In a recent video, real estate influencer Grant Cardone made some bold claims, advising against attending college, owning a home, and he even suggested that people should cash out their 401(k)s to invest in real estate.
David McKnight calls this advice irresponsible, dangerous, and lawsuit-worthy.
Far more Americans achieve millionaire status through consistent stock market investing than through real estate.
David shares a more sustainable approach to building wealth through homeownership that directly counters Cardone’s anti-homeownership stance.
Cardone claims that 401(k) plans are designed to “imprison” people financially.
David digs deeper into the true purpose of retirement accounts and the importance of having an emergency fund.
There is one point where both David and Cardone align: the likelihood that future tax rates will be higher than they are today.
Finally, David touches upon the steep tax penalties of withdrawing from your 401(k) before age 59½ – an important consideration Cardone seems to overlook.
Mentioned in this episode:
David’s upcoming book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track
David’s books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David’s Tax-free Tool Kit at taxfreetoolkit.com
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