Best Selling Author of 10X Rule, Grant Cardone is an internationally renowned speaker on the topic of leadership, entrepreneurship, real estate investing, finance and even social media.
This now 61-year old Self-Made Multimillionaire revealed 4 biggest mistake he have when he was in his 20’s that you can learn from in his recent interview with cnbc.
Grant Cardone: “Looking back at my 20s, there was so much I didn’t know about money. With what little I earned, I wasted on useless things that didn’t benefit me at all.
I’ve built a multi-million dollar business and am the CEO of seven privately held companies. But there’s always room for improvement, yes even at age of 61. In order to do that, it’s important to acknowledge past failures and learn from them.
Here are the top four things I regret spending my time and money on.”
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4 Worst Time Waster that Cost Millions
1. Drugs and alcohol
After graduating high school, Grant Cardone became obsessed with all the wrong things. He spent money on drugs and alcohol and even developed an addiction problem which almost ruin his life.
Thinking back, Grant would tell his 20’s self: “Spending that money on things that would help to develop new skills, gain knowledge and make powerful connections. Not drugs and Alcohol.”
The truth is, in the real world, where business is where people make their most wealth. Your high school diploma is basically useless, and your college degree won’t get you very far ahead of the pack if you don’t have the right skills to be the cream of the crop in the current competitive marketplace.
Like what Warren Buffett have always advice:
“The best investment is to Invest in yourself.”
Grant think likewise:
“Investing in yourself will only make you more valuable and increase your earning potential.”
Grant’s life have an 180 degree change at 25, where he spent his last $3,000 on an audio program that taught him about sales and how to close deals.
An investment which he changes his life into a multi-millionaire together with his commitment of always going “all in” in everything he do. Sell or Be Sold is one of his Best Seller Books which tell the story of his journey.
Invest In yourself and grow your potential day by day. A foot forward everyday!
“More you learn, More you Earn.”
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Gap year to travel is a bad idea! Grant couldn’t agree more with the shark tank CEO Kevin O’Leary. Time is the only commodity that you cannot buy and in his young 20s, Grant took tonnes of time off early in his entrepreneurial career that it almost derailed him of his goal.
Spending money that he don’t have on luxury expensive such as airfare, hotels and food he dig himself into a hole.
He advice that travelling and taking time off is good but only when you have made it. The only reason that Grant is able to travel not just comfortably but extremely comfortably in his own plane today is because he decided to put in the hard work. Not just simply working hard, but get obsessed with your purpose, and work 10 time harder than everyone else, because you are just this committed to success.
When you are committed to your goals, you will find that travel plans can wait, but results can’t.
Comfort is the enemy of abundance. Don’t let an cheap $800 ticket to Europe get in the way of your freedom.
Enjoyment can wait, but your success can’t.
Be Rich, Don’t Act Rich.
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3. Sleeping in
Laziness is the nature of all humans, and sleeping in is just a part of that nature. Sleeping in is not a sin, but if you are an entrepreneur who is committed to be successful, sleeping in is the difference of being broke or getting rich! The rich and successful get a good night’s rest, but they don’t sleep in.
One of Grant’s biggest regrets in his 20s was not taking advantage of all the 24 hours in a day. He have simply allowed himself to feel content when he should have been chasing his goals and figuring out how to achieve them. Had he realized his full potential in his 20s, he would have reached his first million a lot sooner.
Grant Cardone currently holds a massive real estate empire that has a present-day portfolio valuation of around $900 million as reported by Investopedia.
What you should be doing is to let everyone else in their 20s sleep like they’re rich. You who want success should be up at the crack of dawn.
In this world speed is power, and when you’re young, patience is not a virtue. Today’s marketplace is changing at the speed of light, so you need to be nimble to get ahead.
Being lazy is not an option if you aim to be successful. TIME is scarce, 24 hours is all you got.
“Make use of TIME wisely.”
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4. Being too comfortable in my jobs
Who doesn’t like to stay in their comfort zone? Everyone does! But that is what Grant advice us not to do. In his early 20s, the young Grant Cardone wasted his time working at low-paying jobs that didn’t challenge him to grow and develop valuable skills.
Although working at low-paying jobs aren’t bad a bad thing and many on occasions you have to start a lower salary. But being content and losing your drive will definitely not make you successful in life.
Success and surviving is a whole different story.
You can work at McDonald’s making $7 an hour. You are surviving and is a simple way to make money. But for the guy working next to you, it is learning the business on how it operates, a learning journey to building his own empire in the years down the road. An entrepreneur who will own 100 franchises in 20 years time.
The “why” is what it matters most. Back then, Grant didn’t know his “why,” so he was essentially wasting his time. While his co-worker wasn’t. Do you know your why?
You should always ask yourself one simple question: “How can I earn more money?”
It might mean asking for a raise if you are an employee or simply switching to a new job with a higher salary. For those who want extreme success take on a side hustle.
Be a money fanatic.
The idea of working 8 hours a day on a job to make you rich is a total misunderstanding.
How hard you work, makes how successful you are.
Stay in your comfort zone if you want to be average. Challenge yourself every single day in everything you do if you want to be exceptional.
“The choice is yours.”
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Bringing IT All Together
Time is the most important resource you can get. One of the most important difference between one who is just scraping by and one who is rich and successful is how they utilize their most important resources;TIME.
Are you a entrepreneur or a 9-5 employee?
How do you spend your time?
Do you spend your time lazing on your comfy couch watching dramas after dramas on Netflix, or spend your time learning something new everyday?
Although fairness is not something which is very common. But one thing for sure, we are all given 24 hours. What we make of the 24 hours determine who we are in the future.
Multi-Millionaire Grant Cardone’s 4 Worst Time-Wasters:
- Drug and Alcohol
- Sleeping In
- Be in your comfort zone
I am guilty for time waster no.4; being in my comfort zone. I know it will be hard and a long battle, but I believe I can overcome it! So can you!
Question: “Which of the four Time-Waster are you guilty of? Let us know and we can encourage each other to overcome it!”
“What we dwell on is who we become.”
Wisdom from Billionaire Oprah Winfrey:
Success is not made overnight, but through determination and the conviction to keep learning and getting better.
Remember the difference between success and failure is what you know, and what actions you take.
Here are some resources what will help in guiding you to your success.
- Investing Books to Riches
- Business Startup Books
- Leadership Books for aspiring Leaders
- Sales Books to Wealth and Success
- Life Changing Books to a Future of Success
What guides me in my journey are some of the many books I read for the past years. There also many words of wisdom said by those who have achieve what we want to achieve and to learn from them is the shortcut to our goals.
Taking your First Step is always hardest, But it is the Most Important Step to Greatness
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