Author Topic: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)  (Read 3206 times)

MoMan

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Looks like I'll have to stay in my shitty job for another 40-50 years. Damn. I was within 16 months of FIRE.

https://www.cnbc.com/2018/06/15/self-made-millionare-grant-cardone-1-million-isnt-enough-to-retire.html

Davnasty

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #1 on: June 15, 2018, 01:03:24 PM »
Quote
For those who want to create multi-million dollar wealth, try these simple steps.

6. Don't hold $1,000,000 in a savings account?

ysette9

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #2 on: June 15, 2018, 02:38:44 PM »
What a lousy article on so many levels. I sure hope people don’t pay this guy to manage their money.

ixtap

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #3 on: June 15, 2018, 02:50:02 PM »
But at $10m, I could just leave it sitting in the bank and earn more in interest than I spend in year.

tralfamadorian

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #4 on: June 15, 2018, 02:54:07 PM »
I've heard Grant Cordone on a couple of podcasts. He is so skeevy.

The Guru

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #5 on: June 15, 2018, 08:36:28 PM »
Hard to believe the guy became a multimillionaire with such a lack of understanding of financial concepts like, saaaay...interest:

"If you retire today at 65 with $1 million in cash (after taxes) and no new income from any source, you would have to live off of $40,000 a year ($3,250 per month) for the next 25 years before you ran out of money."

His "simple steps to create multi-million dollar wealth" sound suspiciously like the Steve Martin routine: "First- get a milliion dollars..."
'



MoMan

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #6 on: June 16, 2018, 05:33:18 PM »
His "simple steps to create multi-million dollar wealth" sound suspiciously like the Steve Martin routine: "First- get a milliion dollars..."
'

Wow, that is exactly what popped into my head when I read the article!

TexasStash

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #7 on: June 16, 2018, 07:17:19 PM »
Simply amazing. 10 million in the bank AND multiple cash flows and you can survive almost all events? Would love to hear the absurd story you would have to endure to go bankrupt on that from age 65...

ysette9

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #8 on: June 16, 2018, 07:37:43 PM »
Simply amazing. 10 million in the bank AND multiple cash flows and you can survive almost all events? Would love to hear the absurd story you would have to endure to go bankrupt on that from age 65...
Well first you lose a couple of million playing this clown 1% a year to put you in stable value funds with a 1.5% load.....

mrmoonymartian

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #9 on: June 16, 2018, 07:48:47 PM »
I don't think it's that bad. He admits he is over-conservative due to previous economic hardship during formative years. Advocates 40% savings and no showoff purchases. It is mostly rational, or at least understandable where it isn't.

Davnasty

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #10 on: June 16, 2018, 10:19:13 PM »
The article is so all over the place I suspect he knows he's writing bullshit. First he talks as if the money won't earn anything and later he says never invest where you could lose your capital. What does that even mean? Some of it is halfway reasonable but my guess is he took about half an hour to type this crap up knowing it would get clicks based on the title and the content didn't really matter. Take some pictures where you look rich, use some financial lingo that doesn't really add any substance, that's what makes people feel smart for reading it.
« Last Edit: June 16, 2018, 10:21:15 PM by Dabnasty »

hal12marls

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #11 on: June 18, 2018, 01:58:03 PM »
He says that you're left with only $40k per year, then specifies that doesn't account for inflation or "critical life events," including college for the kids, death of the breadwinner, economic downturn, or loss of a job.

If you're retired, death of a breadwinner and loss of a job are already moot since you're not working. I can't imagine it's very common for 65 year olds to have college-aged children that need financing. And if the money is stashed somewhere that isn't even outpacing inflation, an economic downturn won't cut into the principle (if it does, that's the worst investment I've ever heard of).

So much nonsense and fear mongering.

EricL

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #12 on: June 18, 2018, 07:57:15 PM »
I could almost understand it if he was working for some shitty financial management company.  But no.  He doesn't understand investments, doesn't understand interest, and he's basically frightening the fuck out of a younger generation who are already scared by social media memes that they'll labor in indentured servitude forever.  The only useful thing he says is saving 40% of your pay and avoiding buying big ticket items.  But since the goal is $10 million nobody can do it unless they're starting with a $160k + a year job.  Even then it takes nearly 30 years - provided you're smarter than he is and actually invest it. 

OurTown

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Re: $1 million?? No, you need $10m to retire (Grant Cordone, CNBC)
« Reply #13 on: June 19, 2018, 12:28:41 PM »
$10 mil will only throw off $33,333.33 per month.  Who could possibly live off that? 

Maybe he is paying $20k per month in alimony or something.