Personal Finance

Grant Cardone Says You Won’t Get Rich Doing This, But 85% of Americans Do It

Ian Cooper

Published: December 18, 2024 9:54 am

Last Updated: December 18, 2024 9:55 am

Fund manager Grant Cardone says you won’t ever get rich working a 9 to 5 job.

“Most people work 9 to 5. I work 95 hours (per week). If you ever want to be a millionaire, you need to stop doing the 9 to 5 and start doing 95,” he said, as quoted by CNBC. “There’s no shortage of money. There’s just a shortage of people doing 95 hours each week.”

Key Points About This Article

• “Most people work 9 to 5. I work 95 hours (per week). If you ever want to be a millionaire, you need to stop doing the 9 to 5 and start doing 95,” says Grant Cardone.
• Unfortunately, many of us can’t work that many hours in a single week. Many of us have other responsibilities outside of work, including family, aging parents, school, etc.
• The truth is if you really want to become wealthy, invest well.
• Retiring early is possible, and may be easier than you think. Click here now to see if you’re ahead, or behind. ^(Sponsor)

That’s only 19 hours a day with a five-day workweek.  Easy, right?

Unfortunately, many of us can’t work that many hours in a single week. Many of us have other responsibilities outside of work, including family, aging parents, school, etc. Plus, when you’re lying on your deathbed, would you rather say I had a great life with a great family? Or, would you rather say, “at least I worked 95 hours a week to become a millionaire?”

The truth is if you really want to become wealthy, invest well.

Take Advantage of Your Employer Match Program

If you have an employer that will match your 401(k), maximize your contributions up to the amount your employer will match. If your employer will match up to 6% of your salary, maximize that. If you earn $75,000 a year, and you contribute 1%, that’s $750 for retirement. If your employer matches that, you have $1,500 for retirement per year. If you contribute 6% and your employer matches that, that’s about $6,750 in retirement per year.

You can invest in a traditional IRA, for example. While it’s best to check with your financial advisor, many times you can deduct contributions on your tax return. Or, consider a Roth IRA, where you make contributions with money you’ve already paid taxes on. With a Roth IRA, your money can grow tax-free with tax-free withdrawals.

Also, be sure to check in with a financial advisor before you do anything.

Catch up on Your Retirement Contributions

Catch-up contributions allow people – aged 50 and older – to catch up on their retirement savings. It simply allows you to put additional money into your account above the standard limits. “Plan participants utilizing catch-up contributions must be aged 50 or older by the last day of the year,” according to Ascensus.

For example, if you have a 401(k) plan, your employee contribution limit for 2024 is up to $23,000. If you’re 50 and older, you can contribute up to an additional $7,500. Do check with a financial advisor, though.

Get Your Debt Under Control

One of the worst things to carry is debt – mortgage debt, school loan debt, credit card debt. All of which can easily prevent you from saving for retirement. American households have about $17.796 trillion in debt, which breaks down to about $104,215 per household. Mortgage debt makes up about 70% of the household debt. Credit card debt is up to $1.142 trillion, with households seeing an average balance of $6,501 in addition to hefty interest debt.

One way to handle your debt is to focus on the smaller balances first. That way, you free up even more cash for the heavier debt. Then, once the smaller debts are paid off, you now have new cash flow to tackle to make extra payments on higher interest balances.

Invest in Dividend Stocks 

One of the best ways to retire rich is by investing in dividend stocks.

To do so, you need to aggressively invest in high-yielding stocks and reinvest the dividends continuously until you consider retirement. After all, each reinvested dividend payout buys you more income-producing shares without any out-of-pocket expenses. Better, by doing so you’re compounding the earnings and expediting the growth of your portfolio.

Again, reach out to a financial advisor for the very best advice on dividend stocks.

Check with a Financial Advisor

Help make life a bit easier by checking in with a financial advisor. They can help guide you, show you where and how to invest, and help you achieve your financial goals for retirement.