No matter how much money you make, you’re guaranteed to have financial success as long as you make savvy decisions along the way. For financial advisors, that often involves following money advice from experts like business mogul and billionaire, Grant Cardone.
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GOBankingRates spoke with Justin Godur, a financial advisor and the founder of Capital Max, and David L. Blain, a chartered financial accountant (CFA) and the chief executive officer at BlueSky Wealth Advisors, to discuss the top advice from Cardone that could help you make thousands. Keep reading for their insights.
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Amplify Your Income Streams
One of Justin Godur’s clients, a mid-level manager named Sarah, utilized Cardone’s “10X Rule” to amplify her income streams. By adopting a mindset of relentless ambition and setting tenfold goals, she diversified her investments into real estate and high-yield stocks.
“Within two years, her portfolio grew by 150%, generating passive income that replaced her salary,” he added.
Leverage Sales Training
“Another client, Mark, a small business owner, embraced Cardone’s emphasis on sales training,” Godur continued.
By refining his sales tactics and leveraging Cardone’s strategies on customer acquisition, Mark’s business revenue surged by 300% in just 18 months.
His secret? “Never underestimate the power of consistent follow-up and upselling,” said Godur.
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Set Big Goals
Experts advise that for anyone looking to replicate these successes, the first step is to set big goals.
As Godur explained, “Think bigger than you ever have, as small goals lead to small results. Next, invest in sales training.”
Mastering sales is critical because it’s not just about selling products but also about selling yourself.
“Relentless follow-up is essential,” said Godur. “Persistence pays, so follow up consistently with potential clients and customers.”
Explore Investments in Real Estate, Stocks or Even Side Businesses
Godur equally recommended following Cardone’s advice of diversifying income streams as well. “Don’t rely on a single source of income,” he said.
This principle, when combined with a disciplined approach, can yield extraordinary results.
Godur continued, “I’ve personally witnessed my clients’ transformations, and with dedication and the right strategies, anyone can achieve financial freedom.”
Optimize Investments and Reduce Expenses
David L. Blain said success in following Cardone’s money rules comes from truly understanding each client’s needs and values.
One specific client of Blain’s wanted to retire early but believed their current savings wouldn’t allow that, so he implemented Cardone’s strategy of optimizing investments and reducing expenses into their tailed, 4-year financial plan.
Blain noted, “Within 2 years their portfolio had grown over 50% and they retired, funding their dream of traveling the world.”
He noted that because no two clients are alike, recommendations that work for some may be wrong for others.
“My role [as an advisor] is to gain a holistic view of what matters most to each client and provide a customized roadmap for achieving their key life goals.”
Understand What’s Most Important to You
According to experts, taking the time to understand what’s really important to you and the nuance of your particular situation is one of Cardone’s biggest money rules that will lead to growing wealth over time.
“I focus on the client’s complete financial life, not just their investment accounts,” said Blain.
“Real success comes from optimizing all areas of one’s finances to accomplish what they care about most, whether that’s buying a home, funding education, donating to charities or anything else.”
Focus On What You Want To Achieve in Life
While experts find popular money advice from Cardone as a good first step, they also warn that following generalized advice is less helpful than recommendations tailored specifically around your individual needs, values, priorities and timeline.
“There is no ‘one-size-fits-all’ solution, only options tailored to each person’s needs and timeline,” said Blain.
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This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: This Money Advice From Grant Cardone Could Help You Make Thousands
