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 typical $1,341 payment and retirees are still facing a brutal $1,600 monthly shortfall against average expenses.
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 his YouTube channel for avoiding retirement disaster.
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“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.”
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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 percent,” these accounts won’t build real retirement wealth.
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.
“Never rely on one of anything ever,” Cardone added. Having multiple revenue sources means you’re never riding on a single income stream.
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.
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.
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.”
