Grant Cardone is a real estate investor, equity fund manager, author and founder of the 10X Growth Conference and other 10X properties that help businesses and individuals “10X their income.” Clearly, this is not a guy who lives paycheck to paycheck, but he has some advice for those who do.
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Cardone recently said he thinks America’s middle class can — and should — be wealthy. He posted on X, formerly Twitter, “America should have the wealthiest middle class in the world bar none!”
Keep reading for more details on why Cardone thinks the middle class can be wealthy, as well as some of his tips for how they can get there.
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Why Cardone Says the Middle Class Should Be Wealthy
In fact, Cardone said he thinks the middle class shouldn’t exist, and that people should be working to get out of it and move to the upper class. He sees the middle class shrinking: “There’s the people that have freedom, prosperity and abundance, and then there’s everybody else,” he said in a YouTube video.
Cardone encourages people to “rise above outdated, unworkable middle-class myths and limitations,” so they can “achieve true freedom for themselves and their families.”
How does Cardone recommend that the middle class become as wealthy as he thinks they should be? Here is some of his advice on how the middle class can build wealth.
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Invest, Don’t Save
Americans are taught from a young age to “save for a rainy day” and that “a penny saved is a penny earned.” But Cardone advises investing in something that will multiply your wealth. In the video, he explained that investing is the best way to build wealth.
Real estate investments may not be attainable for the novice investor, but putting money into mutual funds or stocks certainly is. Start early and invest regularly.
Don’t Diversify Excessively
Those who think that diversification is the key to successful investing may be surprised by this one. But Cardone argued that having large investments in a small number of positions is the way to go.
You’re still diversified, but your portfolio isn’t watered down by trying to be all things to all people. Choose a relatively small number of investments and go all-in on those.
Look Beyond the Stock Market
Cardone is a fan of alternative investments, and for good reason.
Real estate is found in most of the portfolios of wealthy Americans because of its consistent returns over time. The middle-class investor may not have the ability to purchase multi-unit residential or commercial properties, however, so consider real estate investment trusts (REITs) to get started. Be sure to do your research and invest based on your personal risk tolerance.
Don’t Try To Go It Alone
Wealthy investors appreciate the value of a good financial advisor. High-net-worth individuals don’t do all of their own research or use apps to invest their hard-earned money. According to Cardone, surrounding yourself with people with a middle-class mindset won’t benefit you.
Adopt this mindset and hire a professional to help you on your quest to increase your wealth to the point where you are no longer middle-class.
Cardone emphasizes that the middle-class mindset is what keeps Americans mired in the paycheck-to-paycheck cycle.
Adjusting that mindset to mirror that of the wealthy, along with action to increase income equality, improve access to financial education and help families increase financial security, will help move the middle class toward wealth and prosperity.
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Sources
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X, “Grant Cardone.”
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YouTube, Grant Cardone, “Grant Cardone on the Middle Class, Wealth, and America’s Future.”
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Grant Cardone, “Meet Grant Cardone.”
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MoneyWise, “Grant Cardone says ‘America should have the wealthiest middle class in the world, bar none’ — how you can grow your wealth no matter which rung you fall on.”
This article originally appeared on GOBankingRates.com: America’s Middle Class Should Be Wealthy, According to Grant Cardone — Here’s Why
