Here’s a wake-up call: The average American between the age 55 to 64 has only $144,000 in retirement savings — about $393 monthly to live on. Add Social Security’s average $2,008 payment and retirees are still facing a brutal $2,401 monthly shortfall against average expenses.
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But real estate tycoon Grant Cardone said it doesn’t have to be this way. After completely overhauling his finances at age 51, he transformed his net worth from $4 to 5 million to building a billion-dollar real estate empire in just 12 years.
Here’s his straight-forward advice he shared to his YouTube channel for avoiding retirement disaster.
1. Don’t Save (Make More Money Instead)
“Your mama told you to save your money, your daddy told you to save — they told you about the bottom half of a financial statement, not the top half,” Cardone explained. Instead of pinching pennies, he suggested people generate serious income. Make so much that “the spillage will take care of you in retirement.”
2. Ditch Traditional Investment Vehicles
Cardone warned against parking money in typical spots like “savings accounts, checking accounts, money markets, mutual funds, ETFs, 401(k)s and IRAs.” With returns as low as what he explained as “.0018%,” these accounts won’t build real retirement wealth.
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3. Jump Into Income-Producing Real Estate
After studying various investments, Cardone landed on apartment buildings as his golden ticket. “This particular asset class would appear to double based on the past four decades,” he said. Better yet, it creates monthly cash flow — crucial passive income for retirement.
4. Build Multiple Income Streams
“Never rely on one of anything ever,” Cardone added. Having multiple revenue sources means you’re never riding on a single income stream.
5. Start Now — Age Doesn’t Matter
Think 50 or 60 is too late? Think again. “Most importantly, it’s not too late,” Cardone said, pointing to his own transformation that began at 51.
6. Invest in Your Health
Good health supports wealth-building. Now successful, Cardone said he spends an hour and a half to work out every day and invests in preventative care — avoiding medical expenses that can drain retirement savings.
7. Stay Active and Keep Growing
Beyond money, Cardone stressed needing purpose in retirement. “If you don’t have purpose and interest and excitement and you’re not waking up every day looking forward to something,” he said, “you’re going to burn.”
8. Shift Your Focus
Forget traditional advice about saving and diversifying into conventional investments, Cardone explained. Focus instead on building serious income streams through assets like real estate that keep paying you in retirement. It’s never too late — but you need to start now.
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This article originally appeared on GOBankingRates.com: Grant Cardone’s 8 Essential Tips To Avoid Financial Disaster in Retirement
