Since 2015, I have bought and sold three private jets. I have received both criticism and admiration for making such a huge purchase. They are certainly a bigger financial burden than a luxury car or Hublot. But at the end of the day, is a private jet an asset or a liability?
This is my experience with private aircraft. After reading this, let me know what you think.
The Cost is Ridiculous
There is no sugarcoating it, buying a private jet is a ludicrous amount of money. When I first approached my accountant about buying my Gulfstream G550, I was advised there was absolutely no making sense of this type of investment.
However, here is a philosophy of mine,
“when someone tells you that you are doing too much, that is probably an indication that you should do it.”– Grant Cardone
So, I went ahead and bought the plane– with my wife Elena’s blessing, by the way– and I learned what owning a private jet really meant for me.
Expense Versus Expansion
When it comes to whether a private jet is an asset or a liability, the real dilemma is the expense of maintaining it or if it can expand your business. How you use this machine will determine its value for you.
This is especially true when you consider that NOTHING is more powerful than a face-to-face meeting.
Several years ago, such an opportunity was only possible because I had a private jet. I had heard that Daymond John was in Miami and could not get a flight to Las Vegas. I immediately made several phone calls to clients to make my trip there make sense, then offered a ride to Daymond on my G550.
The Shark Tank star took me up on my offer. On that trip, he and I formed a relationship that continues to this day. John regularly speaks at my 10X Growth Conference. This would have never happened without my private jet. I can’t even calculate the worth of that connection.
Previous to buying any of my jets, I had flown over 3 million miles commercially. I know how draining it is to worry about connecting flights, other passengers, and the overall ups and downs of going to the airport. That alone would make me see a private jet as an asset. But those reasons are superficial when you consider the monstrous opportunities one can provide you. So my conclusive opinion is that private jets are assets if you use them as I do.