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I think weve been in a recession for two years, he told GOBankingRates.
If you look at the average personsincome, their income hasnt kept up with the expenses.
I wouldnt count either one of them.
The GDP has shrunk two quarters in a row.
Heres what Cardone said to do to protect your money during an economic downswing.
Also see his advice for how best to save for retirement.
You have to make more money, he said.
Everybodys charging more for everything, so you have to make more money.
That means you have to be better at whatever it is youre doing.
You have to be exceptional at it.
You cannot do goofy s right now.
This is not the time to be reckless with your money.
Cardone said to cut down on discretionary spending on clothing items in particular.
You dont need any more shoes or slacks or purses, he said.
You cannot save money right now, he said.
This is a screwball concept that made banks rich.
Your mom and your dad, your uncle, your aunt, your grandparents all believed in saving money.
It made banks worth trillions of dollars.
People need to quit saving money in institutions they need to start operating like an institution, Cardone continued.
Start investing that money the way the institutions do.
Its a great time to start a new business, he said.
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