For more investment tips, and to find out the one thing Cardone invests his money in, watch this video.
All the answers to your unique business lifestage questions
When talking about managing one's money, sales expert Grant Cardone likes to quote another well-known entrepreneur, Mark Cuban. 'Diversification is for idiots'.
But what does that mean? As Cardone puts it, you can never attain true financial wealth by diversifying your investments.
During the course of running and growing your business, you will need access to both short-term and long-term cash savings to pay salaries, suppliers, or even to save for a future project or large payment. Standard Bank provides a range of flexible Savings and Investment solutions, with competitive interest rates, to help you meet your business’s savings and investment needs.
Yes, you need to depend on more than one flow of income, he says. But when you invest, make sure its in a controlled number of places that you have intimate knowledge of.
"You want to find one or two spaces you completely understand, that can't be destroyed, and go all in," Cardone says. "That's how people get rich. People don't get rich by tip-toeing in with R1 000 investments all over the place."
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