Finance guru Grant Cardone is known for his controversial, out-of-the-box thinking — especially when it comes to money management. There are no guarantees Cardone’s words of wisdom will make you a billionaire, but his unconventional takes are definitely worth considering.
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Here are five of the real estate investor’s most surprising pieces of advice about money — but it’s up to you whether or not they are worth following.
Don’t Open Your Own Business
Cardone took to Instagram to blast anyone planning to build their own business. Why? According to the finance expert, it’s a self-centered move, and it’s almost certain to fail.
Cardone said starting a business is “the stupidest, most selfish thing” a person can do, and pointed out that “there are 32 million small businesses in America, with 64% of them breaking even or losing money.”
What Cardone Thinks You Should Do: Instead of opening a new business, Cardone said would-be entrepreneurs should buy an established business, bypassing startup fees and setup.
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Aim To Be a Billionaire, Not a Millionaire
Cardone said most people set their financial goals much too low. According to the finance expert, becoming a millionaire is “a lazy man’s or woman’s dream.” A million dollars isn’t enough to live in comfort, much less luxury, Cardone argued.
What Cardone Thinks You Should Do: To back this sentiment, Cardone took aim at the budgeting tips in popular books like “The Millionaire Next Door” in one of his viral TikToks. Instead of pinching pennies, Cardone said, Americans should find ways to grow their income so they’re wealthy enough to buy new cars, takeout coffee and other luxuries.
Don’t Buy a Home
Conventional wisdom says that homeownership is an important financial milestone for Americans. Cardone, though, has a different view: He said homeownership is “a terrible investment.”
Cardone argued that homeownership doesn’t generate cash flow or lead to tax write-offs. Ironically, the real estate investor said it’s hard to make an income from homeownership: “You never own it. Even when the loan is paid, you don’t own it. No, you still got to pay property taxes, still got to insure, still got to maintain it.”
What Cardone Thinks You Should Do: Instead of buying a house, Cardone recommended investing in a rental property while renting a home to live in. According to the finance guru, rental properties generate significant income, as much as 12% annually, and they come with fewer headaches than homeownership.
Don’t Waste Your Time — or Your Money — on a College Degree
Traditionally, college has been a pathway to financial success. Cardone said, however, that getting a degree doesn’t provide a good return on investment. When you go to college, you’re investing considerable money and time in your education, Cardone pointed out.
What Cardone Thinks You Should Do: The influencer said that instead of spending four to six years earning a degree, people should educate themselves, using books or online resources. If you do go to college, Cardone said to graduate as quickly as possible, and focus on networking while you’re in school.
Don’t Put Your Cash in the Bank
Building a strong savings account seems like an uncontroversial way to get ahead, right? Not according to Cardone. The finance guru said people should stop stashing their cash in traditional savings accounts, where it doesn’t earn much interest. “Saving money is not a plan to grow your wealth,” Cardone explained in a post on X.
What Cardone Thinks You Should Do: Instead, invest in assets that yield a significant return so that your money grows, Cardone suggested. Which assets are worth investing in? Cardone said the best choices are nonconsumables like art, property, Bitcoin and stocks.
It’s up to you to decide if any of this advice fits with your lifestyle and goals. Remember, not all financial advice is right for every person.
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This article originally appeared on GOBankingRates.com: Grant Cardone’s 5 Most Controversial Takes on Money
