A self-made millionaire describes the financial mistakes to avoid if you want to get rich by 30
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Grant Cardone is an American entrepreneur and a New York Times best-selling author, speaker and motivator. His books, audio packages, and seminars provide people of all professional backgrounds with the practical tools necessary to build their own economies toward the path to true freedom.
Grant stopped by Business Insider's office to talk about several topics, including finance, real 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. Following is a transcript of the video.
Grant Cardone: Well, there's a number of financial mistakes that people make in their 20s. Number one is borrow money to go to college. It's like (shooting sound). The idea that you would borrow money to go some place 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 idea 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 want 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 play 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 will multiply over time that I'm guaranteed when I go to sleep at night - you know, 3 months, 6 months, 9 months - that thing, that product that I'm invested in is still going to be there in the future.
Don't invest early like all the financial magazines 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 invest 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 first 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 know the people. Invest in you, invest in your company and your own expansion first. And then when you start doing passive flows of income investments make sure they're sure things.
EDITOR'S NOTE: This video was originally published on August 7, 2016.