Financial guru Grant Cardone isn’t particularly known for pulling punches when it comes to advice on becoming wealthy. The investor, sales expert and author frequently invokes the holding of assets, the opening of multiple income streams and commitment to a solid fiscal plan as the bedrock for financial freedom (and beyond).
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While some experts in the financial realm advocate for picking up a side gig as one way to add to your revenue stream, Cardone cautioned against this game plan in a recent article shared to his website.
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In the article on Cardone’s website, he pointed to one surprising fact: Uber drivers only make a median income of $154 a month. That pans out to about $1,860 a year — and as Cardone explained, that trickle of income would need to accumulate for nearly 538 years to make you a millionaire. Hammering the point home, Cardone said that $1 million isn’t rich, a belief he has laid out more than once.
Perhaps even more pertinent to the central crux of his point, Cardone suggested that by its very nature, a side hustle or side gig is a distraction from the main thrust of your career, whatever that may be.
“I don’t like the concept of ‘side hustles.’ It gives the impression that you’re not committed,” he explained. “Having a side hustle means you have a ‘main’ hustle you’re not concentrating on. What results would you get if you completely fixated on your main hustle?”
Australian author and personal development writer Tim Dennings appeared to agree with Cardone’s sentiments, echoing his thoughts in a 2023 blog post shared to his website: “The biggest problem with side hustles is they can make you think small. Instead of going all-in on an idea a side hustle can force you to only do it part-time. You can accidentally put in minimum effort because it’s not the main gig. A side hustle lets a lot of people off the hook.”
“A side hustle can even be procrastination in disguise,” Dennings added.
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Grant Cardone: The Power of Commitment to Your Primary Income Flow
While Cardone often speaks about the importance of diversified income streams, that’s not necessarily logically at odds with ensuring that your primary source of income is first and foremost in your mind.
“The point is that if you want to become rich, you need to quit your side hustles,” Cardone concluded. “They’re not helping you. They are just distractions from what actions you should be giving your all. Also, stop looking for other options. Commit to and strengthen your first flow of income. It deserves and needs your love and attention. Commitment is like magic. Do it now, and watch what happens.”
While the precise numbers on how many Americans participate in the side hustle game wildly vary — Self.Inc suggested around 45% of working Americans do so, while a Washington Post report pegs that number at 5.3% — the end result is the same, at least according to Cardone.
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This article originally appeared on GOBankingRates.com: Why Grant Cardone Doesn’t Like Side Hustles as a Way To Build Wealth
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