What most people get wrong about money is that they’re looking for “just enough.” In reality, they should seek enough of everything vital to survival — ideally, to be abundant. But how do you get there between life’s curve balls and the systematic pitfalls? With these five steps…
5 Habits that Lead to Becoming Abundant
Although there are only a handful of actions it takes to become abundant, it doesn’t mean they are easy.
The fact of the matter is that you have to…
Commit to these habits…
Reinforce that decision…
Then, repeat the steps time and again.
The road to financial freedom is hard, but being broke is harder. With that in mind, I hope you make the first choice.
If so, this is how to make it happen…
Earn More Money
Once you decide to be abundant, the next thing to figure out is to make more moolah.
Now, this doesn’t mean you should do something extreme. So, no quitting your job or getting involved with a get-rich-quick side hustle.
The smarter way to do about it is to make yourself more valuable where you are now…
This is step number one towards abundance, and most people get stuck here. I promise if you are all in, you can get it done.
But once the cash starts coming in, you must ignore “the good advice” from the well-meaning masses…
Avoid Mass Financial Traps
As I mentioned earlier, the financial institutions set us up to fail. Want proof? CNBC reported in this article that 60% of Americans live paycheck to paycheck…
SOMETHING IS CLEARLY NOT WORKING IF SO MANY PEOPLE ARE STRUGGLING.
Therefore, you have to play the money game by different rules to be abundant.
So, don’t buy into:
- 401(k)s
- Saving-to-wealth
- Buying a house
Despite what you’ve been told, these are all liabilities and get in your way of financial freedom. That being said, the best way to win in a broken system is to beat them at their own game…
Educate Yourself About Finances
It is impossible to be successful at something that you do not understand. The same is true about earning and investing.
For this step, I suggest you start by making a list of financial terms and looking up their definitions in a dictionary.
THEN, CREATE EXAMPLES OR SKETCH OUT HOW THEY WORK UNTIL YOU COMPLETELY UNDERSTAND THEM.
This is more important to becoming abundant than you may realize. After all, many people have gotten rich and then lost it all because they didn’t know how finances worked!
After you get a firmer lay of the financial playing field, it’s time to put a firm policy in place…
Follow the 40% Rule
I have been following this particular discipline ever since I decided to become abundant at 25 years old. It is called the 40% rule and this is how it works…
Out of your gross income, you immediately put 40% away. (I’ll tell you what you’ll do with it in just a moment.)
Then, you use the rest to live off of.
And, it’s as easy as that. Now, that means that you have to be tighter on the spending — so no buying frivolous junk.
However, you have to sacrifice the finer things temporarily to be abundant long-term. That’s where the last piece comes into play…
Make Investments that Cash Flow and Appreciate
I promised I would tell you what to do with all that capital you’ve accumulated, and here it is…
Invest in assets that have both cash flow and appreciation.
As to what that is depends on what makes sense to you. But, make sure that you do your homework and that it passes the “Buffett Test” for investments…
THAT IT DOESN’T LOSE MONEY!
The right type of assets provides passive income that will keep you and your family abundant for years to come…
All of these tips have led up to that ultimate goal. And, they do have an impact but you gotta play the long game…
Becoming Abundant Takes MUSCLE
I hate to break it to you, but there is no way to become abundant quickly. But deep down, you already knew that.
In contrast, I will say that wealth is definitely achievable and it can be done by anyone. There is enough money and enough opportunities for everyone to have financial freedom.
It’s just all about those who have persistence to make it happen.
Be Great and Abundant,
Grant Cardone
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