behaviors, and the results you get will also change” — Grant Cardone.
2. Millionaire Map
Seeing is believing — Ask what does it really take to make one million dollars
If you want to be a millionaire, you can’t just think about a million and wish that one day you will get one.
What you really need is real action and calculation.
The clearer map you have for yourself to earn a million will help your road to achieve this goal be easier and more achievable.
For example, if you have a product that has a profit is $100 per unit, it means that you need to sell 10,000 products to have your first million dollars. But if you change your profit margin in different ways, you will have different ways to approach your first million-dollar, like:
- 200$/Unit =>5,000 products => 1 million
- 1000$/Unit => 1,000 product => 1 million
- 5000$/Unit => 200 products => 1 million
So when you have a millionaire map, you will know exactly how long it takes and what you need to do to achieve this goal.
Instead of having no map, you will get lost in your journey to be a millionaire as the way you get lost in the forest without a compass.
3. Who’s got your money
Money doesn’t self-destroy, it just moves from one hand to another hand.
And the concept of “Who’s got your money” means that you need to understand who is your target clients? Who will be ready to spend their money on you and your product/service?
When we can clarify this group, it is time that we need to clarify how we can create a valuable service or product that this group of users wants and is ready to pay you for it.
Having the right target customer group helps you to sell your products or services to them easier and faster.
Therefore, it helps to shorten your journey to earn your million dollars in a more effective way.
4. Increase your income
Not saving or investing, what you really need is to increase your income if you want to get 1 million dollars faster and more sustainable.
For example, if you are a salesperson, what you really need to earn your million dollars quicker is selling more products to more clients.
Or if you are a personal trainer, you can increase your income when you have more clients who register for your course.
You must increase your income if you want to achieve more, a stable income is good for feeding yourself and your family. But increasing your income is the thing that makes you rich.
And not only increase the volume of your income, but you can also increase your income by multiple sources of income. For this technique, I will clarify more in detail in the following lesson from this book.
But one important note is:
“Don’t risk your main income when you move to the 2nd source of income.”
You are still not sure and need to feed yourself and your family. So do carefully.
Let start to apply this lesson to your life by asking yourself this question:
What will you do to increase your income this month?
5. Stay broke
One of the biggest mistakes that many people are doing when their income increases are spending more money on their personal demands.
As Grant Cardone said
“Earning more doesn’t mean you need to spend more.”
When you earn more and you keep spending more, it means that you will waste more rather than get more from your improving income.
For example: If you are making $50,000/year and spending at $35,000/year. It means that you still have $15,000 in your savings.
And one day, when your income increases up to $100,000/year. Now you think you are in the upper-middle class, so you should have a nicer car, a bigger house, or one more vacation per year with your lover.
Yes, that’s all right and many people also do the same things as you want to do. But now, your spending is not that $35,000/year, it moves up to $95,000/year for adding one more luxury vacation, a bigger house with a new BMW car.
So actually, now in your savings, you are having $5,000 after a year of working at a $100,000 position.
You will not be a millionaire by doing in this way.
It’s not about how much you make but all about how much you can keep.
Earning more and keeping it with you rather than spending without controlling is the way how you become richer and go faster on your millionaire journey.
6. Save only to invest
This is the point that Grant Cardone encourages everyone to follow.
If you just save money with the purpose to save for your rainy day or having a vacation by sending it to the bank, you will not leverage your money.
And the rich people all know that financial freedom comes when you can leverage your money, not from waiting for the low interest from the bank that pays you yearly.
By saving money and investing it in the business, or the things that can bring more money for you. You will get more income and can easily enjoy all your demands about luxury things later.
But first, let use the money to leverage your investment.
7. Multiple flows of Incomes
As I have mentioned before in the 5th lesson, increasing your income is very important on the journey to get your first million-dollar. And having multiple flows of income will help you feel safe and free in your financial decision.
So, let start to collect as much stream of income as you can. You can create the second, third,… source of income as you want.
What you really need to do is put more effort, energy, and time to work on the ways how you can do it effectively.
8. Repeat, Reinforce, and Hyperfocus
The last but not least lesson that Grant Cardone teaches me in his book is “repeat, reinforce, and hyperfocus” from all the 7 mentioned steps.
The more you practice doing these lessons in your real life, the better you can “play” with your millionaire game and the faster result that you will get.
And one thing that Grant Cardone emphasizes in his book is always to keep learning and growing yourself by reading, self-education, learn from successful people and mentors.
Because the mindset of a $100k person is different from the mindset of 1 million; and the mindset of 1 million is very different from the mindset of 10 million.
So if you want to have your first million, you need to start to get into the mindset of a millionaire.
If you want to read more about personal finance topics, let check it out at “Wiki Personal Finance”.
Thank you for checking this blog, I am also running a Youtube Channel @anthony lecturer. On this channel, I share a lot of insights and stories related to Business, Media & Marketing, Personal Finance & Self Development that you can