Grant Cardone says saving money is one of the biggest financial mistakes people are still making. And he’s making his point loud and clear.
“Stop savin’ money—it’s a doesn’t work,” the entrepreneur and real estate investor posted on X earlier this year. “Short of storing money in an account while it waits to be [invested], saving money is not a plan to grow your wealth.”
According to Cardone, putting money in a savings account is basically a dead end. “Banks pay you 0% while they lend your money to people like me,” he said.
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Cardone says inflation is a quiet wealth killer. Last year, he said that “it’s impossible to save money,” and explained that if you had $100,000 in a savings account in 2020, that same amount would only have the purchasing power of about $75,000 in 2024. “That’s inflation explained simply,” he said.
Instead of saving, he encourages people to invest in income-producing assets, use tax advantages, and put their money to work like wealthy people do.
In an interview with Fox News earlier this year, he laid out what he sees as the outdated thinking that keeps people stuck in the middle class.
“The middle class has been left behind because they’ve been saving money and doing the right things—and it’s not working.” In a post on X, in which he shared a clip of the interview, Cardone added, “Quit saving money. Quit buying homes. Quit saving for retirement. Quit borrowing for college.”
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He believes most Americans are stuck financially not because they’re lazy or irresponsible, but because they’ve been following bad advice. “If a mass group of people suffer from the same thing, it’s not their fault anymore,” he told Fox News. “It’s because they’ve all been taught the same thing.”
To Cardone, old-school money rules just don’t fit the modern economy. Instead, entrepreneurship, calculated risk, and aggressive investing are the real tools for building wealth.
While critics say his approach is risky and not realistic for everyone, Cardone insists the alternative of saving and hoping for the best isn’t working either.
“My encouragement to the middle class is get out of it,” he told Fox News. “Move yourself up so there’s prosperity and abundance—and not just putting everything on a credit card in life.”