Motivation Daily by Motiversity - YOU WILL NEVER BE POOR AGAIN - What The Rich Don't Want You To Know

Episode Date: June 9, 2022

This is what the richest don't want you to know. You will never be poor again! An eye opening interview with Grant Cardone.Special thanks to Lewis Howes for providing the interview. https://www.youtube.com/watch?v=AOrrmF1YVZcSpeaker:Grant Cardone: https://grantcardone.com/Music:Epidemic Sound Hosted on Acast. See acast.com/privacy for more information.

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The link is in the description. How much is it? Like, I'm going to ask that question. Whether it matters or not. It doesn't matter where I get in my life. I don't think I'm ever going to be free of. How much was that? Because when I grew up, you had to know what things cost.

Money is a terrifying thing because it's the one thing in life that everybody gets money. it's the one place where everybody gets it and now what do I do. And I can lose it now. So it's a terrifying concept like power. You know, very few of us ever getting any kind of influence or power, right? Once you get it, you're like, hey, what do I do with this? Am I going to do the right things with it? And so I think people withhold themselves because we're not educated about money.

We don't know where it comes from. We have a lot of misinformation about it. Our parents terrified us. You know, money doesn't grow in trees. Save your money. It'll save you. all these things our parents told us because they were enamored or encumbered with the same kind of liabilities around money.

I don't know how to get it. I don't know how to keep it. The worst part that we're all at is I don't know how to invest it. Some people get good at getting it. Very few, actually. Fewer people at keeping it. My dad died when I was 10. So he paid all his debt off, had everything paid.

And so that's all I had, right? Everybody around me was like, get money, keep it. Don't use it. you know, but you should invest, but nobody ever learns that third one. And so I think we're just a bunch of people walking around terrified of this appearance of it's scarce and it's not. You know, there's nothing scarce about it. This is what I did for 25 years, from 25 to 51 years old,

spent my most valuable asset time to get money, terrified, terrified, terrified every second of every day. That's really what's driven me the whole time. It's terror. When you don't know, you're going to be scared. So I'm going out to get money. I won't spend any of them because I'm terrified if I can't. I don't know how to get more. I'm worried I can't keep giving more.

So then I'd get the money and then I'd rush off and spend my most valuable asset time again to bring it to the bank. Still today, man, it's tough for me to buy blue jeans if they're not on sale. I'm like, this is stupid, man. I'm just going to wait. Right. You know what I'm saying? But it's really stupid that I even worry about it. it. Right. And I'm not saying on the come-up, I think you should worry about it. Right.

But there needs to be where you can turn that switch off. Well, I think number one is there's a bigger problem with hoarding in this country than there is with spenders. What we hear is all the spenders. Oh my God, you know, he did this and he's overspending. But really, really, you have more of a hoarding issue than you have a spender issue. I think people err more on saving and not knowing how to use money. So what the advice I would give people is like, I would just assume that everything you know about money is incorrect. So that you can actually have a white, you can have a clean board to operate from.

Because if you go out right now and try to stack new information, financial literacy on top of, you know, a toxic foundation, it's all going to get all. That's why when I tell people don't go buy a house, everybody freaks out. They're like, that can't be right. That can't be right. Why? Because that's what you've been told to buy a house your whole life.

because the banks want you to buy a house. Now, everybody just heard that's going to say, I just saw you buy a house in Malibu. I can do anything I want now. Here comes to arrogance. But I mean, I'm in a position now. Like, if I want to buy that house in Malibu, I can. But on the come up, buying a house is not what you should do.

You should, one, I would scrape off that you don't know anything. Two, I would invest everything you can in you. It's tax deductible. You never lose it. The person's personal appreciation will always be bigger than any other asset class. I love that. Bitcoin can't match it. Real estate can't match it. My personal asset appreciation will always, it is infinite. Who knows? I could be the next male Oprah or somebody watching could be the next

rock or whatever, right? Like that what is that appreciation value? It's straight up. So the first thing people should invest money in, even use debt on, is their personal improvement. Number one, invest in yourself. Number two, I would invest in your business. Whatever your business is or your department, your division is, the first 30 years of my career, I didn't have a I didn't own a company, but I did invest in my department, even though I worked for a company. I had a secretary. I didn't have the company paid for my secretary. I paid for that.

I wanted her to work for me. And so invest in yourself, you know, like invest in yourself, then invest in your business or your department, your skill set. If it's your company, then invest in your company, even down to zero. Like, I wouldn't keep, I wouldn't keep money around. I wouldn't save for a rainy day. I wouldn't have an emergency account because you don't need it. You don't, you need what you need. need is you need hustle. You need other people's money. You need to go knock on another door,

make another contact. You don't need reserves of money. So what you need is cash flow. So you by making investments. That's the third. And other things, other things that don't require my skill set. So that would be the third piece of advice to start investing in real assets. That cash flow can appreciate three that provide tax shelters. And if you look at those three criteria, Bitcoin doesn't cover it, stocks probably don't cover it, gambling doesn't, that one, gold doesn't, silver doesn't, real estate, real estate. NFTs don't, yeah. NFTs don't because they don't cash money.

But the most important thing is that people need a leg. You got to, you've got to know that if you're in, you live in America and you're having a money problem, it is not because you're stupid. And it's not because you're lazy. It's because you have the wrong information. If you've got $1,000, I would like just keep, you know, keep investing yourself and until you got another thousand. And then invest in yourself, you know,

now you got 2,000 investing. You go, go, go. You should start making money faster. At some point, you should start, like, every time you make an investment in yourself, if I put fuel in my car, it's supposed to take me for it. So what do you do with a thousand bucks, right? You know, I think you just gotta keep investing in you

until like, oh, now I'm making $3,000. Okay, boom, reinvest all that again. But what we do is we start taking it off the table. I think people just need to get on that cycle of like, okay, I'm gonna keep repeating this, activity. I'm going to reinvest the money in myself, go to the workshop or whatever. Monday, I've got to be hustling again. Until, okay, now I've got $4,000. Okay, now I've got $5,000. Now the income's starting to pick up. Income has to pick up. The income should be an

indication that whatever you're learning is helping you. That's interesting. I started studying, hey, what are all these successful people have in common? You know, whether it was the mattress dealer, the car dealer, the furniture dealer, or Elon Musk. They spend money, man. You know, they spend money. They spend a lot of money. And they don't worry about money the way I was worried about it. They used money, you know, they used it. They didn't save it. They didn't hoard money. And the greatest companies on this planet today, the ones that have just like, some of these companies have lost money for 25 years. Look at Amazon. Reinvest. So when I quit studying individuals and started studying people, everything shifted for me. When I quit trying to be

You know, when I quit worrying about what Bob was doing or Pete or whoever and started saying, hey man, what is this big company doing? Because that also relieved me of being competitive with this guy, Pete, and started saying, okay, I'm going to go do what Coca-Cola does.