What NOT To Do With Your Paycheck – Guest Post by Grant Cardone
This is some of the worst financial advice I’ve ever heard…
But I want to share it with you today, as a case study on what NOT to do with your personal finances.
Now, before I go ahead and lay out this 4-step financial death-trap…
Let’s take a look at the PROBLEM this awful advice is trying to solve.
See, in a recent study by the online bank LendingClub, 63% of Americans say they’re living paycheck-to-paycheck…
And even 47% of 6-figure earners said they were feeling the strain, too.
Not only that…
A THIRD of working adults said they’d feel “very uncomfortable” about their ability to pay an emergency $400 expense.
This gives you a clear picture of where U.S. society is right now, financially…
And it shows you that as a nation, we are NOT in good shape.
Recently, a major American news network published this study’s findings and the editors came forward with their own 4-step solution.
Want to see it?
Here's their battle-plan to get America financially fit again (I’ve trimmed down what they said just to give you the key takeaways…)
- List all your assets and liabilities
- Put some money aside every month to your savings or retirement account
- Reevaluate your budget and spend less
- Don’t be afraid to make adjustments and SPEND EVEN LESS if you realize you’re still spending too much
So, why do I think this is some of the worst financial advice I’ve ever heard?
Well, first thing’s first…
I reckon if you follow this so-called plan, you’ll end up exactly where some American retirement-planners are right now…
According to a report by investing platform Vanguard, a record number of savers are making “hardship withdrawals” from their 401(k)s.
See, this information saddens me but it doesn’t surprise me.
Because the truth is…
There comes a point where your present income level simply can’t support the rising costs of living…
Trying to save some “rainy day dollars” from this shrinking pot feels like Mission Impossible…
And your “emergency fund” and even your 401(k) savings may as well simply go into your checking account so your family doesn’t starve.
It’s why my #1 rule for increasing your financial health is and always will be…
Do everything in your power to increase your income.
It’s the only way to beat this cost-of-living crisis…
But this isn’t the advice the mainstream news will give you.
Why?
Well, first of all, it’s because they want to keep you small.
They don’t want to lift you up.
All they want to focus on is doom and gloom… more and more bad news…
Because that’s the stuff that sells. That’s what keeps people reading. And that’s what makes their ad sponsors happy.
So let’s be real here…
The mainstream media is not likely to give out advice that would actually help yank you out of the negative spiral they put you in. That would be counterproductive for them.
So they keep telling you to “save”…
Because they don’t really care if your situation improves or not. If anything… they probably hope it doesn’t.
The second thing is…
They don’t want to risk offending you out of the fear of losing your readership.
See, if they advise people to increase their income…
They’d probably be flooded with angry calls, emails, and letters from outraged folks who all say it’s impossible for them to increase their income…
They’ll say it’s “easier said than done” and feel personally offended.
So again… it’s much better for the media to just pat their audience on the head and tell them to save up an emergency fund.
In my opinion, it’s useless advice.
But seeing as you’re reading this newsletter, I know you’re not one of these easily offended people.
I know you can handle the reality…
Which is why I think you’re more than ready to come along to my 10X Growth Conference.
See, I believe it’s possible for every American to increase their income and improve their present financial situation.
To learn more about Grant Cardone and his “Unbreakable Business Challenge,” click here.