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

· 3 min read
nonfiction › personal finance › self help

Synopsis

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

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

Extra Notes

Selling relative’s unused goods

In chapter 5, Grant makes a suggestion to find unused goods at your relatives’ place and sell them.

If you do take up this 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.

The casino example is a bad choice

In chapter 8, Grant claims that casinos make money because people are not willing to go all-in.

If everyone went all-in. The winners will take all the losses of the losers plus more. Leaving the casino at a net loss.

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 - when you are confident that you will come out on top.

Get the Book

Paperback from millionairebooklet.com