How to get rich fast using the 40% rule | Grant Cordone

I watch YouTubers literally every day and that means I watch ads literally every day. And their ad going around with grant Cardon and he talks about if you ever want to become rich, you’ll have to invest 40% and live 60%.

💲1 on 1 Talk + My Budget + Stock Investments💲

💰MY M1 FINANCE PORTFOLIO💰 PLUS $10

1. Financial Plan for grant Cardone
- Three parts to this game that I think good
The parts: Rules
- One: Set a Goal, Determine your financial target ( I agree if you don’t have a goal, then it's like driving without knowing where you are going )
- Two: Income, whos Got your Money, go get it and earn it. ( also true, the most powerful tool to build wealth is income if you don’t have income, you're like a farmer without seeds and farm )
- Three: Invest your money in things that give you money back ( I also agree and also things you understand and If you don’t understand it, learn about before you invest your money into it, including grant capital)

Additional Rules you Need to Know:
- You want increase your income to the point where you can live on 60% and invest 40% ( aggressive but not impossible )
- Never use debt for school, cars, it should only be used to increase income. ( if you believe this, then you will create a massive tower of debt, but if anything goes wrong you will lose everything, and that’s why warren buffet says, when the tide goes down, you'll see who was skinny dipping )
- And obviously, I agree no debt for school, you should pay it for cash, or try to graduate with little to no debt ( but school is extremely important )

Overall how does this plan work:
- It works great, but it lacks a lot
- Because income and investing are not the only things to build up financial security
- Because you can lose your income and investments can have downturns ( so you don’t want to put all your eggs in those two baskets)

2. Here is Exactly how I would modify this Plan
- I would use 5 steps ( with the same 40-60 split)

Step 1:
- Use 40% of your money to save $1000 ( this way if some breaks or something happens you have money ) Fast

Step 2: Debt Free
- Use 40% of the money to pay off all your debt ( credit cards, car loans, student loans, literally all of your debt ) Except the mortgage
- Why you can't win by paying all your income to debt and being charged a ton of interest

Step 3: Build Wealth and security
- Use 20% to build a full emergency fund 3-6 months
- Use the other 20% to start investing ( index funds or Real estate or a business or whatever you want ) – I recommend index funds
- Once you have full blow emergency fund: you need to ask your self a question ( house or no house )

Step 4: Paying down the house ( 7-10 years)
- 60% of your expenses need to have the mortgage include ( so make sure the house you buy doesn’t take more than 33% fo your monthly income )
- 20% of your extra income to pay off the house early ( paying off the house early means having security, it means having extra income and lower expenses )
- 20% to keep investing

Step 5: Freedom
- You have a house you own
- Low expenses
- Investment portfolio

At this point: 60 expenses are optional for toys and things you want, but 20% keep invest, and then 20% can be used to be generous

3. Overall
- This plan will fail most likely
- Because it lacks building habits like giving and kids and so on ( even with my adjustments) – I recommend my plan
- So grant Cardone plan I don’t like

Ps. When investing in real estate I recommend you don’t buy another one until it's paid off

* PRO TIP*
INFORMATION IS EVERYTHING

👕Merch👕

✅2 FREE AUDIOBOOKS✅

💰M1 FINANCE $10💰

🎁ACORN FREE $5🎁

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)

👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻

😎All My Social Media😎

*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[westcoastmediasolutions]

I’m doing the F. I.R.E. strategy. Almost at 30% investing. Will be debt free in 5 years provided I’m able to triple up on my mortgage. Which is doable once I payoff my student loans and my land in Belize.

[uanp]

Dave Ramsey wants his 7 baby steps back 😂

[DennyStewart]

Very good analysis. Leverage can be good but you have to counteract all leverage with something in case something goes wrong.

Risk management needs to be a priority💯💯

[DaryllEllison]

Grant talks about borrowing money to buy REAL ESTATE an asset that statistically proven will Always appreciate again you wont lose it all if you know what youre doing

[TradingWithCJ]

Solid breakdown! Also you’ll be a 1mil subs by end of this year! I can feel it 👌🏼👌🏼

[DebtFreeDad]

I agree, I take parts from everyone's plan. Dave Ramsey, Grant, Tommy...goal and a plan are key

[TucsonArizona]

You're right, I like to learn from all different financial strategists. It's important to hear all different lessons from different teachers. I like to learn from many people's successes and failures. Thanks for sharing!

[na-cpkp]

Wealth is freedom. Hard work pays off.

[OlleyThorpe]

Notification squad here to smash the like button.

[sironeil-personalfinancere]

Haha Grant is a very interesting guy! Thanks for the breakdown Tommy

[TysonMichael]

These are some really good tips, thank you for sharing! Budgeting is so good and needed especially in the black community ❤️

[KelechIwuaba]

Leverage can be good but it's a major double edge sword. With the side pointed at you a lot sharper than the other side.

[theun-doing]

Keep at it Tommy!!! You are doing great! Thanks for commitment. ❤️✨🥰

[.Koreans.American]

It was right back then but the world changes every second

[nabeelahmed]

Hey Tommy! I love your videos, you changed my life! Can't thank you enough.

[qcfgaminginc]

What do you think about option trading?

[CalebOliver]

Great Tips Tommy! Love Uncle G! Can't wait to see his TV Show! 👍🏾😊

[georgeb]

What do you think about td Ameritrade?

[dvdo]

Hey Tommy, should I strive to pay off my tuition whilst In college or should I just pay it off like a tax in adult life. Keep in mind that working a part time job while in college will make it harder for me to get better grades

[javierponce]

Just turned 18 tommy any advice I know what stocks to invest from watching your videos