Grant Cardone Critiques Millionaire Aspiration: 'It's a Lazy Dream' — Here's Why

Many people aspire to become millionaires. Having a seven-figure net worth makes it easier to cover various expenses and live on a nest egg. 

However, real estate investor and billionaire Grant Cardone recently criticized this aspiration and believes people should set bigger goals.

"It's a lazy dream," Cardone said in a recent TikTok.

After making the statement, he explained the pitfall of striving to be a millionaire and what you should do instead. 

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$1 Million Is Not Enough

It takes a lot of work to become a millionaire. You have to diligently save money and boost your income for several years before you reach the milestone. Some people think they can retire with $1 million portfolios once they get to retirement age, but that's a risky proposition.

Cardone believes that $1 million isn't enough. He also believes you should be earning $400,000 per year to support your family. He's not shy to share hot takes, but he's on point about $1 million not being enough.

What happens if you incur an expensive medical bill? Those bills are a big reason why people file for bankruptcy. You also risk having to sell your assets during a sharp correction to buy necessities, further reducing your nest egg. 

If you retire with $1 million and realize you have to rejoin the workforce in a few years, it may be more difficult to earn the type of money you were making before retirement. It may also take a while to get a job or a meaningful side hustle if you're trying to rejoin the workforce.

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7-Figure Poverty Mindset

Yes, you can have a poverty mindset even if you have a seven-figure portfolio. Cardone mentioned that he read the book "The Millionaire Next Door." The smash hit has more than 15,000 Amazon reviews and continues to perform well to this day, but Cardone was concerned about some of the trends in that book.

For instance, he mentioned that people profiled in the book brewed their own coffee and bought used trucks to save money. He said that these were examples of millionaires acting on a scarcity mindset and trying to get more mileage out of every dollar they had.

Some millionaires do everything to preserve their wealth and scrutinize every line item in their budgets and credit card statements. It's better to know your expenses than it is to not know what's happening, but people with seven-figure poverty mindsets may take it too far.

Cardone then explained that the most successful people on the planet buy whatever they want. These individuals do not operate on a scarcity mindset because their goals expand far beyond just wanting to become a millionaire.

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Put Your Attention Back On Income

Cardone wraps up the video by urging people to put their attention back on their income. He cited expansion and risk-taking as the key items that lead to affluence. 

If you grow your income, you will become a millionaire faster. More importantly, you will look for new ways to grow. Life and its possibilities expand as you boost your income instead of focusing exclusively on minimizing your expenses.

Cardone also criticized a strong focus on budgeting. It's great to know your expenses, but he refers to budgeting as adding and subtracting. He then mentions that true wealth is created with division and multiplication. For instance, portfolios compound through multiplication, while you can get rid of a small $10 monthly subscription via subtraction.

Prioritizing income growth over cost reduction makes it possible to achieve goals that are far more ambitious than just becoming a millionaire. 

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