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In a recentInstagram Reel, he demonstrated his ability to deliver concrete, no-nonsensefinancial advice.
Though he can certainly afford to do so, Cardone doesnt just hand his kids money whenever they ask.
This arrangement allows Cardones daughter to earn an income while learning how her successful father runs his business concerns.
He even writes off her salary as a business expense.
But the money doesnt belong to her free and clear, either.
Cardone mandates that the money is invested invarious real estate holdingsthrough his company, Cardone Capital.
But that money isnt idle.
Cardone said, After a period of time, that real estate project starts flipping her a little dough.
In other words, the periodic investments are generating passive income.
He added, I think shes at 600 bucks a month right now.
Thats what she lives on.
Anything above $667, shes got to come to me for a loan.
Keep It in the Family?
How Warren Buffett Approaches Intergenerational Wealth
Warren Buffett is one of the most famous financial gurus of all time.
His investment success has garnered him close to $150 billion, which he has vowed to donate.
Theres one catch, though: It takes a long time to give that much money away responsibly.
Both encourage theresponsible and thoughtful stewardshipof their funds and task their descendants with their careful management.
Its not a bad approach for any parent to follow.
Adopting a similar instructive strategy around financial management means involving children in ahands-on, real-world way.
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