'This is the scam': Grant Cardone thinks you should look at your cash, investing accounts every single day — says banks like Wells Fargo and BofA are 'paying you nothing.' Is he right?

Personal inventory

Cardone said he looks at his cash and investments “every single day.” This helps him take “personal inventory” of where all his money is and what it’s doing. He believes this habit is “non-negotiable” for anyone looking to build wealth.

“If [your account] is zero, look at it until it makes you sick,” he said.

Cardone’s financial philosophy echoes the words of management consultant Peter Drucker, who once said, “You can't manage what you can't measure.”

It’s a philosophy that’s baked into modern corporations and professional investment strategies, as they prepare quarterly reports on all their cash flow, assets, liabilities, income and expenses.

Frequently checking your bank account could help you get a better grip on your personal spending habits and cash flow. The next step is to control your cash flow, minimize expenses and start deploying excess cash into investments that will hopefully appreciate over time.

If you invested $1,000 in a high-yield savings account last year at 5% interest it could have generated an extra $50. However, if it was invested in an index fund that tracks the S&P 500, you could have generated $262 over the past 12 months. Over time, these small gains can add up and make a big difference.