Grant Cardone is the bestselling author of The 10X Rule and If You’re Not First, You’re Last as well as a sales trainer, speaker, and entrepreneur who has worked in real estate and the auto industry. He is a real estate mogul who built his over 4 billion dollar portfolio of multifamily properties from scratch. Moreover, he was named the #1 marketer to watch in 2017 by Forbes Magazine.

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Guest Resource

GrantCardone.com – It’s time to 10x your life!

3 Value Bombs

1) The wealth creation formula is based on the idea that wealth is tied to health, not just money.

2) It is crucial to rethink what it means to be middle-class, and plan for your financial future accordingly.

3) Wealth is achievable for anyone, no matter where you come from or who you are.

Sponsors

HubSpot: The HubSpot Sales Hub supercharges your sales process so you can find, track, and close deals all in one powerful, easy-to-use platform. Make the switch to HubSpot Sales Hub at HubSpot.com/sales.

Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!

ZipRecruiter: Four out of five employers who post on ZipRecruiter get a quality candidate within the first day! See for yourself… Go to this exclusive web address to try ZipRecruiter for free: ZipRecruiter.com/fire!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS:  The Wealth Creation Formula with Grant Cardone

[1:31] – What’s new in your world on the fun and family side of things?

• Spending time with loved ones, like family, is incredibly important.
• They recently organized an event for their church, and it was all about making the world a better place for their family, friends, and anyone willing to listen to their message.

[2:36] – What is The Wealth Creation Formula about?

• The wealth creation formula is based on the idea that wealth is tied to health, not just money.
• Grant has been studying money for many years, especially after seeing his mom struggle financially when he was young.
• He went to college to learn about money, but it only taught him a little.
• After the 2008 financial crisis, he realized that some of his ideas about money were holding him back, and he needed to change his approach.

[6:39] – How does one go from middle class to wealthy?

• The middle class concept is unclear and varies depending on where you live.
• Dictionary definitions suggest it is for people making around $45,000 to $125,000 a year. But in expensive cities like Los Angeles, New York, or Boston, earning $45,000 can mean you are struggling with debt, don’t own a home, and need more savings.
• Many millionaires worry about their money, too. For example, if you have a million dollars and 35 years to live, you’d have to survive on around $30,000 per year, which isn’t a lot after paying for rent and other expenses.
• It is crucial to rethink what it means to be middle class, and plan for your financial future accordingly.

[8:47] – A timeout to thank our sponsors!

• HubSpot: The HubSpot Sales Hub supercharges your sales process so you can find, track, and close deals all in one powerful, easy-to-use platform. Make the switch to HubSpot Sales Hub at HubSpot.com/sales.
• ZipRecruiter: Four out of five employers who post on ZipRecruiter get a quality candidate within the first day! See for yourself… Go to this exclusive web address to try ZipRecruiter for free: ZipRecruiter.com/fire!
• Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!

[11:41] – Grant talks about the 3 phases of building wealth.

1. Earning Income: In this phase, the focus is on getting a job or finding ways to earn money.
2. Passive Income: In the second phase, the goal shifts from earning active income to generating passive income.
3. Creating Wealth: In the third phase, individuals accumulate assets that significantly appreciate in value, leading to substantial wealth growth.

[13:11] – Grant gives an example of living in phase 3.

• Phase three is where you reach true financial freedom. In this phase, your wealth is mainly invisible, driven by growing networks and assets. You cannot necessarily spend this wealth directly, but you can use it as collateral to borrow money if needed.
• It is like having a massive safety net or a magic act where you manipulate the value of your assets.

[15:20] – Grant shares his 9-step formula for increasing your family’s income and net worth.

1. Start with the right target: Aim for wealth and freedom rather than a specific dollar amount, like $10 million.
2. Break it down: Calculate how to reach your wealth and freedom target. Think about various routes to get there.
3. Dream big: Do not limit your goals. Set ambitious targets.
4. Use math: Calculate different ways to reach your target.
5. Focus on the target, not passion: Do not solely follow your passion. Instead, follow the math and your target.
6. Passion can follow: Passion can develop as you work toward your target.
7. Expand your thinking: Look for multiple paths to reach your financial goals.
8. Avoid settling: Do not be satisfied with just getting by. Strive for financial security and prosperity.
9. Prioritize your loved ones: Remember that financial success benefits you and the people you care about.

[18:40] – Grant’s key takeaway.

• Wealth is achievable for anyone, no matter where you come from or who you are. Being wealthy does not guarantee happiness, but poverty won’t make you happy.
• Wealth provides choices and security, making life easier when times get tough. Do not dismiss the idea of wealth; it is about creating opportunities and safeguarding your future.

[20:59] – Grant’s call to action.

• GrantCardone.com – It’s time to 10x your life!

[22:04] – Thank you to our Sponsors!

• HubSpot: The HubSpot Sales Hub supercharges your sales process so you can find, track, and close deals all in one powerful, easy-to-use platform. Make the switch to HubSpot Sales Hub at HubSpot.com/sales.
• Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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