In a recent interview on the Simply Digital podcast, billionaire real estate investor and entrepreneur Grant Cardone shared his insights on the fastest routes to earning $1 million, breaking down the paths to wealth in his typical direct and straightforward style. Known for his bold approaches in business, Cardone laid out what he sees as the five primary ways to get rich: inheritance, marriage, entrepreneurship, investment, and luck.
With an empire built from a $4.7 billion real estate portfolio and multiple companies generating hundreds of millions in revenue, Cardone's journey has become emblematic of relentless drive and business acumen. However, his advice on wealth generation extends beyond just financial strategies—he emphasises self-worth and confidence as foundational to any wealth-building journey.
The Fastest Paths to Wealth: "Five Ways to Create Wealth"
When asked how he'd advise his son or anyone else on the fastest way to earn a million dollars, Cardone offered a candid perspective: "Look, there are only five ways to create wealth," he explained, listing them as inheritance, marriage, starting or joining a business, investing, and luck.
1. Inherit Wealth: "The Smartest Hack"
"If you're smart enough to figure out who your parents are going to be and come back as the child of rich parents, that's the smartest hack in the world," Cardone quipped. He joked about how his own children believe they "picked" him, nodding to the notion of inheritance as one of the most straightforward—if not always accessible—ways to build wealth.
Cardone acknowledged the challenge inherent in this route. "It's very difficult to inherit money if you weren't born into it," he said, framing this option as an "ideal shortcut" only available to a fortunate few.
2. Marry Into Wealth: "Highly Recommend Marrying Money"
Cardone's second path to wealth involves marrying into money, which he calls "a fast way to get rich." As he put it, "You can marry more money in one day than you can make in many lifetimes. I highly recommend marrying money, but inheriting and marrying both require sacrifice." While it might seem blunt, Cardone's suggestion underscores the idea that financial security in a relationship can drastically change one's economic trajectory.
However, he also noted the personal cost: "Both options require you to give something up." His view suggests that while marrying into wealth can be financially beneficial, it requires emotional and relational commitments that should not be overlooked.
3. Start, Buy, or Join a Business: "Tremendous Failure Rate"
Cardone's third recommendation is to create wealth through business ownership, a path he took himself. "The third way is to either start a business, buy a business, or join somebody in a business," he explained. However, he cautioned that this path is fraught with risk: "The failure rate on this is tremendous—it's like a 95% failure rate."
Despite the challenges, Cardone acknowledged that working for a successful business can sometimes be more lucrative than running one. "The average employee in my company makes more than 67% of all the privately-owned businesses in America," he said. For those considering this route, he advised partnering with established companies or joining ventures with proven revenue models to improve one's chances of success.
4. Investing: "The Easiest Way of All"
Cardone identified investing as the fourth—and, in his opinion, easiest—way to build wealth. "Investing is a simple thing to do," he said, underscoring the opportunities available in the current economic landscape. He recommended real estate as a solid option amid market corrections, saying, "I think real estate's a great thing to buy."
Cardone also mentioned other investments, including Bitcoin and AI, acknowledging the potential for high returns with both. "Bitcoin could reach a million dollars or more," he suggested, while also highlighting the speculative nature of AI investments: "If you're smart enough to invest in the one AI company that will make it out of the 3,000 out there, there's going to be 2,997 failures and three winners."
5. Luck: "The Hardest Way"
Finally, Cardone discussed luck as the fifth path to wealth, noting its unpredictability and limitations. "The fifth way, the hardest way, is to get lucky," he said. He explained that luck is unreliable, and those who depend on it often fail to capitalise on it due to self-doubt. "Most people actually get lucky and don't even know what to do with it because they don't trust themselves."
Mindset and Self-Confidence: The Foundation of Wealth-Building
For Cardone, wealth-building goes beyond financial strategies; it's about self-belief. "All five of these ways require you to have self-confidence," he asserted. Cardone explained that regardless of the wealth-building path one chooses, the individual's self-worth and sense of value are crucial to sustaining success. "Am I valuable as a wife? Am I valuable as a child that wants to take over the company? Am I valuable as a business partner or an employee?" he posed, adding, "It all comes down to how you feel about yourself."
In Cardone's view, a confident mindset helps individuals recognise opportunities and see value in their contributions, whether in relationships, business, or investments. "Whether you're worth a billion dollars or just $1, it all comes down to how you feel about yourself," he reiterated, emphasising that lasting wealth stems from self-assurance and understanding one's unique worth in the marketplace.
Cardone's advice provides a balanced view of wealth-building, blending traditional methods with a modern understanding of mindset and market positioning. While he acknowledges that luck, marriage, and inheritance can lead to quick wealth, he champions entrepreneurship and investment as sustainable, achievable paths. Ultimately, his insights underscore that while these five methods may differ in approach, they all require a foundation of self-confidence and strategic thinking.
