Yahoo Finance Grant Cardone: This Is Why You Should Be Checking Your Balance Every Day
Grant Cardone, private equity fund manager, real estate investor, author of “The 10X Rule” and creator of the 10X Profit Planner, recently argued that you should be checking your bank and investment accounts daily.
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In an interview with podcast host Lewis Howes posted on Tik Tok, Cardone said that, for him, some “non-negotiables” when it comes to finances include that “you should look at your money every day.”
Experts such as Peter C. Earle, Senior Economist for the American Institute for Economic Research, also agree with this habit, stating that reviewing your personal financial circumstances daily can both be defensive and protective.
“Daily checking of bank balances can serve to quickly identify unauthorized transactions or fraud,” he said. “Unusual activity is sometimes more immediately evident to account holders than to banks or the surveillance algorithms they utilize. “
In addition, Earle said that by watching balances on a regular basis, accidental overdrafts can be remedied or prevented. “But additionally, keeping an eye on spending habits can serve to keep within a budget, making sure that one-time and recurring charges are accurate and accounted for,” he said.
Cardone also suggested that you should check your accounts daily because, he asserts, banks are “a scam.”
“You get money, you work your a** off and then you give it to an institution and forget that it’s there,” he told Howes. “Wells Fargo is paying you nothing, Bank of America is paying you nothing. You send it to Chase, they’re not paying you anything.”
This is something he has reiterated for many years. For instance, in a December 2023 Tik Tok video, Cardone said that he has been following this rule since he was 25 — even when his account was in the red.
Yet, some experts have a different stance regarding the frequency of checking your accounts. Jay Zigmont, PhD, MBA, CFP, and founder of Childfree Wealth, said that for most people, he recommends holding a weekly budget meeting and checking your spending then.
“It is unlikely that checking your bank accounts daily is going to do much besides making you more nervous,” he added.
When it comes to your investments, Zigmont recommends checking on them twice a year.
“The market bounces daily and if you keep too close of an eye on things you may be tempted to make dramatic changes, which can hurt you,” he said. “Invest for the long term and don’t react to the market.
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