Throughout the years, real estate mogul and private equity fund manager Grant Cardone has spoken out about finance and the concept of building wealth. Despite the financial struggles many people share, it's still possible to achieve long-term financial success.
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"There isn't a single generation that hasn't had money problems," Cardone wrote in a CNBC article. "I get it, though. We live in a different world now. Things are more expensive. College debt sucks. Finding a job is hard. But that doesn't mean getting rich is impossible."
Financial struggles aren't limited to one generation, nor are the solutions. Whether you're Gen Z, a millennial or someone older, you could still benefit from Cardone's advice -- not least of which is to stop doing certain things that make other people richer while you continue to struggle.
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Making comparisons to motivate yourself might work to a point, but it's easy to overdo it. The more you compare yourself, the higher the likelihood of stressing yourself out. If you're not careful, you could end up relying on credit to keep up appearances -- something that's actually keeping you down while boosting others' wealth.
Plus, the time spent comparing could have been better used elsewhere.
"Comparing your worth to others is a mental trap," wrote Cardone. "Stop worrying about how financially behind -- or ahead -- everyone else is. Stay focused on your financial goals. Stop wasting time. Sit down and crunch the numbers."
Say, for example, you want to reach millionaire status. Cardone suggested that you take the time to figure out the various ways you can achieve that goal. At the same time, figure out what mistakes you're making that are keeping you from that goal. Once you have the answers to both, make a game plan and take action.
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Many consumers fall into the trap of purchasing things they don't need -- and using credit to do it. This might be a luxury vacation or excessive dining out. It might be okay to use credit for some things, particularly when you can pay off your balance before those high interest charges are added. But doing it too much is a financial trap that only makes other people money while putting you in debt.