Grant Cardone, a popular motivational speaker, social media influencer and real estate investor, recently sparked controversy with his remarks on income levels.
In a YouTube short titled "Earning $400,000 a Year is Embarrassing," Cardone boldly claimed, "If I made $400 grand a year, I would be embarrassed with myself as a husband, a father, basically as a human being. $400 grand. How do you make sense of $35,000 a month? You guys haven't done the math. You have not done the math because you cannot live on $400 grand a year."
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Cardone's statement contrasts sharply with the reality of most Americans' financial situations. In some states, $400,000 puts you close to the top 1% of earners, according to SmartAsset data. The median weekly earnings for full-time workers in the United States in Q4 2023 were $1,145, which translates to approximately $4,580 per month. This is drastically lower than the $35,000 monthly income Cardone finds an embarrassment.
In another YouTube video, Cardone argued that having a million dollars is insufficient for financial security, stating, “One million dollars is no money” and breaking down how a million dollars spread over 30 years equates to only about $33,000 annually, which he deems inadequate for a comfortable lifestyle.
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Cardone elaborates further by criticizing the financial advice offered by millionaires, suggesting that their perspective is limited. He uses the analogy, “Don’t seek advice on the view from someone halfway up the tree; they can only tell you what they think the view will be,” to emphasize that millionaires who have not reached the pinnacle of financial success may not provide the most effective wealth-building strategies.
In yet another statement, Cardone declared, “If you’re a millionaire, you’re broke dude. What’s a millionaire? Nothing."
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Cardone's philosophy centers on the idea that individuals should strive for financial independence and wealth accumulation through multiple income streams. He strongly advocates for real estate as a vehicle for generating passive income. According to Cardone, everyone should aim to have three types of income: ordinary income from a job or business, bonus revenue from additional ventures and passive income from investments. His investment firm, Cardone Capital, reportedly distributed $60 million in passive income to its limited partners last year, averaging $5 million monthly.
In his view, real estate, particularly apartment buildings, offers a reliable and lucrative source of passive income. Cardone believes investing in such properties can provide financial security and freedom, enabling individuals to live comfortably and pursue their passions without financial constraints. He has consistently promoted real estate as the best investment option for those looking to build wealth and achieve financial independence in 2024 and beyond.
There are multiple ways to build wealth. Consulting with a financial advisor can help determine the best strategy for your needs and goals.
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This article Grant Cardone Says Earning $400,000 A Year Is 'Embarrassing' As A Human Being – Asks: 'How Do You Make Sense Of $35k A Month?' originally appeared on Benzinga.com
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