Mark Cuban

15 Hacks to Get Rich from Mark Cuban (That You Can Actually Use)

Share This Post!

As the Dallas Mavericks and Cost Plus Drug owner, billionaire Mark Cuban needs no introduction, especially if you’ve ever caught an episode of Shark Tank. As an entrepreneur, Cuban knows a lot about making money and has offered tips to help others keep more of their income. 

In a world where two incomes barely help families make ends meet, people are increasingly interested in ways to make and keep more of their hard-earned money. People have analyzed to death everything from lower tax locations to cost-saving methods to investment trends. However, when it comes to advice from someone who’s been there, there’s little we won’t consider.

So, to help you work toward building wealth, we’ve put together some of Mark Cuban’s best advice on how to create and keep your wealth. 

1. Live Like a Student

Students in the private school
Image Credit: monkeybusiness/DepositPhotos.

Living like a student is more about living within your means, preferably under them, than eating ramen and doing one load of laundry a month. Being able to afford your basic needs, save for a rainy day, and even invest a little is far better than having to scrimp to make ends meet. 

With this philosophy, you’ll be more apt to save and invest than splurge on your favorite takeout or attend that weekend getaway you can’t afford. Living like a student is a significant first step in keeping yourself from sinking further into debt for frivolous endeavors. 

2. Nix Your Credit Cards

Credit Card Worries
Credit: AntonioGuillemF/Depositphotos

It is so easy to fall into the trap of credit cards. When I was in college, those credit applications practically flew through the door, and those companies were too happy to extend credit to young people who had just crossed the “adult” threshold. If I could go back, I’d throttle my younger self for activating that first card. 

One of the first and most important steps to gaining wealth is to cut those cards up, pay off those outstanding debts, and save the money you’d be spending. You can’t truly gain wealth if you live in perpetual debt. 

3. Build an Emergency Fund

Emergency Fund
Credit: Depositphotos

Oh, this tip took me so long to understand. Unfortunately, I didn’t grow up with parents who had their finances under control. An emergency fund isn’t just a savings account for “what if?” It’s an actionable plan to set aside funds so that “what if” doesn’t turn into “what now?”

The last thing anyone needs is more stress, and considering that 70% of Americans admit to being stressed about money, it’s a well-founded financial strategy. Save your money until you can safely carry six months’ worth of bills. This access to cash allows you to care for a big problem or things should you lose your job. Either way, you’ll be okay without taking on new debt. 

4. Invest in Cheap Mutual Funds

Mutual Funds
Credit: Depositphotos

I am not a stock market guru. I can’t tell you the difference between the S&P 500 and the Nasdaq. I am not going to make you rich. However, Mark Cuban knows a thing or two, and if he says that S&P 500 mutual funds are a good buy, I would take his advice. 

Investing your money to help it grow is the fastest way to make your money work for you. We aren’t supposed to work our lives away for a system that will only take from us. Invest those extra dollars and watch your wealth grow. 

5. Sink Ten Percent into High-Risk Investments

Credit: Depositphotos

With great risk comes great reward. Okay, so that’s not a guaranteed outcome. Still, if you invest ten percent of your income into a high-risk investment with good research backing, you could easily slide some of that payoff into a Certificate of Deposit or Individual Retirement Account. 

If those don’t sound like good options, you could put those gains into a high-yield savings account, earning you a considerable return. The point is to start making those dollars do the heavy lifting so you can work toward real wealth instead of living paycheck to paycheck. 

6. Buy Consumables in Bulk

Credit: Depositphotos

Buying in bulk has always been a tried-and-true way to save, especially on consumables like toothpaste, toilet paper, and paper towels. 

If you’re trying to save some coin, buying these items for a year or two can quickly help you, especially if consumable prices rise sharply. Saving a dollar or two on a tube of toothpaste over two years adds up. Paying ahead for all your consumables can save you a couple of hundred dollars. 

7. Negotiate Using Cash

Money Conversations You Need To Have Before Moving In With Your Partner Resized MSN
Image Credit: AllaSerebrina/Depositphotos.

Cash is king, but digital payments have made substantial strides in the last decade to achieve that “instant pay” level of immediate gratification. Unfortunately, this makes it too easy for many to slide into debt. This instance is especially true for people who lack financial strategy and education. 

Cash can help you negotiate to your financial benefit. When my husband and I needed a new car, we found a nice SUV at a dealer. The ticket price was $10,500. My husband walked out with the keys, tag, and title fees paid for at $7000. Businesses will want to keep the sale if you make them a reasonable offer!

8. Read Everything

Businessman With Laptop Reading Documents Resized MSN
Image Credit: Wavebreakmedia/Depositphotos.

Reading is one of the quickest and most effective ways to gain knowledge and understanding. That’s why we focus on it so much when children are small. Books, ebooks, magazines, pamphlets, storyboards, whatever sort of reading lights you up, do it. 

I wouldn’t say I like reading nonfiction, but I enjoy reading about finance, politics, and other fundamental topics. I don’t enjoy reading Charles Dickens or Shakespeare, but I know several people who do. The content of what you read matters, but not nearly as much as simply reading anything and everything that grabs your attention!

9. Give Genuine Kindness 

Graduate hugging mother
Image Credit: michaeljung/DepositPhotos.

Kill them with kindness isn’t just a cute, trendy saying. It’s part and parcel of the golden rule. We all want people to treat us with kindness. To get there, we must try to extend that kindness to everyone we meet. 

This endeavor is especially true with those we know the best. Being kind to a stranger we’ll likely never see again is easy. Kindness matters so much more when it’s the irritating coworker hovering over you while you work, trying to strike up a conversation when you’re busy. Give genuine kindness to everyone you can, and you’ll get that same kindness in return.  

10. Learn a Business

Credit: Depositphotos

Notice Mark Cuban didn’t say, “Learn a multimillion-dollar business.” This could be because small businesses are the lifeblood of most economies. Yes, there are massively successful, huge businesses out there. However, if it weren’t for small businesses popping up all the time, most economies would fail. 

Take something you enjoy doing and turn it into a business. The process from start to success (or failure) will teach you so much about yourself, finances, and money. The learning is endless if you keep doing this on repeat until you reach that level of success you want. 

11. Pay Off Debt

Pay off debt
Credit: Depositphotos

This hurdle is far easier said than done. Not because the process is arduous but because USAmericans, especially, are so accustomed to living in debt that giving up that familiarity is like cutting off an arm. We always want to respond, “But what if something goes wrong? What if an emergency arises?”

If you pay yourself first and create that emergency fund we discussed, you’ll be okay when that emergency arises and won’t need to go into debt further to take care of things. Build your emergency fund and pay down your debt. Then, start building your wealth from the ground up. 

12. Time is Money

Taxi Driver
Credit: Depositphotos

When I was young, I didn’t understand the saying “Time is money.” I had tons of time, and no one handed me money. With age comes wisdom, we hope. So I learned quickly that your time is valuable, so much so that you can negotiate money to save time. Pay a bit more and save a lot of time. It’s a win-win when the circumstances are right. 

We all get the same 24 hours in a day. The more time we can squeeze out of that 24 hours without sacrificing our financial well-being, the better. 

13. Certificate of Deposit

Credit: Depositphotos

CDs are a great option if you want to invest your money but want to avoid high-risk mutual funds or the stock exchange in general. Here’s how they work.

You take your money, the amount you want to invest, and loan it to a bank for a set period. Twelve to eighteen months is typical, but plenty of people do much more extended periods. For this promised loan, the bank locks your money into a certificate of deposit at X rate. Right now, Credit Human is offering 5.30% on an 18-month CD. It’s a decent rate for letting the bank use your money for a year and a half. 

14. Refinance With Low Interest Rates

Mature woman counting savings
Image Credit: AndrewLozovyi/DepositPhotos.

For more than a decade, interest rates sat at zero percent. However, when inflation started to rise in 2022, the Fed had no choice but to raise rates to try to curb the mounting inflation. If you’re still locked into an interest rate on your auto loan or mortgage above the Fed’s current rate of 6.50% on a 30-year-fixed, refinance your mortgage to get a better rate. 

It might not seem like much, but those lower interest payments can pay off big throughout the life of your mortgage. Keep paying down your debt, When rates start to dive again, you can refinance. 

15. Do Nothing

Man Sitting On Sofa Watching TV Eating Popcorn
Image Credit: IgorVetushko/Depositphotos.

Cuban’s number one investment rule is this: “When you’re unsure what to do, do nothing.” It is far better to sit on the sidelines than to throw your money into a stock buy or mutual fund you don’t understand. 

One example he gives is that if the stock market crashes and you don’t know what to do, the best plan of action is to “wait and see what happens.”

The Buffett Blueprint: 8 Steps to Begin Building Wealth Like the Investing Legend

Credit: Depositphotos

Starting with a small amount of money and investing it for the future can lead to significant wealth over a long period. One of the best investors of all time, Warren Buffett, always talks about this. He has a network of over $139 Billion, and his strategies are something people should note. Here are seven steps to invest small amounts of money to create large wealth. 

The Buffett Blueprint: 8 Steps to Begin Building Wealth Like the Investing Legend

Is Your Job Toast? 19 Careers That Won’t Survive the Next Decade

Credit: Depositphotos

In today’s fast-moving world, some jobs are quickly becoming outdated. This is because of new technology, changing habits, and different ways people spend money. We have compiled a list of 19 careers that are not as needed as before. If you are working in one of these jobs or considering it, now might be the time to consider your options.

Is Your Job Toast? 19 Careers That Won’t Survive the Next Decade

12 Things Poor People Waste Money On According to Warren Buffett

Waste of Money
Credit: Depositphotos

Everybody wants to be rich, but not everyone knows how to manage their money wisely. Warren Buffett, one of the wealthiest people in the world, has some advice for us. He’s noticed a few things that people with less money often waste it on.

12 Things Poor People Waste Money On According to Warren Buffett

Share This Post!

Leave a Reply

Your email address will not be published. Required fields are marked *