How Long Does $1 Million Last? | Grant Cardone
Imagine you just won the jackpot for $1 million. How long would it last before you went broke? Grant Cardone does the math and breaks down the steps you need to follow to become the millionaire of your dreams.
Category
😹
FunTranscript
00:00 and hey man if you got a million dollars you're basically just a freaking deadbeat.
00:05 Million dollars if you didn't have any more income and you were how old are you?
00:11 27 years old and you didn't have any income a million dollars no income zero income you're
00:19 27 years old I'm gonna do this at 47 I'm gonna do it at 65 okay 27 you don't have any more
00:28 income how long would that money last? You'd have to live on four thousand dollars a month
00:32 for 25 years you will be 52 years old my friend and dead broke. Now and I started with zero just
00:41 so you guys know I didn't have anything. Number one thing you got to do is this you got to change
00:45 the target and you need to look at the target daily. Okay so look it's simple target what's
00:50 your new target? Freedom. Yeah freedom but but but let's put my a number on it. Your first target
00:57 should be ten million dollars and nothing short of that right so that when I'm talking to a guy
01:00 you're contributing to my ten million every person I've ever sold I treated like an investor. When
01:07 you change the target everything changes. Number one the target. Number two you need to get your
01:13 income to a place this is a fascinating concept right here okay if you can do this I guarantee
01:19 you'll be rich. You need to get your income not to what pays your bills but to where you can save
01:25 40% of your gross income is saved. Okay now you want to talk about something difficult this is
01:33 way more difficult than that. If you can do this you will get that. If you make ten thousand dollars
01:42 a month and you want to save forty thousand of it you would pay yourself first government doesn't
01:47 let you do that they don't trust you. They're like no no get that money from him first before he
01:51 blows it we know he's gonna blow it okay we know the IRS is gonna take they're gonna withhold
01:56 probably 40% 44,000 of it so look if you'll pay the freaking IRS four grand of ten you need to
02:06 figure out how to pay yourself four grand what's the problem here you got to live on two he's like
02:11 let's go buy a new car yeah we ain't got any money for a new car that's why when I was 35 years old
02:16 no one knew that I was a millionaire nothing had changed I was still running with shit shoes you
02:24 know buying $40 shoes and and and and working a shirt out as long as I could and like nobody saw
02:31 I didn't have fancy cars I'm driving a Camry with a million bucks in the bank okay number three
02:37 thing you're gonna do you're gonna go broke right here and invest the storage storage has to get
02:43 invested the golden goose is only good if she lays eggs you guys need to be heavily money motivated
02:52 from a survival standpoint to invest the storage money and continue to do that until this money
03:00 over here the passive money is equal to your income right so what would I do I'd go out I'm
03:09 gonna make 30 grand I'm gonna store 12 I'm gonna pay the IRS I'm gonna live on six until you find
03:15 a place where you're like I'm gonna invest this money now when you make this move right here do
03:19 not invest in anything that is a maybe so if you guys don't know this you need to start looking at
03:25 this and hey at night man what am I doing my money man confront the beast right so right here the
03:33 passive income your target right here should be my passive income now exceeds my monthly income
03:41 just stack cash and wait till you can put it in something where it won't be lost it just goes
03:48 away for a while and inflation over time five years seven years ten years one day you look up
03:56 like okay I didn't lose my golden egg which we that thing is protected I got a little drip every
04:01 month from it and you keep adding to that so the drip gets bigger and bigger and bigger and bigger
04:06 you know when do you get off the treadmill whenever you want to okay the problem is not
04:11 that shit happens shit happens if people aren't ready for it god damn you've been around long
04:15 enough right how many of you can't swim you live on a planet with water I'm just saying you might
04:30 want to get a swimming lesson it's a wet planet
04:34 you
04:36 you
04:38 you
04:40 you
04:42 you
04:44 (upbeat music)
04:46 (upbeat music)
04:49 (upbeat music)
04:52 (upbeat music)
04:54 (upbeat music)
04:57 (upbeat music)
04:59 (upbeat music)