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Heres what he believes to be the three most importantbits of financial advice.
Networking Opportunities
Networking shows how relationships can be investments.
Guidance and Support
Mentorship is another way relationships can be investments.
For example, Steve Jobs, co-founder of Apple, mentored Mark Zuckerberg, the founder of Facebook.
Jobs advice on product focus and company culture played a key role in Facebooks growth.
Having your own mentor can providevaluable insights and advice, speeding up your path to success.
Building and Maintaining Relationships
To build and maintain relationships, be genuine and show interest in others.
Attend industry events, join community activities and offer help without expecting immediate returns.
Relationships can be considered investments, but dont be transactional in how you deal with others.
Being genuine and sincere is one of the most important parts of interacting with other people.
As Cardone said, Money is a people game.
Albert Einstein reportedly called it the eighth wonder of the world.
To illustrate, consider two individuals, Allie and Trevor.
Allie invested $10,000 with an annual return of 6% at age 25.
Trevor invested the same amount at the same rate, but he started at age 35.
While Trevor will have $57,435, Allie will have $102,857, almost twice as much.
This is why its important to start early and let your investments grow over time.
Real Estate
Real estate is another example of an investment that can provide steady returns over time.
Cardone has generated significant wealth throughreal estate investments.
Properties can generate rental income and have historically appreciated in value over time.
This strategy is ideal for those seekingstable, long-term growthwith lower management fees and reduced risk.
Risk Tolerance
Defining your risk tolerance is a key part of investing.
Financial advisors often recommend having three to six months worth of living expenses saved.
Due Diligence and Research
Due diligence is necessary before you make any investment decision.
He focuses on companies with strong fundamentals, competitive advantages and long-term growth potential.
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