159: How to Make Income First
The Cardone Zone
03/20/15
•44m
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This week Grant is talking about money, finances, and how you can simplify them to a digestible amount.
If you're stuck at a crossroads you're stuck at a maybe—you need to make a decision. You need to go as fast as you can in one direction, and if it's wrong, adjust your path.
Simplify everything.
Your Finances: 1. Income – How much came in? 2. Expenses – How much went out? 3. Net – How much do we have left?
"You're kept from your genius and your potential because you're overcomplicating everything." – GC
The first thing you have to do is make a lot of money. Your parents taught you about expenses—use coupons, get discounts—and it's a waste of time. You need a financial statement, a plan to make money.
Business is supposed to be fun—and it ain't fun when you're broke. You need to focus on the top part of your financial statement; the income. Get as many flows in as you can and immediately push that back out to build more sources of income.
"Until you identify the right problem you will not be able to overcome it." – GC
Previous Episode
158: How to Buy Multi-Family Apartments
March 13, 2015
•44m
In this previously aired episode, Grant Cardone, successful entrepreneur, best selling author and real estate investor shares the secrets to multifamily investing. For over 25 years Grant Cardone has been investing in multifamily real estate. He believes the America is becoming a renter's nation offering a great opportunity to create additional income. Grant offers so many helpful details and announces a new show where he will take an even deeper dive into the many things associated with multifamily properties. In this episode Grant discusses the reason one should invest in apartments:
Why to invest in multifamily real estate: 1. Preserve capital. 2. Protect yourself long-term. 3. Multiple flows of income. 4. Leverage (debt vs. money down) 5. Expenses paid by others.
He also offers concise definitions of terminology associated with multifamily investing such as Cap Rate, Price Per Unit, Pro Forma, Trailing 12 and Debt Coverage Ratio (DCR). Grant underscores that it is incredibly important one understands all that is involved so they can have the certainty and courage to pull the trigger. He suggests starting where you live, where you can go see units and understand the area. This episode of Cardone Zone sets up a new show that Grant will do on Whatever It Takes Network focusing on creating wealth through multifamily investing. If you're wondering how you can get started tune in.
Next Episode
160: No Business is Stupid Business
March 27, 2015
•42m
Grant Cardone shares insights to help the middle class escape the myth and secure wealth.
Grant begins the show referring to New York Magazine article where tech columnist Kevin Roose interviews Netscape creator and power-tweeter Marc Andreessen and their conversation veers into how the middle class is a myth. Grant advises people to quit passing up opportunity and explains how the biggest cities in America all share one common thing. The rich get richer and the middle and poor are pushed down. To drive the point home Grant lists movie roles popular actors passed on such as Bill Murray passing on Forrest Gump, Christian Bale passing on being James Bond and Michelle Pfeiffer passing on Basic Instinct and Pretty Woman. Passing up opportunity is not a good thing for business. Grant also discusses Peyton Manning and his incredible work ethic and 100% all in dedication. Grant offers callers excellent advice and shares these business tips.
Grant's Business Tips: 1. Never be "Out of Office." 2. Never Say NO to opportunity. 3. Live where you can earn. 4. Say hello to everyone you see.
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