Behind on Savings? 6 Grant Cardone Tips To Boost Retirement Security
Here's a wake-up call: Recent data shows many Americans approaching retirement have less saved than recommended. Considering most financial advisors lean into the golden rule of having at least $1 million in your nest egg before you retire, this is alarming.
Meanwhile, the average Social Security benefit provides only a portion of most retirees’ income needs, and your monthly bills are probably looking a little steeper than you would have expected in your golden years. However, money expert and real estate mogul Grant Cardone said it doesn't have to be this way.
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After completely overhauling his finances at age 51, he transformed his net worth to build a billion-dollar real estate empire in just over a decade. Here are Cardone's tips and straightforward advice he's shared on his YouTube channel for avoiding financial disaster in retirement.
1. Build Multiple Income Streams
"Never rely on one of anything ever," Cardone said. Having multiple revenue sources means you're never riding on a single income stream.
2. Start Now -- Age Doesn't Matter
Think 50 or 60 is too late? Think again. "Most importantly, it's not too late," Cardone said, pointing to his own transformation that began at 51.
3. Invest in Your Health
Good health supports wealth-building. Now successful, Cardone said he spends an hour and a half working out every day and invests in preventative care -- avoiding medical expenses that can drain retirement savings.
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4. Stay Active and Keep Growing
Beyond money, Cardone stressed the need for purpose in retirement. "If you don't have purpose and interest and excitement and you're not waking up every day looking forward to something," he said, "you're going to burn."
5. Focus on Income-Producing Assets
After studying various investments, Cardone landed on apartment buildings as his golden ticket. "This particular asset class would appear to double based on the past four decades," he said. Better yet, it creates monthly cash flow -- crucial passive income for retirement.
6. Shift Your Focus
While traditional investments play an important role, some retirees focus on building additional income streams to supplement them. Cardone recommended focusing on building serious income streams through assets like real estate that keep paying you in retirement. It's never too late -- but you need to start now.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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