8 Money Tips Millionaires Don't Want You To Know About

Grant Cardone, self-made millionaire, real estate investor and founder of Cardone Capital, says there are a few secrets to how the wealthy handle their finances. Cardone's principles, learned over his 20-year journey towards building a multimillion-dollar net worth and a portfolio of 12,000 apartment units, could shift the way people perceive and manage our money.

Don't Rush to Diversify
“Millionaires don’t diversify their investments right away,” Cardone said in a recent CNBC feature.

Elon Musk, for instance, invested his entire $22 million from selling Zip2 into his next venture, X.com. He later diversified after gaining wealth from PayPal Holding Inc's PYPL sale to eBay Inc EBAY.

Debt is for Businesses, Not Individuals
“Debt is best suited for businesses, not people,” Cardone emphasized.

The millionaire admitted he refrained from unnecessary debt on non-essentials, preferring to channel his income into generating more wealth.

Homeownership Isn't Always the First Investment
Contrary to popular belief, owning a home isn't necessarily the first step for the wealthy. “I own three homes, but I didn't purchase them until I was able to buy them in cash,” he said.

Read Also: Shaquille O’Neal Built His $400M Net Worth Using This 1 Golden Investing Rule

Invest in Cash-Flow Real Estate
The mogul advocates for cash-flow real estate, commercial properties that yield a monthly profit. The strategy allows for passive income and usually offers a more straightforward selling process compared to primary residences.

Buy in Bulk
“Millionaires always buy in bulk,” Cardone noted. Bulk purchases save time and often result in a better price per unit, applicable to both business and personal life.

Invest in Your Network
Cardone stressed the importance of investing in your network, saying, “I have never had someone invest in me that didn't know me.”

Building relationships is crucial for better opportunities and trust-building.

Never Be Content
Drawing from his interactions with other wealthy individuals, Cardone observed, “None of them were ever satisfied with what they had already accomplished.” They are always aiming for bigger achievements, constantly focusing on future endeavors.

Don't Waste Time Doing Everything Yourself
“Time is the only truly scarce resource,” Cardone said.

Successful individuals maximize their time by delegating and outsourcing tasks to competent individuals, which frees up their time for strategic decisions and big-picture thinking.

Cardone's experiences provide a unique perspective on the financial strategies of the wealthy. They emphasize a different approach to debt, investment, and personal time management.

Read Next: Couple Quit Their Jobs To Become Entrepreneurs, Now They Make $1M A Year And Only Work 20 Hours Per Week

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Photo: Wikimedia Commons