Grant Cardone: 10 Biggest Financial Scams To Watch Out For

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In one of his latest videos, financial guru Grant Cardone who will be hosting his 10X Business Summit in Scottsdale, Arizona, Jan. 12-14, 2024, shared valuable insights into the financial landscape, revealing 10 scams that individuals should be wary of and how to sidestep them. Cardone, drawing from personal experiences, emphasizes the importance of recognizing these pitfalls to safeguard one’s financial well-being.

Here are ten common financial beliefs that Cardone says you should question:

1. That Higher Education Is Required For Success 

Cardone questions the conventional wisdom of higher education, asserting that the first 12 years of schooling and the subsequent pursuit of college or university degrees may not be the optimal path. He challenges the norm, suggesting that a more efficient educational system could prepare students in less time, avoiding the burden of hefty student loans.

2. Saving Money Is The Best Way To Increase Your Wealth

Cardone critiques the advice to save money promoted by major banks. He highlights the irony that banks encourage individuals to save while deploying these funds for their investments. Cardone contends that traditional saving is not as advantageous as alternative investment strategies.

3. Homeownership Is Necessary

According to Cardone, buying a house is not the solid investment it’s often perceived to be. He argues that it pales in comparison to alternative investments like the S&P 500 or multifamily properties. Challenging the conventional wisdom of homeownership, Cardone encourages a rethink of real estate as a primary investment avenue.

4. That It’s Okay To Have Credit Card Debt

Cardone addresses the trap of credit card debt, emphasizing personal responsibility and fiscal discipline. He advises against paying interest on credit card debts, promoting a pay-off within the billing cycle to avoid unnecessary financial strain.

5. Get Rich Quick Schemes

Grant Cardone issues a warning against schemes promising rapid wealth accumulation. He advocates for a pragmatic approach, urging individuals to steer clear of promises that defy market norms and sound financial principles.

6. That You Owe The Internal Revenue Service (IRS)

Cardone challenges the notion that one must pay the IRS without question. He emphasizes that with proper knowledge and strategic investments, individuals can legally reduce their tax liabilities, making it crucial to explore tax-saving avenues.

7. Believing That It’s Healthy To Eat Fast Food

Highlighting the health risks associated with fast food, Cardone urges individuals to be conscious consumers. He emphasizes the importance of making informed choices about diet and lifestyle to avoid falling into the trap of unhealthy eating habits.

8. Trusting All Information Sources

Cardone criticizes mainstream media as a propaganda machine, suggesting that viewers should exercise caution and critically evaluate the information presented. Encouraging individuals to turn off unreliable sources, Cardone advocates for seeking out alternative perspectives.

9. That Procrastination Is Okay

Addressing the scam of self-doubt and procrastination, Cardone urges individuals not to fall prey to the belief that they can’t start or succeed. He emphasizes the importance of overcoming mental barriers and taking action toward financial goals.

10. That It’s Okay To Quit

Cardone dispels the myth that quitting provides relief, arguing that it leads to prolonged pain. He encourages individuals to persevere through challenges rather than succumbing to the illusion that quitting offers a way out.

Overall, Cardone underscores the importance of rejecting victimhood, taking charge of one’s financial destiny, and embracing the potential for greatness. By avoiding these financial scams, individuals can navigate the complexities of the financial world with confidence and resilience.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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