Grant Cardone's 10 Rules to get your Money Right

Grant Cardone2 minutes read

Always prioritize financial discipline by living on 20% of your earnings, saving money until it's in your possession, and only purchasing items that can be written off. Additionally, focus on self-improvement, circulate money wisely, and persist in pursuing financial goals to achieve significant wealth creation while avoiding unnecessary expenses and prioritizing savings.

Insights

  • Prioritize financial discipline by living on 20% of earnings, avoiding unnecessary expenses and luxury items, to ensure effective money management and consistent living standards.
  • Emphasize the value of saving and wise investing, focusing on stabilizing primary income sources, dedicating time to personal growth, and persisting in financial goals to maximize returns and achieve significant wealth creation.

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Recent questions

  • How can I effectively manage my finances?

    By following the 40% rule for taxes, living on 20% of earnings, prioritizing financial discipline, and only purchasing items that can be written off, you can ensure sound money management. Additionally, consider renting or leasing instead of owning, focus on stabilizing your primary income source before diversifying, allocate time for self-improvement, and emphasize wise investments to prevent loss and maximize returns.

  • What is the key to financial success?

    The key to financial success lies in persistently pursuing your goals without giving up, circulating money wisely, and investing it strategically. By following these principles and maintaining a frugal mindset, you can achieve significant wealth creation and financial stability.

  • How can I avoid unnecessary expenses?

    To avoid unnecessary expenses, prioritize financial discipline by living on 20% of your earnings and only purchasing items that can be written off. By focusing on utility rather than ownership, renting or leasing instead of owning, and avoiding luxury items, you can ensure that your money is spent wisely and efficiently.

  • Why is it important to save money?

    Saving money is crucial for financial stability and wealth creation. By following principles like the 40% rule for taxes, living frugally, and avoiding unnecessary expenses, you can build a strong financial foundation and secure your future. Saving money also allows for wise investments and prevents loss in times of economic uncertainty.

  • How can I achieve personal and financial growth?

    To achieve personal and financial growth, allocate time for self-improvement by dedicating at least seven hours per week to personal development. By persistently pursuing your financial goals, circulating money wisely, and investing strategically, you can maximize your potential for success and create significant wealth in the long run.

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Summary

00:00

"Financial Principles for Wealth Creation Success"

  • Never spend money until it's in your possession, a principle applicable across all departments and business decisions.
  • Adhere to the 40% rule, allocating 40% of income to taxes, mirroring the IRS's withholding practice.
  • Live on 20% of your earnings, maintaining a consistent standard of living without splurging.
  • Prioritize financial discipline, avoiding unnecessary expenses like luxury items to ensure money management.
  • Only purchase items that can be written off, establishing a financial filter for spending decisions.
  • Opt for renting or leasing instead of owning, focusing on utility rather than ownership.
  • Concentrate on stabilizing and expanding your primary income source before diversifying into secondary streams.
  • Allocate time for self-improvement, dedicating at least seven hours per week to personal growth and development.
  • Emphasize the importance of circulating money and investing it wisely to prevent loss and maximize returns.
  • Persist in pursuing financial goals without giving up until they are achieved, recognizing the potential for significant wealth creation.

15:09

Frugal Italian upbringing leads to obesity crisis

  • Growing up with a frugal Italian lady taught the importance of saving money by clipping coupons and not wasting food, instilling the belief that a penny saved is a penny earned. This mindset of saving extends to food, leading to issues like obesity in a country abundant with resources but plagued by scarcity mentality.
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