Today I will share with you on why saving won’t make you wealthy. I will also share with you what you can do instead to make you wealthy.
Today we are going to learn from self-made millionaires Barbara Corcoran and Grant Cardone. Corcoran is a real estate entrepreneur and star of ABC’s Shark Tank. Grant Cardone is the CEO of Cardone Capital and author of The 10 Times Rule.
Cardone says that ‘’Saving, saving, saving won’t bring you wealth.’’ Instead, he teaches that true wealth is through spending and investing. Corcoran says that she is not a believer in saving money. Both Corcoran and Cardone mention that you should keep your money moving if you want to build real wealth.
Cardone teaches that we should invest in assets such as real estate that generate cash flow. He also says that cash is not king but rather cash flow is king.
Corcoran also spends her money rather than saves. She spends on investments in startups and her real estate firm.
They are both not afraid of spending cash to invest. They also do not let fear hold them back from growing their net growth.
The lesson we can learn from them is that if you simply save, it is not going to make you wealthy. This does not mean that we should not save at all. It also does not mean that we should spend unnecessarily. However, we should learn how to make our money grow by learning how to invest wisely. We can equip ourselves with investment knowledge by reading and learning from people who are well known great investors. Some of the well-known great investors are Warren Buffett, Benjamin Graham and Peter Lynch. There are many books written on these great investors. We can read these books to brush up our knowledge.
Lastly, I am going to share an additional tip with you.
One good way of investing can be investing in low-cost index funds. These low-cost index funds follow a benchmark index such as the S N P 500 and have less fees than actively managed funds. This is an efficient method to get a diversified portfolio with less risk than buying individual stocks.
I hope this video helps in making you one step closer to achieving your financial goals.
Reference: https://www.cnbc.com/2023/06/16/self-made-millionaires-saving-wont-bring-you-wealth.html
