The Millionaire Booklet: How To Get Super Rich by Grant Cardone

Synopsis

The Millionaire Booklet: How To Get Super Rich by Grant Cardone (GC) is a short book in which GC provides readers with a simple 8-step guide to becoming “rich”, or “super rich”.

The book consists of 10 chapters, along with a preface and an introduction.

In the preface, GC shares with us why he wrote the booklet. And in the introduction, GC shares with us his background and some stories of others who have succeeded following the 8 steps he outlines in the booklet.

In Chapter 1: Getting rich is not a fantasy, GC demystifies the myth that becoming a millionaire (or having a million dollars) is just a dream for select privileged individuals.

In Chapter 2: Where you get your advice, GC shares his observations as to where people get their money advice from. And why those are bad places to get money advice. He recommends learning from those who have made it. Not from quitters or your parents. And change your beliefs.

In Chapter 3: The millionaire decision, GC shares the first step in his 8-step guide. He explains that the game to being rich is a game of offence and not defence as we’ve been taught. This is why we need to lose our middle class mindset and embrace the millionaire mindset.

In Chapter 4: Millionaire math, we learn about the second step in the 8-step guide. GC presents a range of calculations we could do to reach 1 million dollars. In turn, making the million dollar figure seem not that far out of reach. Nor is it a really big and intimidating number as we have been taught to believe by society.

In Chapter 5: Increase income, we learn about the thrid step in the 8-step guide. GC shares with us some ways to increase our income.

If you do take up his idea of selling your relative’s unused goods. You will need to first take ownership of the goods before you sell them. Otherwise, you’re essentially selling stolen goods.

In Chapter 6: Who’s got my money, we learn about the fourth step in the 8-step guide. GC tells us to spend our time with the people who have the money. Identify what these people need, so you can help them in exchange for the money they have.

In Chapter 7: Stay broke, we learn about the fifth step in the 8-step guide. GC shares his story of how he continued to live on the same limited budget even though his income had increased. And explains that the increased income was routed to his savings accounts, so he would not “waste” them. And by living in the same poverished state, it kept him hungry and continue to act out of necessity.

In Chapter 8: Save to invest, don’t save to save, we learn about the sixth step in the 8-step guide. GC tells us that savings are meant to be spent - spent on big investments we have complete confidence in that will make us a return. Not saving for rainy days. And clarifies that, these savings need to be independent of our income. i.e. the savings is not needed to put food on the table for the family.

I don’t agree with the casino example. As that is pure gambling, there is no way to be confident that you will win. But that is not the message, the message is to go all-in and make a big bet.

In Chapter 9: Multiple flows of income, we learn about the seventh step in the 8-step guide. GC explains we need more income flows for that exponential growth. And stresses the point, that replacing an income flow with a new income flow is not creating multiple income flows. Creating a new income flow to have multiple income flows, means adding new income flows while retaining the existing income flows.

In Chapter 10: Repeat, reinforce, and hyperfocus, we learn about the last step in the 8-step guide. GC explains to us that it’s not a one-time thing. We need to keep repeating steps 1 - 7 and over time this will turn into success. And as we repeat the steps and get closer to our goal, we will encounter resistance from individuals who do not want the status quo to change. This is why we need to seek out people who are also committed to self-improvement. And find new friends, find people who have the same mindset.

Key Takeaways

8 Steps

First step - the millionaire decision

Lose your mind. Lose the middle class mindset and embrace the millionaire mindset. Play offence.

Second step - millionaire math

Do the math. Calculate all the different ways to reach 1 million dollars.

Third step - increase income

Look at different ways you can increase your income streams.

Fourth step - who’s got my money

Spend and focus your time on people who have money and what you can do for them in exchange for their money.

Fifth step - stay broke

Continue living on the same budget and save the surplus.

Sixth step - save to invest, don’t save to save

Save with the view to re-invest those savings. Then go all-in on investments you have complete confidence in.

Seventh step - multiple flows of income

Not to be confused with replacing existing streams with new streams. This step is referring to creating additional income streams.

Eighth step - repeat, reinforce, and hyperfocus

Keep repeating and doing the above 7 steps. And stay focused on the goal.

Realisations from implementing the 8 steps

1 - it will be harder than you think
2 - it will be a lot simpler than you think
3 - you will achieve way more than you imagine possible

Formula for Success

Success = idea + hard work + discipline (over) time

Verdict

Overall I really enjoyed reading this book. It is short and straight to the point. But most importantly, it was different from all the other “finance” books that promoted the “defence” approach, or simply directed you to “financial advisors”.

If you are someone who is curious and want to learn about the strategies a self-made millionaire used to get to where he is today. Then, this book is a must read.

Get the Book

Paperback from millionairebooklet.com