Grant Cardone, a self-made millionaire and CEO of property investment company Cardone Capital, discussed the diminishing status of millionaires in a video on his YouTube channel.

According to Cardone, the iconic image of a millionaire as wealthy is outdated. “You’re not wealthy … you’re worried,” he asserts, emphasizing that in today’s economy, having a million dollars doesn’t go as far as it once did.

In the video, Cardone, known for his outspoken views, is filmed in a stark office, energetically explaining the financial realities for those with a net worth just hitting the million-dollar mark. He illustrates his point with a scenario: a 30-year-old with $1 million, spending $4,000 monthly without additional income, would deplete their funds by age 51. “Millionaires are basically middle-class people who are worried about money,” he comments.

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While Cardone may be known to stir the pot with his claims, the middle class in the United States can vary depending on location. Generally, the median income range for a large U.S. city falls between $52,000 and $155,000. It’s important to consider that the cost of living can significantly impact what the middle class means in a specific area.

In another video, the real estate mogul famously remarked that earning $400,000 annually should cause personal embarrassment. “If I made $400 grand a year, I would be embarrassed with myself as a husband, a father, basically as a human being,” he stated emphatically. Cardone says a salary of $35,000 a month doesn’t cut it: “You guys haven’t done the math. You have not done the math because you cannot live on $400 grand a year.”

Despite the challenges of reaching millionaire status, especially from a middle-class starting point, Cardone suggests real estate investment as a viable path to financial growth. He champions aggressive investment strategies, often encouraging putting “all your chips in on something you believe in.” For him, real estate has consistently been that investment.

Trending: Are you rich? Here’s what Americans think you need to be considered wealthy. 

Cardone promotes his company as a vehicle for real estate investment, but platforms backed by billionaires like Amazon founder Jeff Bezos are revolutionizing the market. They empower everyday investors to own a slice of the real estate pie, sharing its potential rewards without needing the substantial capital traditionally associated with property ownership.

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Real Estate Investment Trusts (REITs) and outright ownership of rental properties present other avenues for those seeking to grow their wealth through real estate.

Cardone’s commentary highlights a significant economic shift, where even a million-dollar net worth may not suffice for financial security. This reflects broader pressures the middle class faces, from rising inflation to stagnant wages.

His viewpoint highlights the shifting definition of wealth and the increasing difficulty in achieving and maintaining financial stability.

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This article You’re Not Wealthy, You’re Worried’ — Grant Cardone Says ‘Millionaires Are Basically Middle-Class People’ originally appeared on Benzinga.com

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