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Lewis Howes"They Want To Keep You Poor!" (BIGGEST MONEY MYTHS) | Grant Cardone & Lewis Howes
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WHAT IT’S REALLY ABOUT
Grant Cardone Says Stop Hoarding Cash and Start Buying Assets
- Cardone argues that Americans are miseducated about money by banks and institutions, and that hoarding is a bigger problem than overspending.
- He recommends investing first in yourself, then in your business, then in real assets that provide cash flow, appreciation and tax shelter, and he rejects emergency savings and holding cash.
- He explains his own rules, which include never spending earned income, buying only what he could buy twice, and clearing out his cash every December into income-producing assets, with real estate as his main vehicle.
- He describes growing from a fearful, aggressive salesman into someone aiming to send monthly checks to millions of investors, with goals of $40 billion in assets and a stated wish to be less aggressive and more empathetic.
- He says he learned to study big institutions and investors such as Coca-Cola, Goldman Sachs, Warren Buffett and Elon Musk instead of individuals, and to learn from people he once resented rather than hate them.
IDEAS WORTH REMEMBERING
5 ideasHoarding cash is a bigger problem than overspending
Cardone says most people were taught to get money and keep it but never how to invest it, and he claims savings lose value to inflation, which he calls an invisible tax.
Invest in yourself first, even with debt
He says personal appreciation beats any other asset class and that borrowing $1,000 for something with even a 1% chance of putting you on the road to greatness is worth it. He then advises reinvesting in your business or department.
Judge assets by cash flow, appreciation and tax shelter
He says an asset should meet all three criteria, and that Bitcoin, stocks, gold, silver and NFTs fall short, while real estate meets them.
Never spend earned income; spend passive income
Cardone says he invests everything left after taxes from earned income and only spends the cash flow those assets produce. He also says you should be able to afford two of anything you buy.
Study institutions and top investors, not neighbors or influencers
He says he began to think bigger when he studied companies like Coca-Cola and firms like Goldman Sachs, and investors like Warren Buffett and Elon Musk. Buffett's approach also led him toward concentrated positions rather than diversification.
WORDS WORTH SAVING
5 quotesIf you're having a money problem, it is not 'cause you're stupid, and it's not 'cause you're lazy. It's 'cause you have the wrong information.
— Grant Cardone
You can't hate and learn at the same time.
— Grant Cardone
I would just assume that everything you know about money is incorrect.
— Grant Cardone
Don't be the boss. Don't be the CEO. This is... There's so much confusion in the marketplace. Be the investor.
— Grant Cardone
The spiritual to me is senior to the material.
— Grant Cardone
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SPEAKERS
Grant Cardone
guestReal estate investor and entrepreneur, known for Cardone Capital and sales/wealth education.
Lewis Howes
hostHost of The School of Greatness and author/entrepreneur interviewing guests on business and self-improvement.
High quality AI-generated summary created from speaker-labeled transcript.
