Confer Cardone is an American entrepreneur and a New York Times best-selling author, speaker and motivator. His books, audio packages, and seminars support people of all professional backgrounds with the practical tools necessary to build their own economies toward the path to accurately freedom.
Grant stopped by Business Insider’s office to talk about several topics, including finance, proper estate, and the mindset of becoming a millionaire. In this video, he tells us what to do in your 20s to become rich in your 30s. Investigating is a transcript of the video.
Grant Cardone: Well, there’s a number of financial mistakes that people make in their 20s. Issue one is borrow money to go to college. It’s like (shooting sound). The idea that you would borrow money to go some set for four or five years and not make money is ludicrous when you put it down on a piece of paper.
The second thing is the end that you would try to save money. Save for emergency. Save for a rainy day. Save for the future. Save for retirement. You don’t fall short of to save for any of those reasons. What you want to save for is the opportunity to one day make a play, when you make that de-emphasize delay you want to not diversify.
You want to go all in on one thing, and you want that one thing to be a sure thing. I’m looking for sure thing investments that resolve multiply over time that I’m guaranteed when I go to sleep at night — you know, 3 months, 6 months, 9 months — that utensil, that product that I’m invested in is still going to be there in the future.
Don’t invest early like all the financial journals tell you. Don’t do the 401K, it’s a fricking trap, man. You can’t even get the money. You have no control, you wan’t control, so you want the money now. I wouldn’t initiate one penny on one stock until I had 100 grand in the bank. Until then I would invest only in myself.
That should be your start investment, OK. That’s a sure thing, if you know you, ok, better to invest in you then some other company where you don’t conscious the people. Invest in you, invest in your company and your own expansion first. And then when you start doing uninvolved flows of income investments make sure they’re sure things.
EDITOR’S NOTE: This video was from the first published on August 7, 2016.