"The 10X Rule" author Grant Cardone has helped many people start successful businesses and build wealth with real estate. He's started several companies, but he wasn't born into wealth. Although he hasn’t been shy about showing off his wealth for several years, he is a rags-to-riches story, and he just shared a big secret to building massive wealth.
"Plan for 10 times greater income, profits, and net worth than you need," Cardone explained.
You can apply this advice to any area of your life, whether it's your career, finances, relationships, or another category. Here's how you can use Cardone's lesson to build wealth.
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Set Higher Goals
No matter how ambitious you are, you might not be setting high enough goals. It's why Cardone advocates for 10X goals instead of 10% goals. Cardone will encourage someone who's earning $100,000 per year to figure out how they can earn $1 million per year instead of aspiring to earn $110,000 per year.
Ambitious goals offer more motivation. People work harder if the reward is justified, while a small 10% salary increase may not prompt the same level of effort and focus. Setting higher goals also ties into building a nest egg that is 10X higher than what you think you need. If you think a $2 million nest egg is enough, aim for a $20 million nest egg. That's Cardone's mentality.
Even if you don't end up with a $20 million nest egg, setting that as a target can help you exceed a $2 million nest egg. Setting ambitious goals will also make you think more carefully about how you spend your time and who you choose to spend time with.
It's Free To Raise Your Goals
Cardone points out in his X post that you don't have to spend any money to set higher goals. You just have to change some numbers in your goal, such as your annual income or nest egg. You can also adjust how long it will take for you to achieve your goals.
Raising your goals will invite you to take more action toward your goals. This outcome is more valuable than most books or coaching calls, and you can apply it to any area of your life.
However, you should only raise goals that you can control, such as your annual income and how much you contribute to your portfolio. If you have a $1 million portfolio and want it to become a $5 million portfolio in three years, that goal can lead to high-risk investments that produce significant losses.
Instead of setting a goal like having a $1 million portfolio turn into a $5 million portfolio within a few years, focus on contributing a set amount of dollars each month. The idea is that achieving your portfolio contribution goal should help you reach your end goal, but you shouldn't chase speculative investments if you fall behind your net worth goal.
See Also: Are you rich? Here’s what Americans think you need to be considered wealthy.
Work Harder Than The Rest
If you want to accomplish big goals, you have to work harder than the people around you. You may have to start working in the morning and stop working at night. It's even easier to embrace this lifestyle if you are a young professional who doesn't have a family yet.
It's important to remember that Cardone doesn't pursue money at the cost of everything else. He spends time with his family, exercises, and aims for a fulfilling life in multiple areas. Doom scrolling, putting off important goals, and spending time with the wrong people won't help you reach your long-term goals sooner.
People who work harder than the rest are usually rewarded, but not right away. It can take several months or years before all of your goals materialize.
Read Next:
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- Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.
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