Listed here are Eight issues wealthy folks do otherwise that make them “extremely wealthy.”

It took me 20 years of trial and error to reach multi-million dollar net worth. Now, at 64, I derive income from the 18 businesses I’ve started and the 12,000 homes I own.

But I wish I had known earlier how much wealthy people think about money. I’ve built relationships with many millionaires throughout my investing career and spent years observing their habits.

Here’s what they do differently:

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

It’s generally good practice to diversify your portfolio by investing in a mix of different stocks, funds, and other investments.

But when the richest people build their wealth, they often go all-in on their own projects and then diversify as they start making more.

Elon Musk, for example, put all of the $22 million he made selling his first business, an online business directory called Zip2, on his next venture, an online banking service called

After merged with PayPal, he made $180 million selling PayPal to eBay. That gave him the money to invest in Tesla, SpaceX, and other ventures.

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

As I built my fortune, I didn’t accumulate debt for non-essential purchases like designer clothes or luxury homes.

Even if I could afford the bills, I didn’t want to waste money on interest payments. Instead, I wanted to put everything I earned into generating more money. For me that I put my income into my business.

I’ve also paid cash for my homes, and I’ve never accumulated interest on a credit card.

If you’re trying to start a business, in some cases, debt can help you make money by giving you access to income-generating assets sooner rather than later.

3. Home ownership is not always the first investment.

You might think that buying a primary home is the American dream, but it’s rarely what the wealthy seek first.

In my opinion, homeownership doesn’t always see the same returns as other places to put your money. I own three houses but I didn’t buy them until I could buy them for cash.

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

On the other hand, cash-flow real estate — commercial properties where you earn a monthly profit on the rent after your mortgage payments, property taxes, and maintenance work — is a great way to grow your cash.

You can earn residual income from owning these properties, and they are often easier to sell than a primary residence. If you are selling a primary residence, you need to find a buyer who can see himself living there. If you’re selling a profitable rental property, all you have to do is find a buyer who wants to make a profit.

5. You always buy in bulk.

The rich are willing to spend more on each purchase to get a better price per unit and save time spent repeating useless activities.

This can apply to a business – the rich can enter into contracts to buy bulk goods or equipment – or to your personal life. If I can, I buy everything in bulk without an expiration date.

6. They invest in their network.

I’ve never had anyone invest in me who didn’t know me. And most of the properties I own today were bought by sellers who chose me over other qualified buyers because we had existing relationships and they had confidence in my ability to close.

The more someone gets to know you, the more they will trust you and believe in your talents and abilities. This leads to better opportunities, faster decisions and higher margins.

So invest time and resources in making and maintaining the right connections.

7. You are never satisfied.

A friend of mine, a series CEO, has worked with some of the richest people in the world.

I once asked him what they have in common and he said, “Neither of them was ever satisfied with what they had already achieved, but instead focused on the next thing that could be achieved.”

The rich are never satisfied with their past achievements. They believe that they can always achieve more. This helps them think big about future business ideas, inventions, investments, and other wealth multipliers.

8. They don’t waste time doing everything themselves.

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

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

Grant Cardone is 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 private companies and a portfolio of multifamily projects valued at over $4 billion. Follow him on Twitter @GrantCardone.

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