This is a short, simple, and direct book on building wealth. Grant Cardone is often criticized, but I'm a fan who's been following him since 2011. I recommend this book and have returned to it more than a few times for a quick reinforcement of the basics.
The Summary of Reviews
The reviews for "The Millionaire Booklet" by Grant Cardone on Amazon are generally positive, with readers appreciating the concise and impactful advice provided in the booklet. Below is a summary of the key themes and opinions expressed by customers:
- Concise and Impactful: Many reviewers appreciate the booklet's brevity and straightforwardness, highlighting that it is packed with solid advice and wisdom without unnecessary filler.
- Inspirational: Some readers find the booklet inspiring and motivational, helping them change their perspective on money and wealth creation.
- Practical Advice: The booklet is praised for offering practical and actionable tips on wealth accumulation, with some readers noting that it has changed their lives.
- Repeat Reading: Several customers mention reading the booklet multiple times due to its valuable content and insights.
- Grant Cardone's Style: Fans of Grant Cardone appreciate his unique style and approach to wealth creation, with some noting that they would continue to purchase his materials because he is "the real deal."
- Size and Price: Some reviewers express disappointment with the booklet's size, expecting a larger book. There are comments about the price being a bit high for such a small booklet.
- Content Not Unique: A few readers mention that while the booklet provides good information, it does not stand out significantly from other wealth creation resources available.
- One reviewer notes that the booklet is only 39 pages long but appreciates it because it is written by Grant Cardone, who they admire for living the principles he teaches.
- Another customer expresses initial disappointment with receiving a "beat-up pamphlet" but later appreciates the solid advice and wisdom packed into the small booklet.
- A fan of Grant Cardone mentions considering bulk ordering the booklet to distribute to others, emphasizing that the booklet is worth the price and can change readers' lives.
- A reviewer from Italy calls Grant Cardone their role model and highly recommends the booklet.
- A customer from Mexico finds the booklet a great start for individuals aiming for financial success, encouraging readers to follow the author's steps and acquire knowledge in their weak areas.
- A review from India describes the booklet as inspiring and simple, comparing it to other classic wealth creation books.
The overall sentiment is positive, with many readers recommending the booklet for its practical and motivational content. While there are some criticisms regarding its size and price, the majority of reviewers find value in the insights and advice provided by Grant Cardone in "The Millionaire Booklet."
The Book Summary
"The Millionaire Booklet" is delivered in eight steps following some introductory content. The summary of the eight steps follows:
1. The Millionaire Decision:
Commit to becoming a millionaire for personal growth, not just wealth. This commitment isn’t a faint desire but a steadfast decision that influences your mindset, attitude, and actions toward wealth accumulation. This millionaire decision is foundational, setting the stage for the relentless pursuit, learning, and adaptation required to achieve and maintain millionaire status.
2. The Millionaire Math:
Understanding the “math” simplifies the millionaire goal, breaking it into attainable daily, monthly, and yearly targets. It offers a clear roadmap, making the journey tangible and measurable. This mathematical approach demystifies wealth accumulation, fostering focus, clarity, and discipline in your pursuit of financial success.
3. Increase Income:
Increasing income is vital for wealth accumulation. Proactively seek and leverage opportunities to enhance your earnings. Explore additional revenue streams, investments, and side hustles that complement your primary income. A diverse income portfolio accelerates wealth accumulation, providing a solid foundation for achieving millionaire status.
Grant Cardone says, "No one every gets rich without increasing their income first. The creation of wealth, especially early on, is not about saving or investing - it's about increaing your income flows." He also delivers the statistic that 75% of millionaires work for someone else.
4. Who’s Got My Money?:
Identify entities with the potential to contribute to your wealth. Build relationships with clients, investors, and partners who value and are willing to pay for your offerings. Understand their needs and preferences, offering solutions that resonate with their expectations, fostering lucrative collaborations and transactions.
One of the most common sense pieces of advice Cardone gives, that's too often overlooked, is, "Make yourself known to the people who have your money."
5. Stay Broke:
“Staying broke” doesn’t imply lack but strategic reinvestment. Allocate earned money into ventures that increase income and asset value while avoiding unnecessary liabilities. This approach ensures sustained financial growth, with resources continuously flowing into avenues that facilitate further wealth generation.
I love this quote, "I have a policy to never, ever have money sitting around. Once I start increasing income, I immediately moved the surpluses to sacred accounts that were out of my reach and marked for future investments." I advise to set a reasonable target income for you and your family, then set aside every additional penny. Do this no matter what income surges you experience in your career and businesses.
6. Save to Invest:
Saving should primarily serve investment purposes, not merely creating a safety net. Amass funds with the intention to inject them into promising, wealth-generating opportunities. This investment-focused saving strategy optimizes your financial resources, directing them towards avenues promising significant returns and wealth expansion.
"Investing money is how you will get super rich." It doesn't get simpler than that!
7. Multiple Flows of Income:
Establish diverse income sources, creating a financial safety net. Multiple income streams offer stability, ensuring financial continuity even if one source dwindles. This approach not only safeguards your finances but also accelerates wealth accumulation, providing a robust platform for achieving and sustaining millionaire status.
The quote that resonated with me the most in the book was in this section, "Poor people try to replace flows of money, while rich people are trying to supplement, add flows." I've been guilty of this in the past. I've often started projects and businesses on the side and quit my job (my primary source of cash flow) to "grow the business." The truth is that I was trying to get out of my job as quickly as possible. I do not recommend that approach today.
8. Repeat, Reinforce, and Hyperfocus:
In wealth creation, repetition, reinforcement, and hyperfocus are crucial. These principles mean that individuals must continuously apply and revisit the strategies outlined for wealth accumulation, strengthening their commitment and refining their approach as they learn and grow. Repetition ensures that these behaviors become ingrained habits that contribute to long-term financial success. Reinforcement refers to the constant refinement and strengthening of wealth-building strategies, making them more effective and resilient in the face of changing economic conditions. Hyperfocus involves dedicating one’s attention and energy relentlessly towards the goal of becoming a millionaire, minimizing distractions and maintaining a laser focus on tasks and strategies that contribute directly to wealth creation. Adopting these principles can significantly enhance an individual’s ability to accumulate wealth and achieve their financial goals.
Cardone’s steps offer a roadmap for aspiring millionaires. They provide a structured approach to wealth accumulation, emphasizing commitment, knowledge acquisition, strategic planning, income diversification, and investment. Following these steps requires diligence, consistency, and a willingness to learn and adapt, characteristics indispensable for anyone aspiring to achieve financial success and millionaire status.