Digital Social Hour Episode Summary: "$100K is Not Enough: Elena Cardone's Wealth Secrets" | Episode #913

Release Date: November 22, 2024

In this compelling episode of the Digital Social Hour, host Sean Kelly engages in an insightful conversation with Elena Cardone, a prominent entrepreneur, investor, and advocate for women's financial empowerment. Elena shares her journey from modest beginnings to becoming a multimillionaire through strategic investments and personal growth, offering valuable lessons for aspiring entrepreneurs and professionals.

1. Introduction to Elena Cardone and Her Achievements

Sean Kelly begins the episode by congratulating Elena on her successful 10X Ladies event, which annually brings together a thousand women for inspiration and financial education.

Notable Quote:

Sean Kelly [02:06]: "And that was your first one too, right?"

Elena Cardone [01:25]: "It is the biggest. It's the largest, most successful."

2. Empowering Women: Bridging the Financial Gap

Elena emphasizes the pressing need to bridge the financial gap between men and women. She highlights historical challenges women have faced in accessing financial resources, such as securing business loans and home loans without male co-signers.

Key Points:

• Historical Financial Barriers: Women couldn't secure business loans until 1984 and home loans until 1974 without a male co-signer.
• Current Financial Disparities: Approximately 80% of women's wealth is held in cash, which depreciates over time, versus investments that generate income.

Notable Quote:

Elena Cardone [02:09]: "Women are behind on on our wages, on what we get paid. We're behind on negotiation skills... we need to know how to earn more, store more, invest more."

3. Personal Journey and Financial Mentorship

Elena recounts her transformation from an actress earning six figures to becoming a multimillionaire through the mentorship of her husband, Grant Cardone. She admits her initial struggles with financial literacy and how Grant simplified money management into three essential components: earning, storing, and investing.

Key Points:

• Initial Financial Struggles: Elena never attended college and initially found numbers daunting.
• Grant's Mentorship: Grant taught her that earning alone leads to wealth, emphasizing the importance of income-producing assets.

Notable Quote:

Elena Cardone [04:56]: "You need to know how to earn it... how to store it to get enough to invest in an income-producing asset."

4. Building Cardone Capital and Investment Strategies

Elena delves into the mechanics of Cardone Capital, their real estate investment firm managing billions in assets. She explains their strategy of purchasing income-producing properties, refinancing to pull out invested capital, and reinvesting to compound wealth.

Key Points:

• Income-Producing Assets: Focus on real estate where rents consistently rise, ensuring asset appreciation.
• Refinancing Strategy: Refinance properties as their value increases to retrieve initial investments without taxation, allowing for continuous reinvestment.

Notable Quote:

Elena Cardone [56:54]: "That's how I've become a multimillionaire."

5. Family and Financial Education

Elena discusses her approach to parenting, emphasizing financial education and responsibility. She ensures her children earn their investments through active participation in Cardone Capital and maintains open communication about financial decisions and social media usage.

Key Points:

• Active Involvement: Her children are engaged in the business from a young age, contributing to operations and understanding investment.
• Social Media Management: Encourages responsible use of social platforms, teaching them to recognize and avoid toxic behaviors.

Notable Quote:

Elena Cardone [07:20]: "I just hope I stay in the will."

6. Overcoming Personal Challenges and Growth

Elena reflects on her past, including overcoming substance abuse and redefining her independence within her marriage. She shares profound lessons on dependency, mutual support, and evolving personal identities.

Key Points:

• Personal Struggles: Battling addiction and rebuilding self-esteem after witnessing traumatic events.
• Transforming Independence: Transitioning from a fiercely independent woman to a mutually dependent partner in a successful marriage.

Notable Quote:

Elena Cardone [12:49]: "I had to regain self-esteem, refigure on how to become my own best friend."

7. Addressing Criticism and Maintaining Positive Relationships

Elena talks about handling public scrutiny and negativity, both towards herself and her husband, Grant Cardone. She emphasizes the importance of not engaging in gossip and maintaining a positive inner circle aligned with her values.

Key Points:

• Avoiding Gossip: Refuses to speak negatively about her husband or others, fostering a respectful and supportive environment.
• Selective Relationships: Surrounds herself with individuals who share her values, particularly in empowering women and protecting family integrity.

Notable Quote:

Elena Cardone [40:40]: "We have to protect the empire."

8. Political Stances and Business Ethics

The conversation touches on Elena's political views and how they influence her business practices. She discusses her shift from being a Democrat to holding more conservative beliefs, particularly in protecting children's welfare and supporting gender-specific rights.

Key Points:

• Political Evolution: Transitioned from liberal to more conservative viewpoints influenced by personal and professional experiences.
• Business Impact: Policies and state regulations affect investment decisions, leading Cardone Capital to avoid "blue states" due to unfavorable business climates.

Notable Quote:

Elena Cardone [44:08]: "If you're not for empowering women... that's a problem to me."

9. The Importance of Financial Abundance Over Earned Income

Elena argues that earning a high salary alone isn't sufficient for long-term financial security. She advocates for achieving financial abundance through investments that generate passive income, ensuring resilience against economic uncertainties.

Key Points:

• Beyond Salaries: A high income is insufficient without strategic investments.
• Financial Resilience: Building income-producing assets provides stability during emergencies or economic downturns.

Notable Quote:

Elena Cardone [46:54]: "Abundance is the only thing that can protect you. So normal is the worst state to be in."

10. Future Endeavors and Continued Advocacy

Elena outlines her future plans, including expanding Cardone Capital and leading initiatives through the Grant Cardone Foundation to empower underserved youth with entrepreneurial skills and financial education.

Key Points:

• Expanding Investments: Aiming to grow Cardone Capital’s portfolio from 14,000 to 100,000 apartments.
• Foundation Leadership: Focusing on educational programs to equip young individuals with the tools for financial independence.

Notable Quote:

Elena Cardone [60:08]: "I'm going to start taking the lead more on the Grant Cardone foundation because we want to get this information into all the underserved kids."

11. Closing Thoughts and Key Takeaways

Elena concludes by reiterating the importance of strategic investing and financial education as pathways to true wealth. She encourages listeners to assess their financial situations critically and aim for abundance rather than settling for high earnings alone.

Key Points:

• Financial Education: Continuous learning and adaptation are essential for financial growth.
• Strategic Investment: Focusing on income-producing assets is crucial for building lasting wealth.

Notable Quote:

Elena Cardone [57:23]: "And that's how our investors do. Now, I'm not saying we, we refinance everyone, but we have great returns."

Episode Highlights:

• 10X Ladies Conference: Empowering women through education and networking.
• Financial Strategies: From earning and storing to investing in income-producing assets.
• Personal Growth: Overcoming past struggles and redefining independence.
• Investment Insights: Practical approaches to real estate investing with Cardone Capital.
• Family and Values: Ensuring the next generation inherits financial literacy and strong values.

Conclusion

Elena Cardone’s insights provide a roadmap for financial independence and wealth building, particularly emphasizing the empowerment of women through education and strategic investments. Her blend of personal anecdotes and professional expertise makes this episode a valuable resource for anyone looking to thrive in today’s digital and business landscape.

For more information on Elena Cardone and her ventures, visit cardonecapital.com and follow her on social media for updates on upcoming events and investment opportunities.

Resources Mentioned:

• Cardone Capital: cardonecapital.com
• 10X Wealth Con: 10xwealthcon.com
• Cardone University: Access through Cardone Capital
• Cardone Vets: Free resources for veterans at cardonecapital.com

This summary captures the essence of Elena Cardone’s discussion on the Digital Social Hour podcast, providing actionable insights and inspiring stories for listeners aiming to achieve financial success and personal growth.