Grant Cardone Says, 'No Matter How Much Money I Make, I'm Broke Anyway.' Here's Why

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Despite being worthy hundreds of millions and owning a ample existent property portfolio, Grant Cardone says he’s broke and doesn’t cognize what magnitude of wealth idiosyncratic needs to debar being broke.

“I don’t know. I mean, I’m broke,” helium said connected “The Iced Coffee Hour” podcast. “No substance however overmuch wealth I make, I’m broke anyway.” It sounds utmost astatine first, but for Cardone, it reflects however helium thinks astir money, work and semipermanent survival.

When helium says “broke,” he's not talking astir nett worth. It isn't astir hitting a definite number. It comes down to whether you person wealth coming in, radical and resources you tin trust on, and the quality to grip your responsibilities.

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Cardone challenged the thought that hitting a milestone similar $1 cardinal means fiscal security. He broke it down successful elemental terms: if idiosyncratic stops earning and has to agelong that wealth implicit decades, it doesn't spell precise far. “You person 60 years and a cardinal dollars,” helium said. “You unrecorded connected 30 expansive a year.” In today's economy, helium argued, that's not capable for astir people.

That's wherefore helium sees the conception of being “set for life” arsenic outdated. To him, fiscal stableness depends little connected however overmuch you've saved and much connected your quality to support generating income and opportunities.

Cardone tied this thought to a broader content that astir radical underestimate their responsibilities. He pointed to household obligations, aging parents and assemblage roles arsenic reasons radical should purpose higher financially. “If you person a woman and 2 kids oregon 3 kids, 2 parents that are aging,” helium said, “you request to marque much money.”

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A large portion of Cardone's doctrine is prioritizing income maturation implicit cutting expenses. He explained it with a basal illustration astir buying coffee. If a java costs $12, astir radical deliberation astir skipping it to prevention money. Cardone sees it differently.

In his view, skipping tiny purchases mightiness consciousness similar progress, but it doesn't lick the bigger issue. “You could accidental you prevention $12,” said connected the podcast, “but the information is I didn’t get what I wanted.” Instead, helium prefers to absorption connected expanding his earning powerfulness truthful those decisions don't matter.