3 Multi-Millionaires that Should Exist but Don’t
It doesn’t matter how much money you make, if you spend more than you pull in, you go bankrupt. If you want a penthouse and to payroll an entourage, you need bank. You need paper coming in every month. It’s one thing to amass a fortune, it’s another thing to keep amassing a fortune. It’s easy to find people who’ve gone from poor to rich, but it’s also easy to find people who’ve gone from rich to poor.
Take these examples:
Tennis Star Boris Becker
He filed for bankruptcy on June 21 last year after making more than $25 million during his tennis career. His lawyer said, “He is not a sophisticated individual when it comes to finances.”*
Actor Brendan Fraser
You may remember him from such films as George of the Jungle and Crash, but a divorce and big child support payments took much of what he had.
Rapper MC Hammer
Forbes magazine had him with a net worth of over $33 million but he spent much of his fortune on luxuries. A lavish lifestyle soon led to unpaid bills.
Each of these 3 men should have a net worth in the hundreds of millions of dollars just based on their past earnings.
So what happened, how do people go bankrupt after making millions? Here are 3 of many ways:
Going from Rich to Broke: Way #1—No Cash Flow
If you make a bunch of money, but then quit making a bunch of money, you’re going to develop a cash flow problem. There’s a reason why I say the millionaire is the new middle-class. If you have a million bucks and no cash flow, you’re middle-class, because that’s all a million dollars can support. You need cash flow!
Going from Rich to Broke: Way #2—No Investments
If you’re not making investments with your surplus cash, it’s declining in value. You can only save so much. When will you make your savings grow? Every wealthy (and I mean wealthy, not rich) person on planet earth has investments working for them. Nobody gets rich trading time for dollars because there isn’t enough time.
Going from Rich to Broke: Way #3—Sickness
This is just one of the things that people are unprepared for. Hurricanes, divorce, economic downswings—you name it—when it comes to disasters, most people are not ready. Your $1 million will go pretty quickly if you’ve got a medical situation. Hospitals aren’t cheap. This is why you should be getting rich now because you don’t know how much you’re going to need down the line.
Whether you come from $25 million or nothing, you should be a multi-millionaire.
Boris Becker, Brendan Fraser, and MC Hammer may have got a head start on you, but there’s no reason why you can’t financially get to where they used to be. You don’t need to learn tennis, act, or put on Hammer pants, all you need to do is learn the art of sales.
I have 5 different Cardone University Business Certifications to get you on the fast path to financial success.
Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the “25 Marketing Influencers to Watch in 2017”. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.