Mark Cuban’s Best Advice on How To Become Rich
Written by
Karen Doyle
Edited by
Susan Kim
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Mark Cuban, entrepreneur, venture capitalist and “Shark Tank” shark, knows a little something about being rich. According to Forbes, Cuban has a net worth of $5.4 billion. He also has advice for others who also want to become rich.
Save Money
Cuban is famous for telling people to save their pennies and be frugal if they want to be rich. In a blog post from 2008, he said, “Save as much as you possibly can. Instead of coffee, drink water. Instead of going to McDonalds, eat mac and cheese.”
Pay Cash
Cuban does not believe in using credit cards. In fact, he said, “If you use a credit card, you don’t want to be rich.”
But he also recommends having cash on hand so that you can take advantage of opportunities that may present themselves. You may have to pass on the best idea in the world if you don’t have the cash to take advantage of it.
Invest In Yourself
The investment Cuban is talking about here is one of time, not money. He recommends that you decide what type of business you want to be in and then educate yourself about it.
Step one is to get a job in that business. The job can be anything — entry level or something higher — but you want to learn everything these is to know about that business. When you do this, you’re getting paid to learn. Read everything you can find on the business and talk to other people in the same business.
At some point, uncertainty will arise, and there will be an opportunity for you to take your knowledge of the business and take advantage. It may be an opportunity to start your own business — or to start a business that provides a product or service that’s needed by the company you work for. Or it may be an opportunity with a competitor.
Be Disciplined
This advice is at the heart of Cuban’s philosophy. He recommends being disciplined in spending, in saving and in learning — and, ultimately, being disciplined enough to be ready when opportunity knocks.
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