How quickly is wealth lost? 70% of wealthy families lose their wealth by the second generation, and a stunning 90% by the third. People that create wealth are often obsessive, but their kids aren’t as hungry. This is why it’s important to educate your children and spouse about wealth and money management so the empire you build won’t turn to dust in 75 years. You do want to build an empire, don’t you?
There are 3 simple steps you need to remember to build an empire. First, you need to get money, then you need to keep it, then you need to invest it. Get, keep, invest—3 simple steps. Most people don’t know how to get the money, many can’t keep it, and very few know how to multiply it.
#1 GET MONEY
Look at income possibilities not how to cut expenses. I am not trying to get smaller, I am trying to expand. Think expansion and acquisition. How do I get in front of more people, help more people, collaborate with the right people and ultimately grow? When it comes down to it, you will need skills to get money. If you don’t learn how to sell, you won’t ever get enough money to invest much of anything. The problem with many people is that they are just punching a time clock at a job. You have to ask, “Who’s got my money?”.
#2 KEEP MONEY
Many people have a problem with keeping any of the money they get. If you make 6K and spend 6K, what good is that? You’re broke. You want to be in a place where you can first get more money so you can be able to save some of it. If you are only making 50K a year, don’t worry about keeping the money because you’re broke. You need to first learn to get money. Invest in yourself and get skills so you can at least get over the 100K mark and then start to save.
#3 INVEST MONEY
For those few individuals that can get money and are able to keep a good portion of it, then and only then should you think about multiplying it. If you don’t have 100K saved, you aren’t ready to invest. Keep getting more money and keeping it until you have 6 digits in the bank. I personally invest in real estate—not stocks. How you invest is up to you but you better know what you are doing with your hard-earned dough.
Don’t be in denial—we live on an economic planet. Each day you must deal with money. Finances and economics are the main topics of everyone’s adult life—whether you accept it or not—your life revolves around money. When you go to the store, the gas station, have to pay the rent, go online, when your kids need clothes, or when you open the refrigerator and discover you are out of bread, milk, and fruit…you need money.
If you don’t know how to get money, you will never have an empire. If you can’t keep it, your family will never be wealthy. If you don’t invest, your little pile of savings will soon be gone. Get money, keep it, and invest it — it’s really that simple — but if it were easy wouldn’t everyone do it?
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GC, Cardone Capital.