Self-made millionaire Grant Cardone shares what he regrets spending his time and money on when he was a young man.
Chances are most of you reading this dream of one day becoming a millionaire. Unless you are one already, of course. Trouble is, there is no hard and fast blueprint to becoming a self-made millionaire. We can and should listen to the advice of those who have made it, though. Millionaire Grant Cardone was kind enough to share some of that advice with CNBC.
At 61 years old, Cardone is the CEO of seven privately owned companies. However, that didn't come easy. During his 20s, he did the same kind of stuff as the rest of us. Stuff that prolonged the time it took for him to become a millionaire. Here are four of those things that he would change if he could so that he'd have made his first million much faster.
The first one is a biggy. Drugs and alcohol. Substances that eat up a lot of our time and money when we're young. Cardone admits that he spent so much money on drink and drugs that he developed an addiction. If he had a do-over, he would have invested that money into learning new skills. Next up, traveling.
Cardone explains that many people feel compelled to travel when they're young due to having "no purpose at work." They travel in the hope that they will find that purpose, spending a bunch of money in the process. Sleeping in is also something commonly associated with being young. Cardone admits that a good night's sleep is key, but an early night is a far better option than sleeping in.
Last but not least, becoming comfortable in a job. Cardone recalls working in McDonald's as a young man. The job meant nothing more to him than a means to earn money. However, a man he worked with had aspirations to rise up the ranks and one day own his own franchise. Working a low paying job isn't necessarily a bad thing, but the reason why you are there means a lot.