Want to be a multimillionaire? Silly question. Of course you do. Okay, how about a self-made multimillionaire? That would be pretty sweet, right? Well, it’s not easy. However, there are some things you can do to put you in the best position to become one.
Grant Cardone, New York Times best-selling author and entrepreneur, just shared with CNBC’s “Make It” 10 valuable tips he recommends you should follow if you want to become the next self-made multimillionaire.
1. Decide to become a multimillionaire
Most people only want to become a millionaire. Aim higher. That way if you fall short you will still be successful.
2. Stop all poverty behavior
“Pinching pennies and worrying about each dollar is not going to make you financially independent,” Cardone writes. “Investing in the right things and spending money to make money is the right approach.”
3. Study two multimillionaires
Look for people with net worths of more than $10 million, then study them, emulate their moves, read their books, watch their videos, and keep notes, so you can better understand what they’ve done and what they haven’t done and why.
4. Work like a multimillionaire
Becoming a multimillionaire doesn’t just happen, you have to put in the time, which also includes bettering yourself with research and studying (aka reading).
5. Move from spending to investing
Try to use your money to create more money as often as possible.
6. Create multiple flows of income
Investing and after hours side hustles can create passive cash flow in addition to your main income. (Here are 20 ways you can do this.)
7. Expand your network
“Don’t hang out with your same friends all the time. Visit where your prospects will be,” Cardone advises. “They probably won’t be at a dive bar, but maybe the country club or church, for instance.”
8. Never lose money
Forget get-rich quick schemes and don’t speculate. Spend money on sure things only. Investments like real estate are good for the long-term. Look for those.
9. Make hard decisions fast
“Don’t delay doing something hard. Do it quick,” says Cardone. “Adding more time to a problem or situation doesn’t make it easier to solve. Think about what’s best for your success, make sure it’s ethical and do what you need to do.”
10. Never quit and never settle
There’s only one person that can get to your goals, and that person is you. No coasting.
Read more details about these 10 tips over at CNBC.com.