Grant Cardone: The 2 Biggest Mistakes Holding You Back From Wealth

Grant Cardone, author of “The 10X Rule” and creator of the 10X Profit Planner, believes that anyone can build wealth and achieve financial freedom. However, he believes that there are two major obstacles that often hold people back from becoming rich.

GOBankingRates spoke to Cardone about the mistakes and misconceptions that could be stopping you from achieving the wealth you desire.

No. 1: Miseducation About Money

Cardone believes that the first “mistake” that could be holding you back from wealth is not truly understanding how money works.

“The number one mistake is really not their fault,” he said. “It is the indoctrination, the miseducation, the financial illiteracy around money.”

Cardone said that some of the most common misconceptions are “the idea that money doesn’t make you happy, that money is somehow scarce, that only lucky people or certain types of people can make money — none of that is true,” he said.

Cardone also questions conventional money advice, stating that much of it actually holds people back from achieving real wealth.

“Saving money does not make money,” he said. “Buying a house does not make money. IRAs and 401(k) [plans] are not the way to retire [rich]. So miseducation is the biggest part about and around money.”

No. 2: Choosing Passion Over Profits

Many people choose a career based on their interests or skills, but Cardone said that this likely won’t make you rich.

“Most people simply do what they are either passionate about or what they think they’re good at,” he said. “Just because you think you’re good at something or just because you like something doesn’t mean there’s a path to prosperity with that.”

In conclusion, Grant Cardone highlights the importance of understanding how money works and not solely relying on passion when choosing a career. By avoiding these two common mistakes, individuals can increase their chances of achieving financial success and building wealth.