Creating Generational Wealth with Grant Cardone, Ep #107

I remember the first time I heard today’s guest speak. I was on a flight 4 years ago and listening to a podcast episode where he was being interviewed. I was so impressed with his financial wisdom and success, but also that he was willing to be stretched to aim for even higher success. Since that day, when he was challenged on the episode to make over 2 billion dollars, he has done that and surpassed it. On today’s episode, he reveals the process of what that looked like and how you can think the same way in creating generational wealth yourself.

You will want to hear this episode if you are interested in...

  • The secrets to how Grant was able to scale his business (3:21)

  • The myths around investments (6:51)

  • Why the most important asset is yourself (8:32)

  • The importance of cash flow (12:50)

  • The difference between an accredited and non-accredited investor (18:49)

  • The risks and liabilities of real estate investment (22:12)

The money myths that the working class believes

It’s easy to think that if you are a good person, hard worker, and don’t do anything stupid with your money, you’ll gain wealth. But that’s not true for a lot of people. The reality is that we live in one of the wealthiest countries in the world and most people have nothing to show for it. Grant got curious about why this was, so he started researching the numbers. He found out that the majority of the U.S. population are barely getting by. It’s not because of education -- it’s because of miseducation. Saving money, diversifying investments, and buying homes as an investment are some of the core myths the working class is fed.

Why cash is no longer king

“Cash is king” used to be the main phrase you’d hear as financial advice. It is no longer true. Cash is rapidly being discontinued as a payment source, and it’s easy to lose money when your main source is cash. The biggest issue is that it’s not appreciating, it’s not getting you a return on your investment, and it’s keeping you broke. Instead of accumulating cash, increase the quality of your investments, and you’ll improve the quality of your life.

What real assets are 

You are the best investment you can make. Self-development, training your mind and emotions, and taking care of yourself is the biggest investment that you can make. Second, investing in your business is a huge payoff. You can write off business expenses and save so much by doing so. The third best investment is real property. This is where you’ll find the biggest tax loopholes, it appreciates over time, and you can create true leverage.

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