New York Times bestselling author and entrepreneur Grant Cardone who owns 4 companies and started everything from scratch gives his opinion based on personal experience.
According to him, in fact, cash money is garbage – inflation eats it. $1,000 in 1960 had the purchasing power of more than $8,000 today.
This is why saving money is useless. “Personally, I don’t save money. I only store it for a short period of time until I can invest it.”
Keeping cash is worthless because money, like any paper, is only good when it is used. If I leave the money too long, it disappears.” Cardone says.
Infamous cartel boss Pablo Escobar was one of the richest drug lords in history, bringing in $420 million a week in income.
He was spending $2,500 a month just on rubber bands to hold his collection of bills together, and nearly 10 percent of his money was wasted because rats would eat them or get damaged from moisture.
Keeping money in a bank doesn’t get any better than this. It takes 833 years to double your money at today’s bank rates.
You can’t even get 1 percent in a savings account. Inflation eats much more than that! Specifically, by saving money, you are losing it. That is why you should temporarily save your money and then invest.
“Money, like any paper, is only good when used.” The golden goose is only good as long as it lays eggs. The money must be multiplied, otherwise, you can spend it as soon as possible.
The same goes for money. Cash is not king, on the contrary, cash flow is king.
Here’s what to do with your money:
- Invest in yourself to increase your income
- Invest in your business to increase your income
- Invest in real assets that produce cash flow
- Make sure you take your money and buy things with it that will make you have more money!
- Invest your savings. Cash is dead. Cash flow is king.