In this book summary of The Millionaire Booklet by Grant Cardone, you’ll find my notes, valuable lessons, and important action steps.
The Millionaire Booklet Summary
To become rich, you need to be especially careful of where and who you get your money advice from. Odds are your parents, the school system, and society taught you the wrong ideas about money; like to save it, but not how to make it or invest it so it works to make you more wealth.
Step 1 is making the millionaire decision, which simply means committing to your objective of becoming rich. If you don’t think it’s possible, then you got no shot, so you have to make the decision first.
An inspiring stat is that more than 80% of all millionaires today are self-made, proving it’s entirely possible.
Step 2 is understanding the millionaire math, in other words, how many different ways you can make a million dollars. There are thousands of different ways from making $50,000 for 20 years or selling 1,000 people a $1,000 product or service. The key is to do the math so you break it down and are inspired to chase your goal even farther.
Step 3 comes down to increasing your income because without an increase in income, you create no positive momentum and you’ll drag out the process of being a millionaire. Instead, do whatever it takes to make more money every single month. Try everything. Put energy into it. That’s how you increase your paycheck.
Step 4, who’s got my money?, is a principle that will save you from wasting time on the people who can’t help you reach your millionaire goal. When you focus on the big, often older, players who can exchange money for a product or service you provide, your income will skyrocket. This is also called follow the money.
Step 5 is all about staying broke. Grant Cardone strongly recommends this because a quick way to lose your hunger and kill your shot at becoming rich is to spend too much getting comfortable. You need to invest that new income from Step 3 and Step 4 right away, otherwise your not making strides to creating generational wealth.
Cardone’s Step 6 is save to invest, don’t save to save. He mentions how the middle-class is trained to save for rainy days and emergency funds, but the rich save only to invest. Through sound investments, you can become rich and then super rich if the deal is unbelievable.
Step 7 covers multiple flows of income and GC makes a point that many mistakenly try to add a second flow of income, but while doing so they consequently kill their first income and are left with one income again. Be smart about adding income streams by ensuring they’re related to your first income.
Lastly, Grant Cardone’s Step 8 is to repeat, reinforce, and hyper-focus. Once you get started, then just raise the stakes and keep repeating this process. You’ll see that there’s an unlimited money on this planet and you can make a whole lot of damage.
Getting rich is a decision, it’s never an accident or luck. So before you every accumulate a million dollars or more, you first need to believe it’s possible. And not only that, you need to commit to the effort, focus, and discipline it takes to get there. That’s the foundation for building wealth.
A major factor of this equation is multiplying your income. Make more money with your current stream of income. Add related streams of income. And never replace one income stream with another. Increasing your income gives you the opportunity to invest, and really start making strides to wealth.
Invest not in vacations and material items. Invest in yourself above all. This is your game to win. And by investing in yourself, you’ll have the resources and time to be able to invest in the lives of others. So invest in yourself!
Three Favorite Quotes
“The more people you can help, the more money you will have. If you want to make a billion dollars, simply help a billion people.”
“You never see me at the club, and I never see you at the bank.”
“When you start your wealth adventure, many will try to convince you that it’s not worth it. Some will tell you it’s impossible. It is worth it. It is possible. And it is important!”
Action Steps For You
Do you want to be rich? Ok, good. Make a commitment.
Then follow everything laid out in this summary, or even better, buy the book on Amazon and implement it every day of your life.
Sooner or later, if you’re committed, your mindset, income, investments, and entire life will shift from middle-class to wealthy.
You decide how much money you make in your lifetime and how many lives you impact. Best get started right here, right now.
Order The Millionaire Booklet
Or check out other book recommendations to become more successful.