Money mogul Grant Cardone said you should be checking your cash, investing accounts every
November 23, 2025
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Is the average American investor getting scammed? Real estate mogul Grant Cardone believes they are.
Speaking on a podcast last year, Cardone said, “Financial literacy is not the issue in this country. Financial indoctrination is the issue. We’ve been indoctrinated to benefit banks.”
“You get money, you work your a– off and then you give it to an institution and forget that it’s there,” he said during an earlier interview with podcast host Lewis Howes. “Wells Fargo is paying you nothing, Bank of America is paying you nothing. You send it to Chase, they’re not paying you anything.”
But is Grant Cardone right? Is there evidence to suggest that many Americans are getting a bad deal on their bank balances?
-
Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
-
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
-
Wealthy investors are turning to this niche strategy to stay steady through big market swings. Here’s how it could also work for you
The interest rate on deposits held at major banks is nearly 0%. Wells Fargo, Chase and Bank of America offer entry-level rates of 0.01% on these deposits.
Given that the Federal Reserve’s benchmark interest rates are between 3.75% and 4.00%, bank deposit rates certainly appear like a bad deal.
The national average savings rate is just 4.6% as of August 2025, while the rate of inflation sits at 3.0%. No matter how you look at it, it seems the value of your money is shrinking over time.
A survey of 8.3 million Chase customers by JP Morgan found that the median cash balance in a checking account was around $6,600 depending on income bracket, as of February 2024. That’s a lot of money in aggregate that isn’t earning much interest.
To be fair, these checking accounts are not designed for capital appreciation. Account holders generally use this cash for daily transactions and short-term needs, such as rent and utilities.
High-yield savings accounts currently offer interest rates as high as 4.21% in some instances, according to data from Bankrate.
However, Cardone argued that people are either unaware of better rates or unwilling to go seek them out. “People are unconscious, they don’t know where their money is,” he told Howes.
Trending: Robert Kiyosaki says this 1 asset will surge 400% in a year — and he begs investors not to miss its ‘explosion’
Cardone’s financial philosophy echoes the words of management consultant Peter Drucker, who once said, “You can’t manage what you can’t measure.”
It’s a philosophy that’s baked into modern corporations and professional investment strategies, as they prepare quarterly reports on all their cash flow, assets, liabilities, income and expenses.
Frequently checking your bank account could help you get a better grip on your personal spending habits and cash flow. The next step is to control your cash flow, minimize expenses and start deploying excess cash into your portfolio that will hopefully appreciate over time.
If you invested $1,000 in a high-yield savings account in 2024 at 5% interest it could have generated an extra $50. However, if it was invested in an index fund that tracks the S&P 500, you could have generated $262 over the same 12 months. Over time, these small gains can add up and make a big difference.
Exchange traded funds, or ETFs, allow you to take advantage of the top stocks on major exchanges. Need a way to wade into the into market that also allows you to gain interest on your cash?
Public is a commission-free self-directed platform that can help you build your own portfolio and choose which assets to invest in.
Public not only offers commission-free trading and you can also access real-time insights and active message boards where you can trade tips with other investors.
Sign up now and start investing with as little as $1.
Cardone stressed the importance of closely monitoring your wealth and assets.
He noted that he looks at his cash and investments “every single day.” This helps him take “personal inventory” of where all his money is and what it’s doing. He believes this habit is “non-negotiable” for anyone looking to build wealth.
“If [your account] is zero, look at it until it makes you sick,” he said.
If you’re currently at zero and not sure how to increase your savings or start building your portfolio, try Acorns to help you invest as you spend from your bank account.
Acorns is an automated savings and investment app that makes your spare change go to work for you.
When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar, and places the excess in a smart investment portfolio. This way, even the most essential spending translates to money saved and invested for the future — and you get to generate wealth without even thinking about it.
Plus, Acorns lets you customize how you save. With an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold, you get a 3% IRA match on new contributions, an investment account for your kids, and the ability to customize your portfolio by selecting your own stocks.
Sign up now and for a limited time you’ll get a $20 bonus investment.
-
Get access to this $12B real estate firm’s pipeline of income-producing property deals. The best part? They put 20% of their own capital every single time
-
Are you richer than you think? 5 clear signs you’re punching way above the average American’s wealth
-
Warren Buffett used 8 solid, repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
-
Approaching retirement with no savings? Don’t panic, you’re not alone. Here are 6 easy ways you can catch up (and fast)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Terms and Privacy Policy
Search
RECENT PRESS RELEASES
Related Post
