Grant Cardone says “you don’t get rich saving money” and suggesting doing this instead

Grant Cardone has been growing his real estate portfolio for many years while making the asset class more accessible for people. He has created many videos and webinars on the subject, and he has also published plenty of bestselling books. While Cardone shares new advice from time to time, he often goes back to fundamental insights that are always relevant for investors.

“You don’t get rich saving money,” Cardone often says. He’s not a fan of leaving money in the bank due to the low interest rates and what you can get from other assets. “You get rich connecting with opportunities that multiply money,” he explains.

Cardone rules out keeping your money in the bank. So, what approach actually makes sense? These are some of the investments you can consider instead of hoarding your cash in the bank.

Invest in Stocks

Cardone wouldn’t approve of buying stocks. He views Wall Street as a casino, but it is the easiest way to get started. A good growth ETF can help you outperform the stock market, and you can also find other ETFs that align with your risk tolerance.

You can get started in the stock market with as little as $1, and it’s easy to accumulate shares. Furthermore, you can quickly exit positions if needed. The stock market allows you to risk a small amount of money and experiment with investing. If the thought of using your money to buy stocks scares you, a stock simulator is a great way to get started. These simulators let you use imaginary money to trade stocks and assess if you want to use your real money in the future.

Buy Real Estate

Cardone has made a fortune in real estate and by telling others how to invest in real estate. These assets require more upfront capital, but they come with incredible tax advantages. Gradual depreciation reduces your tax bill, and you can generate regular cash flow from rent. Investors can also raise their initial capital by fixing and flipping homes.

If you don’t have enough capital to buy real estate, you can still gain exposure to the asset. Real estate investment trusts trade on public markets and let you invest in various real estate strategies. You can also pool money with private investors to buy large properties with clearly defined entry criteria and exit timeframes.

Scaling Businesses

Starting a business can give you more financial freedom and control over your schedule in the long run. A business can also be a lot of fun if you work in an industry that you enjoy.

While it can take a while to scale a business, you can speed up the process by investing in your company. It’s a good idea to have a proven concept and a viable way to earn money before you invest money into your startup. However, you can put your money to use hiring staff, paying for ads, and making additional investments that can put your company in front of more potential customers.

Cardone has several successful businesses outside of real estate. If you develop one business and make it successful, you have a formula you can use to make other businesses successful. Investing in companies you own can serve you better than storing cash in your bank account.