Grant Cardone Outlines How To Get $10 Million And Reveals Key Mistakes: 'They Think They Should Buy A House' Marc GubertiJuly 16, 2025 at 4:02 AM Grant Cardone Outlines How To Get $10 Million And Reveals Key Mistakes: 'They Think They Should Buy A House' Real estate investor Grant Cardone advocates ...
- - - Grant Cardone Outlines How To Get $10 Million And Reveals Key Mistakes: 'They Think They Should Buy A House'
Marc GubertiJuly 16, 2025 at 4:02 AM
Grant Cardone Outlines How To Get $10 Million And Reveals Key Mistakes: 'They Think They Should Buy A House'
Real estate investor Grant Cardone advocates for buying rental properties to boost cash flow and benefit from long-term appreciation. He's used that strategy to amass more than $5 billion in assets under management, and he recently laid out the path to reaching a $10 million net worth.
Cardone highlighted best practices and common mistakes that people make, especially when they start to make some money.
"They think they should buy a house," Cardone bemoans while mentioning that a house is a terrible investment. Here's what you should do to amass $10 million, according to Cardone.
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Your Money Loses Value In The Bank
It didn't take long for Cardone to mention that the U.S. dollar has lost 25% of its value since the pandemic. Keeping your money in a high-yield savings account will increase the nominal value of your account. If you have $1,000 in your savings account and earn 4% APY, you'll end up with $1,040.
However, inflation hurts the value of the money that you keep in your bank account. Even if inflation is low, some of your favorite businesses may raise their prices at rates higher than the posted inflation amount.
Your money isn't doing any good in the bank. Cardone mentioned that people put their money in the bank, and then the banks proceed to lend that money to individuals and businesses. Cardone asserts that it's not really your money when you put it in the bank since the financial institutions get to use your money for loans.
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Don't Change Your Living Standards
One of the most common mistakes people make is changing their living standards the moment they make more money. Regardless of whether you get a small raise or double your income, Cardone encourages people to maintain their living standards.
By skipping the Lambos, Guccis, and other high-end items, you can plow more money into your investments. Real estate, stocks, and crypto are some of the places you can put your money to multiply your net worth.
Aggressively investing your money and maintaining frugal living standards can eventually put you in a position where your investments grow faster than your ability to earn additional income. This part of Cardone's advice caters to making short-term sacrifices for long-term gains.
See Also: Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?
A House Is A Terrible Investment
Cardone also mentions that a house is a bad investment and that you shouldn't rush to buy a house just because you're making extra money. This advice may not seem practical to people who value home equity and view rent as throwing money away. However, you have to lock up a lot of money in your home through the down payment and monthly mortgage payments.
If you rent, you can move on a whim, and you don't have to make a big down payment. Some investors can generate higher returns by investing in stocks and real estate instead of putting the same money into a down payment.
Homes make more sense if you have a family and are ready to settle into a neighborhood. Cardone owns some luxury homes, but he made those purchases after making many successful real estate investments. A house isn't an investment unless it's producing cash flow from tenants.
Read Next: Are you rich? Here's what Americans think you need to be considered wealthy.
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