Some of the best advice I’ve read about growing wealth from Grant Cardone, is to stay broke. As a real estate investor, this can be tough advice to follow, but it’s essential. You can have a big score come across in real estate and it’s easy to say to yourself that “I deserve this ________” and go out and spend money on yourself. If you really want to take it to the next level, you will have to develop the discipline to not spend your wins on something that’s frivolous.
I didn’t realize it at the time, but a can of SPAM gave me one of life’s greatest lessons about being poor. At one of the lowest times in my life, all I had to eat in my house was literally a can of SPAM. It was something my former roommate had left behind after he left me holding the bag on a lease. What a great gift! I remember it like it was yesterday because I remember eating it and saying to myself, I’ll never let myself get into this position again. SPAM changed my life! How many people can say that?
Fast forward 21 years to where we’re growing into successful investors, and it would be so easy to take the money we make on a deal and then go out and blow it on crap that won’t mean anything to me in a few years. I try to think about what I really need when it comes to my income and I stay broke. I need the following:
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To feed my family
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To pay my bills
That’s it. What else to I really need? Anything else is going to keep me poor by driving up my cost of living. Do I want to drive a nicer car? Hell yeah. Do I want to live in a nicer house? Of course. Do I want to take a trip to Europe? Absolutely. Here’s what else I want; complete financial freedom. Working and staying broke helps me get closer to that primary goal every single day. If I work and stay poor, it’s not going to happen and I might be faced with that can of SPAM once again. That alone keeps me pressing forward.
So what do you do? Invest in yourself. If you’re getting a good score every now and then with your properties, figure out how you can take those scores and buy some more scores. How can you stack wins? Figure out specifically how many wins you need to stack before you can start getting some of the things you want in life. What’s your number? Where do you become not only free, but have the freedom to do the things you dream of? You have to figure out that number and work your way backwards. How many rental properties will it take? How many notes will it take? Notice I didn’t say how many wholesale deals or fix and flips will it take? That’s a job and it’s not freedom. You need to focus on income streams that are as passive as possible.
Only more income will get you free. Ask us how we can help you create more income with our properties today! This is a movement to help as many investors get free as possible. Are you getting on board?
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