Grant Cardone: The Controversial Finance Guru’s Unconventional Money Management Advice

Finance guru Grant Cardone is a name that often stirs debate in the world of money management. Known for his bold and unconventional thinking, Cardone’s advice may not guarantee billionaire status, but it certainly challenges traditional financial wisdom. Here, we explore five of his most surprising pieces of advice that could reshape your approach to money.

1. Don’t Open Your Own Business

In a world where entrepreneurship is often glorified, Cardone takes a contrarian stance. He argues that starting your own business is “the stupidest, most selfish thing” you can do. With over 32 million small businesses in the U.S., he points out that a staggering 64% either break even or lose money.

What Cardone Thinks You Should Do:

Instead of launching a startup, Cardone recommends buying an established business. This approach allows you to bypass the costly startup fees and the uncertainty that comes with building a brand from scratch.

2. Aim To Be a Billionaire, Not a Millionaire

Many people set their financial aspirations at the million-dollar mark, but Cardone believes this is a “lazy man’s or woman’s dream.” He argues that a million dollars is insufficient for a comfortable lifestyle, let alone luxury.

What Cardone Thinks You Should Do:

Cardone encourages individuals to focus on increasing their income rather than merely budgeting. He criticizes traditional budgeting advice, suggesting that instead of pinching pennies, people should seek ways to grow their wealth, enabling them to enjoy luxuries like new cars and gourmet coffee.

3. Don’t Buy a Home

While homeownership is often viewed as a crucial financial milestone, Cardone challenges this notion. He claims that owning a home is “a terrible investment” because it doesn’t generate cash flow or provide significant tax benefits.

What Cardone Thinks You Should Do:

Instead of purchasing a home, Cardone advocates for investing in rental properties while renting a place to live. He argues that rental properties can yield substantial income—up to 12% annually—without the headaches associated with homeownership, such as property taxes and maintenance costs.

4. Don’t Waste Your Time — or Your Money — on a College Degree

Traditionally, a college degree has been seen as a pathway to financial success. However, Cardone argues that the return on investment for a degree is often poor. The time and money spent on education could be better utilized elsewhere.

What Cardone Thinks You Should Do:

Cardone suggests that individuals should educate themselves through books and online resources instead of spending four to six years in college. If attending college is unavoidable, he advises students to graduate as quickly as possible and focus on networking during their time there.

5. Don’t Put Your Cash in the Bank

While saving money in a traditional bank account is often viewed as a prudent financial strategy, Cardone disagrees. He believes that stashing cash in savings accounts yields minimal interest and is not a viable plan for wealth growth.

What Cardone Thinks You Should Do:

Instead of saving, Cardone recommends investing in assets that offer significant returns. He suggests focusing on non-consumables like art, real estate, Bitcoin, and stocks as better alternatives for growing wealth.

Conclusion

Grant Cardone’s financial advice is undoubtedly controversial and may not resonate with everyone. However, his unconventional perspectives challenge the status quo and encourage individuals to think critically about their financial strategies. Ultimately, it’s essential to evaluate any financial advice in the context of your own lifestyle and goals. Not all strategies will be suitable for every individual, but considering different viewpoints can lead to more informed financial decisions.

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