Want to Get Rich? Know How to Diversify Your Investments

Want to Get Rich? Know How to Diversify Your Investments

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When talking about managing one’s money, sales expert Grant Cardone likes to quote another well-known entrepreneur, Mark Cuban. ‘Diversification is for idiots’.

But what does that mean? As Cardone puts it, you can never attain true financial wealth by diversifying your investments.

Related: 9 Things Rich People Do Differently Every Day

Yes, you need to depend on more than one flow of income, he says. But when you invest, make sure its in a controlled number of places that you have intimate knowledge of.

“You want to find one or two spaces you completely understand, that can’t be destroyed, and go all in,” Cardone says. “That’s how people get rich. People don’t get rich by tip-toeing in with R1 000 investments all over the place.”

Jason Fell
Jason Fell is the technology editor of Entrepreneur.com in New York City. Previously, he served as online news editor of Foliomag.com, the online arm of Folio: magazine. He also worked as a staff writer for Soundings magazine and a reporter with the Journal Register Company of newspapers. Email him at jfell@entrepreneur.com. You can follow him on Twitter @jwfell.