DID YOU KNOW? against, every, find, keep, Money, shocking, Work September 8, 2024

“14 Shocking Wealth-Building Mistakes You’re Probably Making, According to Grant Cardone”

Ever find yourself scrolling through Instagram, looking at photos of yachts, private jets, and thinking, “Man, did I miss a memo on how to make millions?” Well, let me tell you—it’s NOT about missing some secret memo or hoping you might just “get lucky.” Nope! Grant Cardone, the self-made multimillionaire, real estate mogul, and notorious sales expert, didn’t hit the jackpot by some random stroke of fortune. Nope, he followed what he calls the “10X Rule,” and no, it’s not some cheesy sales pitch (though, let’s be honest, Cardone could sell ice to an Eskimo). This guy built an empire based on the idea that we’re all playing too small and need to crank our ambition and effort to…you guessed it…10 times what we think it should be. Essentially, massive goals + massive action = 💸. Mind. Blown.

But let’s not kid ourselves. Even with all that swagger and success, dudes like Cardone—the ones we all assume have Midas’s golden touch—have had their screw-ups too. Yep, even the Don of sales himself made mistakes along the way. In fact, Cardone has seen or MADE 14 key blunders that trip up anyone trying to build wealth like a boss, and he’s spilled the beans on it.

Now, before you think, “Great, another financial diatribe about saving my coffee money,” hold up. This isn’t your grandmother’s advice on nickel-and-diming your way to wealth. We’re talking mindset traps, procrastination, and strategies that could either make you a legend—or keep you stuck in mediocrity, cursing the success you scroll through every day. So buckle up and make sure you’re not sinking your own financial boat by making these 14 epic missteps. Because the difference between just paying bills and living the yacht life? It might just be these mistakes you didn’t even know you were making.

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Grant Cardone, a self-made multimillionaire, real estate mogul, and sales expert, didn’t achieve his fortune by accident. He’s built a business empire on his “10X Rule” philosophy, which advocates for taking massive action and setting audacious goals.

However, even the most successful entrepreneurs like Cardone have faced their fair share of setbacks on the road to wealth. Drawing from his own experiences and observing others, he’s identified 14 common mistakes that can hold aspiring wealth builders back.

This article explains these critical errors, revealing how they can sabotage your financial aspirations. From mindset pitfalls to strategic blunders, understanding these mistakes can be the difference between mediocrity and achieving extraordinary financial success.

1. Underestimating Your Potential

Working in office — Photo Credit: Depositphotos.com.

Many people underestimate their capabilities and settle for less than they deserve. Cardone believes that the average person has been trained their whole life to accept mediocrity and be limited by societal boundaries. In order to combat this, Cardone advocates that people recognize their true potential and set goals that reflect that ambition.

Identify your unique strengths and talents, and leverage them to create value. Don’t limit yourself by self-doubt or negative self-talk. Instead, believe in your ability to achieve greatness.

2. Lacking Focus

A depressed employee who is being ignored during a meeting happening in a meeting room — Photo Credit: Depositphotos.com.

Cardone emphasizes the importance of a single-minded focus for achieving your financial goals. Distractions and lack of clarity can derail your efforts and hinder your progress.

Identify your top priorities and concentrate all of your energy on them. Eliminate distractions, create a structured plan, and stay committed to your goals. Remember, focus is the key to turning your dreams into reality.

3. Procrastinating

Young business Asian women are stressed while working on laptop phone Tired asian businesswoman with headache at office, feeling sad or sick at work copy space in workplace office — Photo Credit: Depositphotos.com.

Procrastination is the silent killer of dreams. Cardone stresses the importance of taking immediate action to achieve your goals. Delaying important tasks only prolongs the journey to success.

Develop a sense of urgency and tackle challenges head-on. Break down large tasks into smaller, manageable steps and create a schedule to ensure progress. Don’t wait for the perfect moment—start now and make things happen.

4. Negative Thinking

sad woman plant — Photo Credit: Depositphotos.com.

Your thoughts shape your reality. Cardone believes that negative thinking can sabotage your efforts and prevent you from achieving your goals.

Cultivate a positive mindset and surround yourself with optimistic people. Challenge negative thoughts and replace them with empowering affirmations. Remember, your thoughts can either propel you forward or hold you back.

5. Not Investing In Yourself

Blonde woman reading a book in public library — Photo Credit: Depositphotos.com.

Cardone considers investing in yourself one of the most important investments you can make. Continuous learning and personal development are essential for growth and success.

Invest in books, courses, seminars, and mentorship programs to help you acquire new skills and knowledge. The more you invest in yourself, the more valuable you become.

6. Avoiding Sales And Marketing

Business team working at meeting about affiliate marketing — Photo Credit: Depositphotos.com.

Cardone views sales and marketing as the lifeblood of any business. He believes that mastering these skills is crucial for creating wealth and achieving financial independence.

Invest time and resources in learning effective sales and marketing strategies. Develop your communication and persuasion skills to attract and retain customers. Remember, your ability to sell and market your products or services is essential for business growth and profitability.

7. Not Creating Multiple Income Streams

Woman sitting in a coffee bar working on her laptop. She is looking down on the screen — Photo Credit: Depositphotos.com.

Relying on a single source of income can be risky. Cardone advocates for diversifying your income streams to create financial security and accelerate wealth building.

Explore different income-generating opportunities, such as real estate investments, stock market investments, or starting a side business. By having multiple income streams, you can protect yourself from financial setbacks and increase your earning potential.

8. Overspending

shocked man grocery shopping receipt high price expensive — Photo Credit: Depositphotos.com.

Cardone warns against the dangers of overspending and living beyond your means. He believes that excessive spending can trap you in a cycle of debt and hinder your financial progress.

Create a budget and track your expenses to ensure that you’re living within your means. Avoid impulse purchases and prioritize saving and investing for the future. Remember, financial discipline is key to building wealth.

9. Focusing On Saving Instead Of Earning

money savings — Photo Credit: Depositphotos.com.

While saving is important, Cardone emphasizes the importance of focusing on increasing your income. He believes that earning more money is the fastest way to accelerate your wealth-building journey.

Look for opportunities to increase your income, such as asking for a raise, starting a side hustle, or investing in income-generating assets. Don’t limit yourself to a fixed income. Instead, focus on creating opportunities to earn more.

10. Underestimating The Power Of Networking

Man and woman talking about the business in group — Photo Credit: Depositphotos.com.

Cardone believes that your network is your net worth. Building strong relationships with influential people can open doors to new opportunities and accelerate your success.

Attend industry events, join professional organizations, and connect with successful people in your field. Nurture your relationships and seek out mentors who can guide you on your path to wealth.

11. Not Taking Enough Risks

Freelance young woman working as a broker at home and looking at the computer monitor while checking the stock market — Photo Credit: Depositphotos.com.

Cardone advocates for calculated risk-taking as a crucial element of wealth building. He believes that playing it too safe can limit your potential for growth and success, and conversely, that if you are willing to take the big risks, you will reap significant rewards.

Identify opportunities with calculated risks and potential for high rewards. Don’t be afraid to step outside your comfort zone and take bold actions. Remember, fortune favors the bold.

12. Giving Up Too Easily

Successful man shaking hand of new business partner — Photo Credit: Depositphotos.com.

Cardone believes that persistence is key to overcoming challenges and achieving your goals. He encourages people to persevere in the face of adversity and never give up on their dreams.

Develop resilience and learn from your mistakes. Don’t let setbacks discourage you—use them as fuel to propel you forward. Remember, success often comes after multiple failures.

13. Not Investing In Real Estate

happy young family standing in front of new home buying a house — Photo Credit: Depositphotos.com.

Cardone is a strong advocate for real estate investing as a vehicle for wealth creation. He believes that real estate offers numerous advantages, including passive income, appreciation, and tax benefits.

Consider adding real estate to your investment portfolio. Start small with rental properties or explore real estate investment trusts (REITs). Real estate can provide a steady stream of income and long-term wealth accumulation.

14. Ignoring The Importance Of Time

Businessman checking time — Photo Credit: Depositphotos.com.

Cardone emphasizes the value of time as a finite resource. He believes that wasting time on unproductive activities can hinder your progress and limit your potential.

Optimize your time management by focusing on high-impact tasks and delegating or eliminating low-value activities. Make the most of your time by investing it in activities that contribute to your personal and financial growth.

20 Things Poor People Waste Money on, According to Suze Orman

money guru Suze Orman — Photo Credit: s_bukley on Depositphotos.com.

If you’ve ever watched her show, you know Suze Orman pulls no punches. She’s all about calling out bad money choices, urging people to take control of their financial destinies and ditch those pesky spending habits that derail progress. While her advice can be blunt, she aims to empower folks to build wealth and protect their financial futures.

It’s important to note, Suze Orman gets flak sometimes for being too harsh. She’s not shaming people, but highlighting how certain expenses can sabotage big goals like homeownership or a comfortable retirement.

20 Things Poor People Waste Money on, According to Suze Orman

12 Culturally Acceptable Habits That Leave Americans Drowning in Debt

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The average American household carries over $103,000 in debt, including mortgages, credit cards, and car loans. While there are various factors that contribute to this staggering number, there are also certain culturally acceptable habits that have played a major role in leaving America drowning in debt.

12 Culturally Acceptable Habits That Leave Americans Drowning in Debt

15 Primary Differences Between Being Wealthy and Rich (According to Dave Ramsey)

rich woman dressed well on a private jet plane sunglasses — Photo Credit: Depositphotos.com.

We’ve all daydreamed about hitting the jackpot and living like the 1%. But here’s the thing: True wealth is about a lot more than fancy cars and designer labels. It’s about rock-solid security and the freedom to call the shots in your life – something no lottery ticket can guarantee.

15 Primary Differences Between Being Wealthy and Rich (According to Dave Ramsey)