275: Retire Rich
The Cardone Zone
08/11/17
•62m
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I come here every Friday so you can get your money right. The average American makes $58,000 a year and it costs more to live than that. How do you get out of that trap? 50% of American families have zero saved for retirement. It's not because half the people are stupid, it's the things we are all taught about money that is the problem. If you use the wrong battle strategy for 30 years, you will end up broke. Here are 3 tips today:
1. Your plan doesn't work—You have to challenge your assumptions. Your mommy and daddy's plan was all about saving. This is the wrong battle plan. 2. Secure the job you have—Quit hating on your job and add income to your job. 3. You need income—This is the plan you need, you need to play offense, not defense.
Previous Episode
274: Compound Interest & The Rule of 72
August 4, 2017
•39m
The 'Rule of 72' is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest. By dividing 72 by the annual rate of return, you can know how many years it will take for your investment to double. The rule of 72 with compound interest was great back when interest rates were higher. If you gave 100K to Bank of America today, it would take 72 years for your money to double. In Japan, it costs you money to keep money in the bank. You need a new vehicle that allows you to:
1. Protect your capital 2. Give you at least a 6-10% return 3. Gives you the possibility of appreciation in the future 4. Gives you tax advantages
The bank is for people who don't trust in themselves. You need to be doubling your money quicker than what the banks will give you. The house is about protecting money, but it doesn't give a return or a tax advantage.
I'm seeing doubles in 3 years, 4 years, and 5 years investing in multi-family apartment buildings. This is the new compound interest. Don't wait until you are 90 years old for your money to double!
Next Episode
276: Never Get Your Advice From a Millionaire
August 18, 2017
•41m
Never get advice from a millionaire. Don't get advice on what the view is like from someone half way up the tree, they can only tell you what they think the view is going to be. That's why you don't want to get advice from someone not even half way there. The problem with the Millionaire Next Door:
1) Think is too small—There's not enough zeros to last you any length of time 2) Conservation mode—Spend all energy trying to save the million. 3) Math doesn't work—$33,000 a year is no money. You can't just quit after making $1 million
When you have a million dollars, you're scared. Don't be the millionaire next door who is conserving the little pile they have. To make your money last longer than your clock, you need much more than $1 million, so never take financial advice from a mere millionaire!
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