Mark Cuban’s Simplest Money Advice That Anyone Can Use
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Jennifer Taylor
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Zuri Anderson
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He’s a billionaire, but many of Mark Cuban’s spending habits are surprisingly relatable. While he owns a private jet, the businessman hasn’t forgotten his middle-class upbringing. Over the years, he’s given plenty of interviews, and often shares money advice that can apply to anyone.
Here’s a look at five of Cuban’s simplest financial tips that you may want to try out.
Live Like a Student
When get your first job, it can be tempting to upgrade your lifestyle, Cuban told Vanity Fair. When he was in this position, he said he was tempted to buy a new car, but didn’t.
Instead, he said he kept his old car, which is decision he’s proud of to this day. Living like a student will keep your bills down, so you can avoid going into debt.
In fact, this advice could be tailored to anyone. If you’re struggling to make ends meet, cut costs by scaling your lifestyle back.
Don’t Use Credit Cards
They’re convenient in more ways than one, but Cuban advised against using credit cards in the interview. Personally, he said he remembers getting calls from bill collectors every two minutes.
If you don’t want to pay with cash, he recommended using a debit card. This will give you the convenience of paying with plastic, without the temptation to overspend.
Buy in Bulk
You might not think a billionaire would buy items like razor blades and toothpaste in bulk, but Cuban is just like the average consumer in this sense. Investing in bulk purchases offers a better return on investment than anything else, he told NPR.
So, if you don’t already have a membership to a bulk warehouse club store — i.e., Costco, Sam’s Club, BJ’s Wholesale Club — consider investing in one. The membership dues may pay itself back several times over.
Pay in Cash
Keeping cash in your wallet might require a little extra effort, but it could give you room to negotiate, Cuban told Vanity Fair. He used this example to illustrate his point: If you show up for a $30 yoga class and offer to pay $20 in cash, he said they’ll take it.
This one really isn’t hard. All you have to do is make regular trips to the ATM to ensure you always have cash on hand.
Skip the Latte
This advice might sound tired, but it could be given frequently for a reason. Instead of purchasing a latte that may cost anywhere from $6 to $10, put what you would’ve spent in a money market account, Cuban said on the “Fishbowl” podcast with Jules Terpak.
The latte might bring you instant gratification, but he said putting the money aside can allow you to have a couple thousand dollars in the bank five years from now. This might not be the most fun option, but it’s a simple way to cut costs and improve your finances.
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