How to NEVER HAVE A SPENDING PROBLEM

hey Grant Cardone here and I want to share with you how to never have a spending problem share this with your spouse your parents your kids if you do this I promise you you will never end up with a spending problem and you will probably end up can't guarantee this but you will probably end up creating wealth for yourself and your family because you won't be doing stupid things if you haven't subscribed to the Channel Make sure you do so I'd love to hear your comments what you agree or disagree with I have been um basically interested in wealth since I was a little kid because we grew up a minimum wage family I was making 2.75 cents how could you live on that but I worked at McDonald's I had a Refinery job I worked in a restaurant I sold clothes for a living like everything was 275 250 my rent was like 750 I'm like I don't even know how to keep up with this so first of all okay if you have a spending problem you know it so what I want to share with you here is how to never have a spinning problem okay because if you earn 400 million dollars boxing and you spend 401 million dollars you're not going to have any money okay and that has happened to many many ball players Fighters uh actors you name it they spend more money than they earn so first thing we want to fix here is I need to make more money okay if you make enough money spending will never be your problem but once you start making money and you start doing stupid stuff which is what people do by the way that's how you get inflation inflation is created by the government printing money you take the fourteen hundred dollar check and you go spend it on a a pair of Gucci's that you can't write off that you couldn't afford that you couldn't buy two up you you put it on credit you bought stupid stuff inflation is created when people get money and go buy stupid stuff with it that they didn't need so I'm going to show you the criteria follow this criteria and I promise you you your spouse your kids your family will never ever or your business will never have a spending problem okay number one you want to rate all expenditure pictures I do this for my real estate we got four billion dollars worth of real estate twelve thousand Apartments I have 26 companies here that I'm a partner in we manage every one of these businesses like this anybody that violates these standards does not work here and we don't partner with we control how people think about money so what we do is we rate everything a one to five okay a five is least needed a one is absolutely needed so it goes like this a one absolutely have to have it this is called have to have half two half it's not even like it's not even Gotta Have It Man okay what am I talking about food water what kind of water that's different but I need food Water Shelter I gotta have transportation these are things you have to have now what kind of Transportation you have something different we'll go through that in just a second number two is I need this we need this to get this done and there would be some check marks on that need it and it would actually help us produce more income this isn't I need it because it makes me feel good I need it and it's going to help us do something better faster more efficiently and produce more income number three okay number three is hey I want this I want it it it's just the want it's not necessary you could live without it uh you know the world won't stop your income won't stop the business won't stop maybe you want to try to run an ad you want to try to run another ad you'll spend some more money maybe it's not a absolutely necessary number four and five I'll put them over here okay because you want to understand that four and five you ain't gonna do no more okay period okay number four no you knew when you said it you don't need it like I don't need this it's absolutely not necessary it's not going to make us better it's not going to make us faster uh it's not going to make us more efficient we don't need to add this person right now I don't need this car right now we do not need to do this rehab right now it's just simply not necessary and number five is uh this is just Plum stupid okay so what you're going to do is you're going to write everything thing a 1.5 you and your spouse you and your your manager you you and the the people running your your property or your business are gonna be like is it a one two three what's a one Gotta Have It Gotta Have It got to have it number two I want this I want to have this we need this number three I want it but we don't need it number four is nah we knew we didn't need it was Dumb and five no no I don't even know why you're talking about this it is just Plum stupid now when do you do the stupid stuff when to buy something stupid because there's going to come a time in life Jay-Z just bought a 200 million dollar house dude he can do whatever he wants to do he's worth two and a half billion dollars okay I don't know that it was the smartest thing to do but he can't do it when do you do something stupid you just got a contract for uh uh for 50 million dollars as an athlete when do you do something stupid it ain't now I guarantee you just because you got a score doesn't mean you should go spin start buying houses and cars and okay this is when you should do something stupid okay how stupid can you go I'ma play a little song for you here that my team created for you okay number one number one number one most important thing when you do something stupid you need to be able to pay cash not that you will pay cash but you need to be in a position to pay cash for that thing if you cannot make cash let's say I just got a contract for 12 million dollars as an athlete I got a movie deal I got Advanced four million dollars okay and they're gonna pay me the other four million dollars when the movie finishes uh I'm a sales guy and I just got a big commission for 200 Grand okay I I sold my company I picked up 10 million whatever you got a score okay you would think oh I could do something stupid right now you don't have your cash yet so if you don't have your cash yet you ain't gonna do it yet because you ain't got cash if you can't pay for it in cash don't do it doesn't mean you will pay for it in cash it means you have enough cash to do it number two you need to have twice the amount of cash or you need to buy two of them be able to buy two of them not that you would but this will give you the assurance that you're not keeping things too tight so let's say I find a watch I want to buy watches 50 Grand I have to say I could pay cash for the watch and I need to be able to buy two of them in order to say it's cool to do it that will tell me that I'm Ready the third thing the third filter here is this money these number one and number two cash and twice has to come from passive income this is going to eliminate probably 10 X okay the purchases that you make because most people simply do not have earn uh passive income so if you're a ball player and they said hey we're gonna give you 50 million dollars you don't start buying houses my mama wants a house good can you buy her two of them the house is two million dollars you got a 50 million dollar contract that's earned income watch this my mama wants a house that's two million dollars okay can you buy two of them yeah you can check check but here's the deal it's not passive income you're not ready to do this yet oh this is hard man why are you showing me this grant why are you waking me up to this because I'm trying to tell you how to create wealth and never be broke okay 78 percent of all ball players end up broke because they violate these rules number four and number five you do these you're not gonna just you're not gonna if you do number four and five you won't just not be a dumb spender a stupid spender you won't waste money number four and five if you can Implement these you're going to create wealth probably number three if you could hit number three four and five I guarantee you're going to create wealth in your lifetime long term generational forever wealth number four if you can't write it off don't do it okay that house you were gonna buy your mama you'd have to be able to pay cash you'd have to be able to buy two of them it came from passive income passive income by the way would be from some endorsement deal or some for some trademark deal or for some uh advertising sponsorship that you got that they just kept paying you for to use your name and you didn't have to work for it and you'd have to be able to write that house up and you can't write a house off in America okay let's say your mama wanted a Range Rover let's say your mama wanted a a cullinan four hundred thousand dollar cullinan we see it weighs enough that you could write it off if you put it on a lease under your company and had your mama write a work for the business and part of her part of her employment plan was that cullinan driving it back forth to work okay so what would you have to do in the cullinand it's four hundred thousand dollars okay you didn't get her the house you said Mama I'm not gonna get you the house yet because I'm listening to my guy Grant Cardone he says I'm not ready for that yet I'm spending more money I I'm not I'm not in that place yet even though I got this 50 million dollar contract that everybody's going to be trying to drag you for money everybody all you buddies all the girls everybody's gonna be a family member you're gonna have people like you're gonna be having babies like like every girl you ever dated had your baby okay you go to your mom and say mama I can't buy you the house yet but I'm gonna tell you what I'm gonna get you I'm gonna get you I'm gonna get you because because now you're tightening down you're like I'm gonna get you a Range Rover okay hundred and eighty thousand dollars and it and it's a great car it's as good as the color name they'll save you 220 okay and and I'm gonna get you a cup I'm gonna get you a Range Rover mama in fact you're gonna get her Range Rover and you're gonna get your daddy a Range Rover matching Range Rovers rather than one color now you think it's smart now you're creating wealth now you're making good financial decisions okay they're not gonna care boom it's a lot of car right there okay so I got a Cullen in and I got the Range Rover and I'm telling you I'd rather have two Range Rovers than one cullinan okay check it out so it's 180 Grand okay I have cash I can pay cash I could buy two of them uh yes I can I can buy two of them if you're gonna buy two of them how many you need to buy four you need to have enough cash to be able to buy four otherwise you don't hit that criteria it's passive income because I got it out of my sponsorship money or maybe my book money not my earned money not your salary not your income but some second deal some second Hustle okay where maybe it was an investment in some real estate and you're getting four hundred thousand dollars worth of passive income every year and that's how you paid for the Range Rover I can write it off okay you should put Mom and Dad's Range Rover on a lease and hire them as manager or agent for your company and have them use that Range Rover in business and you should lease both the vehicles now you don't even have to pay cash for them you're going to actually financing them number five you need to understand if it hits the first four criteria to pay cash I could buy two of them number three is it came out of my passive income not earned income number four I actually was able to write it off that's just a man that's that's go for it number five is you still need to admit they're buying two Range Rovers for your mom and dad kind of stupid okay yeah they deserve it but they didn't buy you Range Rovers when you were coming up okay well they did they were there for you for every game they supported you the whole time they fed you they took care of you they housed you and they loved you they said you could hey man they made some contributions Way Beyond money okay but that doesn't mean that you would go out the first time you got a score and start buying everybody that you love Range Rovers look if you want to learn how to never have a spending problem pay attention to this message okay my name is Grant Cardone I grew up with a single mom we had no money I literally grew up on minimum wage I went from being worth nothing I was 25 years old I had no money no credit cards I had no respect from the community I had no skill set no credit cards I had a I had a FICO score probably 500 okay I was late on my rent three months out of the year and I learned how to build that into a multi-billion dollar business with a tremendous net worth by being financially responsible okay and this is the criteria that I've been living off of for a long time okay one one rate one two three four five it's a four and a five you're not going to do it anymore actually you're not going to do threes anymore either you're only going to do ones and twos I have to have it and we need to have it and it's going to make us money when we have to have it and need to have it now when do you do stupid stuff how stupid can you go well you can go as stupid as you cash flow as long as you got earn a passive income as long as you've got passive income not earned income in excess okay of your stupid bias you can buy two of them you can pay cash you can buy two of them not that you're going to buy two of them you do it out of passive income you can write it off and you still admit it's stupid then go forward how stupid can you go you can go as stupid as your cash flow [Music] foreign [Music]

Channel: Grant Cardone

Views: 66,367

Keywords: grantcardone, grant cardone, 10x, money, finance, business, sales, motivation, WeAre10X, 10XNation, 10XStrong, 10XLife, 10XEverything, spending problem, money problem, success, wealth, how to make more money, money tips

Id: 9xN0N9IqfVw

Length: 13min 27sec (807 seconds)

Published: Sun Jun 04 2023