
Digital Social Hour
$100K is Not Enough: Elena Cardone's Wealth Secrets | Elena Cardone DSH #912
Fri, 22 Nov 2024
$100K is Not Enough! Elena Cardone shares her incredible journey from actress to multi-millionaire and reveals the wealth-building strategies that transformed her life. 💰 Join Elena as she opens up about her partnership with Grant Cardone, their approach to building generational wealth, and why she believes $100,000 isn't enough in today's economy. Learn how she went from making six figures as an actress to investing millions in real estate and building an empire alongside her husband. Discover Elena's unique perspective on raising successful children in wealth, her transformation from punk rocker to business mogul, and the powerful lessons she learned along the way. She shares intimate details about her family's wealth-building philosophy, including how her 15-year-old daughter is already closing million-dollar deals. Get an inside look at Cardone Capital's investment strategy, why they're avoiding certain states, and how Elena built her own multi-million dollar portfolio. She breaks down the exact steps she took to understand money management and reveals the three crucial elements of building lasting wealth that anyone can apply. From her candid thoughts on marriage and business partnerships to practical advice on investing and building generational wealth, Elena delivers game-changing insights that will transform your approach to money and success. Whether you're just starting your wealth journey or looking to scale your existing investments, this conversation is packed with actionable wisdom you won't want to miss. #10xladiesnetwork #elenacardonewealth #dividendinvesting #10xladies #elenacardone CHAPTERS: 00:00 - Elena Cardone’s 10X Ladies Conference 02:46 - Elena Cardone’s Financial Journey 08:18 - Inheritance Decisions: Elena and Grant Cardone's Kids 11:07 - Elena on Kids and Social Media Usage 12:27 - Handling Hate Comments: Elena's Perspective 16:19 - How Elena Met Grant Cardone 18:54 - Balancing Roles: Boss at Home vs. Work 24:10 - Parental Influence on Children's Friendships 28:03 - Elena’s Parenting Approach and Philosophy 32:54 - Impact of Reputation on Personal Life 34:09 - Learning from Your Parents' Experiences 36:26 - Personal Transformation Journey 38:58 - Importance of Positive Communication in Relationships 45:03 - Defining Financial Sufficiency 48:46 - Investment Strategies in Blue States 58:02 - Investing with Cardone Capital Insights 58:19 - Elena’s Final Thoughts and Reflections APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Elena Cardone https://www.instagram.com/elenacardone/ https://elenacardone.com/ www.youtube.com/@ElenaCardone LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
Chapter 1: What was the goal of the 10X Ladies Conference?
Aren't you afraid of ruining the kids? And I'm like, no. I worked my way from a very dark place. Why do people think that you have to work your way up to somehow get some life lesson and see how far they can go without having to reprogram and recondition themselves? That's what I had to do. What if I just started off right? How great and how far could I go?
All right, guys, we got Elena Cardone here today. Super happy to have you. And you just had a wonderful event, a thousand women at 10X Ladies, right?
Chapter 2: How did Elena Cardone transition from actress to millionaire?
Yes, I did. It was phenomenal. It was amazing.
I've never seen a woman's event of that capacity, actually. You might be the first.
Well, let's claim it now. It is. It's the biggest. It's the largest, most successful.
And that was your first one, too, right?
No, this year was the fourth year I've done it. But last year, I also had a thousand. Last year... Vivek Ramaswamy showed up. No one knew who he was. This was before he did the presidential debate. But I also had Megyn Kelly, Venus Williams. So that was last year. This year I had Laura Trump on and Lauren Bostick from the Skinny Confidential. So it was an incredible group. We killed it.
Natalie Dawson, Sherri Hamilton. It was some power player women up there.
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Chapter 3: What is Elena's perspective on children's social media usage?
And what was your goal with bringing all these women together?
Well, my goal is, look, women are behind than men, let's face it. You know, it wasn't until 1984 that we could actually get a loan for our businesses. It wasn't until 1974 that, you know, we could have a loan on our home. Really? Yeah. Yes. Before that, we had to have a man co-sign. So this is like within my lifetime. So we're behind, you know, we're behind on on our wages, on what we get paid.
We're behind on negotiation skills. We don't know how to ask more for our salaries up front. We don't know how to invest our money. I mean, these are just statistics. This is a generality, but it's also statistically proven. I think it's some high statistic. Don't quote me on this one, but it's like 80% of women's wealth is in cash.
So cash is depreciating in value versus in an investment that's paying you income and cash flow. So we're behind. We need to know how to earn more, store more, invest more. So the point of this conference was really about bringing women together to support other women to reaching heightened levels of success and understanding financially how to do better for themselves and their families.
That's incredible. So you want to teach financial independence to more women, basically?
Yeah, I do. I want I want to open up. Basically, my husband's been my greatest mentor. We've been married for 20 years. I have we have two children together. You met Sabrina. I wanted to become a millionaire, a multimillionaire in my own right. So and I was an actress before that. I made six figures. I thought I was. Oh, this was more money than my parents had made.
My mom made $60,000 a year, so I remember the first year I made $120,000. I just thought I was rich. But, you know, obviously I met Grant. He was a multimillionaire when I met him. That was more money than I could conceive of. I never went to college. I'm terrible with numbers. Grant's phenomenal. I'm here in Vegas. Grant saw me doing this at the blackjack table. I was counting on my fingers.
He said, what are you doing? I was like counting to 21. He was like, don't ever do that again. He was mortified. So I'm just saying that I'm not the genius when it comes to money. And I said to Grant, you know, I don't want to feel like. unintelligent. I never went to college. What do I need to know about money? And he said, people overcomplicate it.
There's only three things you need to know about money. You need to know how to earn it. Most people know how to do that. You need to know how to store it, not save it in a bank where it depreciates. That's the scam, but how to store it to get enough to invest in an income producing asset that pays a cashflow.
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Chapter 4: How does Elena define financial sufficiency?
Capital raised 1.5 million just today from hitting the phones.
Are you serious?
Yes, I am serious. So she is learning the business. She started off at like seven years old, five years old, going through our offices. One of her first jobs, her and Scarlett, was to empty all the trash cans of all the staff there and... They kept their little candy stashes, I found out later, and they were hitting them off on the side. But anyway, I forgot what I was saying.
But the kids, are they going to inherit the money? I just think they're going to be understanding. Oh, I said that. I said, aren't you afraid of ruining the kids? And I'm like, no. Because I worked up. I did, too. I worked my way from a very dark place. But why do people think that you have to work your way up to somehow get some life lesson?
Chapter 5: What investment strategies does Elena recommend?
Why can't they just start off with inspiration and education and see how far they can go without having to reprogram and recondition themselves? That's what I had to do. I had to regain self-esteem, refigure on how to become my own best friend, unlearn all the wrong information I had about money, finance, business. What if I just started off right? How great and how far could I go?
So no, I'm not worried about ruining my kids.
No, I love the way you've done it. And they're both active on social media, but they're using social media in the right way. A lot of kids are using it mindlessly.
Yeah.
They're just scrolling.
Well, thank you. And Sabrina just recently shut off. She still has her Instagram account, but she gets to a point where she says, nope, this is affecting me. And she shuts it off and won't look at it because she'll find herself 15 now. You know, I don't want to out her, but I think it's my hypnosis.
She never said this, but I can tell she'll start introverting and do I look good or this or that and self-consciousness. And I'm like, are you kidding me? Sabrina, have you looked in the mirror? You're gorgeous and intelligent. You have everything. So she'll on her own will without me having to harp. That's how ethical these kids are. They put their own ethics in.
If they feel like they're wasting too much time and feeling depressed on social media, they shut it off.
Yeah, I see all the hate comments she gets. It's actually mind-blowing to me.
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Chapter 6: What are the key elements of building lasting wealth?
Chapter 7: How does Elena view parental influence on children's friendships?
might not be aware of that could happen and put you in a dangerous situation.
Right. And you and Grant have both been through that phase with alcohol and drugs.
A million percent. I mean, and I'm open and honest and I'm like, look, I'm not going to judge you. Like if you need to go through your alcohol and drug phase, like I'm not going to like it. I'm going to cut you off from this or this or this access because I don't allow that into my life. I can't have that toxicity. But if you need to go do that, you do that.
But I'm telling you, it was extremely painful, very depressing, degrading. And if I could just prevent that from that happening to you, I mean, my first experience was, you know, sexually was drunk and horrible. Damn. I just... And I can never take that back. And that's one of my biggest regrets in life.
Right. Because that should be a special moment. It should be.
And I just told her that. I said, I just would never want that for you because you should be in love and trust that he's not just telling you that he's in love with you to do whatever. Right. You know? And, you know, girl, they're just a little naive at times. And you read romance novels and you expect it to be this way.
And Disney movies.
Yeah, and then it could turn on a dime. So I try not to put too much adult...
content on her but it's there anyway so so anyway she gave let me have that piece of advice and i said you do what you want it's your life if that's how you want it to be but my recommendation and how i wish it was for me even this many years later i'm 50 years old i still regret that i still wish it was later and with a man i had been in a relationship with for
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