Grant Cardone Says 'If You Have A Million Dollars, You're Broke... You Need $10M In 2024 To Be Rich'

Real estate investor and equity fund manager Grant Cardone recently shared in a TikTok clip that having a million dollars will leave you broke in 2024. Cardone explained that a million dollars was a significant amount in 1960, but due to inflation, it has drastically devalued and is now worth only 10% of its original value. To feel wealthy today, Cardone suggests you would need $10 million, a stark contrast to the perception of wealth in the past. This sentiment is echoed by a recent survey revealing that Americans believe a net worth of $2.2 million is necessary to feel rich, highlighting the financial freedom and security it can provide.

Cardone's assertion that $10 million might not be sufficient is underscored by the financial struggles faced by lottery winners and retired athletes who quickly go broke. He emphasizes the importance of creating passive income equal to your earned income, suggesting an annual amount between $400,000 and $500,000 from investments. Despite this, estimates indicate that to be in America's top 1% by 2025, one would need a net worth of $11.6 million. The significant wealth required to climb higher in the net worth percentiles illustrates the challenges of maintaining financial stability and achieving elite financial status.

When it comes to retirement, many Americans believe $1.46 million is adequate to retire comfortably. However, Cardone points out that unexpected expenses like buying a house or medical bills can quickly deplete savings. With the cost of living and healthcare rising, and many relying on Social Security, the allocation of one's net worth becomes crucial. Investing in income-generating assets and diversifying wealth across various asset classes can help sustain a comfortable lifestyle. Additionally, strategies like delaying retirement and Social Security benefits, geo-arbitrage, and employing tax reduction methods can further bolster retirement savings and financial security. (Full story)

Chevron, a major oil company, is joining the trend of businesses relocating from California to Texas, following the footsteps of Tesla, Charles Schwab, and Oracle. Chevron's move, driven by California's complex employment laws and high business taxes, highlights a broader corporate exodus due to increasing regulatory challenges and crime rates. Governor Greg Abbott of Texas welcomed Chevron, reinforcing Texas's business-friendly environment. This trend has seen eight Fortune 500 companies leave California for Texas between 2018 and 2023. Chevron, founded in California in 1879, cited better collaboration and engagement as reasons for consolidating its workforce in Houston, where it already has a significant presence. Despite California's legacy as the birthplace of Silicon Valley, the state faces growing competition and the risk of losing more businesses and jobs without significant reforms. (Full story)

Metro Bank will discontinue its personal credit card services for tens of thousands of customers, starting September 10, 2024. From this date, existing personal credit cardholders will be unable to use their Metro Bank credit cards for in-store or online purchases, although business credit cards and overdraft facilities remain unchanged. This decision aligns with Metro Bank's strategy to simplify its operations and streamline lending activities. Despite this change, cardholders can continue to repay outstanding balances without time restrictions until fully paid off. Metro Bank advises affected customers to secure credit cards from other providers and offers guidance on transferring existing credit card debt to interest-free balance transfer credit cards. Customers are encouraged to use eligibility calculators before applying for new credit cards to avoid negatively impacting their credit scores. (Full story)

Louisiana has become the first state to allow surgical castration as a punishment for individuals convicted of severe sex crimes against children, including rape, incest, and molestation. This law, effective August 1, permits judges to order the permanent removal of testicles in males or ovaries in females, a procedure intended to prevent the production of sex hormones and deter future crimes. The legislation, drafted by Democratic Senator Regina Barrow, also applies to child pornography offenders and aims to provide a stronger deterrent than imprisonment alone. Critics argue that such physical punishments constitute bodily mutilation and emphasize the need for rehabilitation programs. The law adds to Louisiana's existing chemical castration options, reflecting a broader debate on ethics and efficacy amid rising child abuse cases. (Full story)

Eric Trump has publicly supported deporting Prince Harry from the United States, echoing sentiments from his father, former President Donald Trump. In a GB News interview with Nigel Farage, Eric reiterated his father's threats to revoke Harry's special privileges if it's found he lied on his visa application regarding past drug use, as confessed in his autobiography, "Spare." Harry's admissions could potentially violate U.S. immigration laws, leading to speculation about the legality of his residency. Eric Trump emphasized that a future Trump presidency would scrutinize Harry's visa application, calling Harry and Meghan Markle "spoiled apples." Despite the Trump family's longstanding connection to the British Royal Family through Ivana Trump's relationship with Princess Diana, they've been critical of Harry and Meghan, accusing them of disrespecting Queen Elizabeth II. This controversy underscores the complexities of immigration laws and the scrutiny faced by high-profile individuals, potentially leading to significant legal and diplomatic ramifications if further investigations into Harry's visa status are pursued. (Full story)