It took me 20 years of trial and error before I achieved a multimillion-dollar net worth. Now, at 64, I draw income from the 18 companies I started and the 12,000 apartment units I own.

But I wish I had known sooner how ultra wealthy people think about money. I’ve built relationships with many millionaires over the course of my investing career, and have spent years observing their habits.

Here’s what they do differently:

1. They don’t diversify their investments right away.

2. They know that debt is for businesses, not people.

3. Homeownership isn’t always their first investment.

4. Instead, cash-flow real estate is the place to protect and grow money.

5. They always buy in bulk.

6. They invest in their network.

7. They are never content.

8. They don’t waste time trying to do everything themselves.

The wealthy know that time is the only truly scarce resource. You can’t buy more of it.

So they maximize their time by letting go of the need for control every small detail of their business or portfolio, and learn to effectively outsource and delegate to good, smart people who will trade their time for money.

Grant Cardone is the CEO of Cardone Capital, bestselling author of “The 10X Rule” and founder of The 10X Movement and The 10X Growth Conference. He owns and operates seven privately held companies and an over $4 billion portfolio of multifamily projects. Follow him on Twitter @GrantCardone.

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Post source: cnbc

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