The 10 tips you have to follow to be a millionaire, according to Mark Cuban

Mark Cuban is the owner of the NBA’s Dallas Mavericks and has interests in various companies; his fortune is 4,500 million dollars

If you search the internet for how to get rich or how to become a millionaire, you can find hundreds of results, of which very few respond to accurate, quality information and backed by experts.

While there is no magic trick or series of steps to follow to become a millionaire, there are many people who have become benchmarks for the fortune they have accumulated. Thus, they are usually individuals whose advice is listened to and taken.

From young people who have become millionaires to successful entrepreneurs who are among the richest in the world, such as Warren Buffett, there are many cases of people who in one way or another share the golden rules to earn a lot of money until they accumulate a fortune.

Mark Cuban, American businessman and investor, owner of the NBA Dallas Mavericks and with participations in dozens of companies, it is one of them. His fortune amounts to $ 4.5 billion, according to Forbes.

These are some keys from billionaire Mark Cuban that can help you be rich in the future, earning more money little by little, according to his statements in an interview with Vanity Fair and at other events:

Live like a student

“Wealth is relative, so there are certain things you have to do to put yourself in the best position to be rich,” begins Mark Cuban.

“The first thing you have to do is live like a student“, he explains, in reference to fleeing the temptations to spend more money as soon as one begins to earn something more than before.

“When you get that first job, it’s really cool. I remember looking at cars and thinking, ‘I want this car.’ Fortunately, I kept my scrap metal. [de coche]”recalls the now billionaire.

The importance of learning

The ability to acquire new knowledge throughout life has been identified by many experts as a key competence in the job market. Mark Cuban has also highlighted her on several occasions, both the importance of learning new things as well as learning from mistakes.

“It’s not about money or connections, but about the willingness to work and learn more than anyone else when it comes to your business. And if it fails, you learn from what happened and do a better job next time,” he said.

“We have to teach our children how to learn, because that will be the greatest skill in the future,” Cuban said on another occasion, during a question and answer session at the George W. Bush Center in the United States.

He himself has acknowledged applying this maxim throughout his successful career, in an interview done by Men’s Health.

“I recognized that learning was really a skill, and that by continuing to learn, to this day, I can compete and keep up with and get ahead of most people. The reality is that most people don’t take the time to keep up. up-to-date and learn. That has always given me a competitive advantage, “he explains.

Don’t use credit cards

The credit card does not have to be a problem in itself, but its use is.

For some people, having a credit card can end up spending more than you have and what you should, and eventually accumulating debt.

Mark Cuban went through it too (“I remember bill collectors calling me every 2 minutes”), so now he says that “you shouldn’t use credit cardsor “. Use cash and, when you need an alternative,” it is better to use a debit card, “recommends the entrepreneur.

Mark Cuban recommends not using credit cards

Save at least the equivalent of 6 months of income …

“Life takes many turns” is a typical phrase and a cliché, but it does not stop being valid in many situations. No matter how well you are doing, prepare for whatever may come, be it an economic crisis, a pandemic, an unexpected layoff, or a sudden need for more income for a change in life.

“If you don’t like your job at some point or you get fired or you have to move or something goes wrong … you’re going to need at least 6 months of income,” Cuban recommends.

… and invest that money

Once you’ve managed to save enough money, Mark Cuban recommends investing it “in the cheapest fund of the S&P 500 Index (SPX)” that you can find.

An S&P 500 fund is an investment vehicle that invests in the 500 stocks that make up the S&P 500 index, in proportions weighted by market capitalization, and has also been recommended by other millionaires, such as Warren Buffett.

As Medium picks up, in 2020 The Balance, one of the top 10 financial properties, noted these as the cheapest S&P 500 index funds to consider:

  • Fidelity 500 Index Fund
  • Schwab S&P 500 Index Fund
  • State Street S&P 500 Index Fund
  • Vanguard 500 Index Fund Stocks for Investors
  • T. Rowe Price Equity Index 500 Fund
  • USAA S&P 500 Index Fund Partner Actions

For the more “adventurous” people who are not afraid to take more risks, Cuban proposes one more step: “You could take 10 percent and put it in bitcoin or ethereum. But if you do that, you have to pretend you’ve already lost your money,” he warns.

“It’s like collecting art”, he compares it: “Something is worth what someone else will pay for it.”

How do you advise

How advises “to make the money have been lost” if it is placed in Bitcoin or Ethereum

Doing nothing can be a smart move

Mark Cuban has also recommended prudence in some aspects, such as advising that investments in bitcoin or ethereum be limited to 10%. Another millionaire known for avoiding unnecessary and excessive risks is Warren Buffett. In his own words: “Rule number 1: never lose money. Rule number 2: never forget rule number 1“, recoge Inc.

“If you do not fully understand the risks of an investment you are contemplating, it is okay to do nothing,” Cuban said in 2010. “In times of great uncertainty, doing nothing is a valid investment strategy and, in my opinion , preferable. Just put your money in the bank, “he adds.

An easy way to save money and spend less is buy products that are in discounts, promotions or offers, or purchase them wholesale so that the price is lower.

Mark Cuban gives the humble and simple example of toothpaste: you are going to use it every day, several times a day, throughout your life. So if you see an offer or discount on toothpaste, buy for 2 years. “That is an immediate return of your money,” he assures.

“Any of your reusable, of the consumables that you have to have, when they are in a great sale on Amazon, buy them, because most likely their prices will go up, [y] that’s a real savings that you can carry in your pocket, “he says.

Trade with cash

“You deal with cash, I tell people all the time. If you’re out and about, you’re going to take a yoga class and they want to charge you $ 30, say, ‘Look, I’m 20.’ You know what? How to become a millionaire according to Warren Buffett, one of the 10 richest people in the world, explains in the interview with Vanity Fair.

What’s more, operating more with cash instead of with a card (especially if it is credit) can help you save more easily each week or month.

Lee

There are many successful millionaire people and entrepreneurs who read frequently, from economics books to novels, biographies and newspapers: Bill Gates, Mark Zuckerberg, Oprah Winfrey, Warren Buffett or Richard Branson, among others.

Mark Cuban has also declared his fondness for books: “I loved walking around bookstores when there were bookstores everywhere. If there was something that caught my eye and I thought you could give me an idea,” spend $ 30 on a book “to get an idea that could help boost me, improve my business … it was a bargain, “he says.

“I read for hours every day, because all it takes is one little thing to propel you to the next level,” Cuban states.

Be kind

Knowing how to surround yourself with the right company and treat it with kindness and politeness is also a staple in business and life. Contrary to what may be thought, it is not about surrounding yourself with “sharks” to grow at all costs.

So thinks Warren Buffett, and so does Mark Cuban, who assures that “kindness works.”

“When you are kind to the people around you, when you worry, when you are empathetic, you will always get more results. Running a company is not easy, it is difficult, but the only thing you can control in life is your effort, work hard “, concludes the millionaire.

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