Although Grant Cardone has achieved a level of wealth at which he is no longer required to save money, there are still ways in which he lives frugally.
He Doesn't Spend Any of His Procured Pay
Cardone accepts that everybody ought to have various floods of pay — common/acquired pay, reward income and automated revenue. He only uses his passive income to keep his wealth.
Cardone, who recently announced a partnership between Cardone Capital and REVIV to launch the world's first patented Precision Nutrition System with 10X Health, stated, "If I can't pay for it out of passive income, I don't buy it." From earned income, I do not make any purchases for myself. I reinvest all of my earnings in my business, brand, or to purchase additional income-generating real estate.
He Doesn't Buy Anything That Can't Be Deducted from Taxes
He Doesn't Buy Anything That Can't Be Deducted from Taxes Cardone always thinks about taxes when making purchases.
He stated, "I don't buy it if I can't write it off." Buys that are not deductible expense me two times however much those I can discount and save me 40% on my duties."
Prior to making a purchase
Prior to making a purchase, Cardone rates his potential purchase on a scale of one to five, with one representing that he "absolutely has to have it" and five representing that "it’s absolutely not necessary."
He stated, "Fours and fives are never bought, but threes are talked about." I am prevented from making rash, impulsive, and wasteful purchases by this.