Mark Cuban’s Top 6 Tips for Getting Richer
Written by
Laura Beck
Edited by
Zuri Anderson
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No matter your current financial situation, billionaire entrepreneur and Dallas Mavericks owner Mark Cuban has consistently shared practical advice for building wealth over the years. Through his blog posts, and interviews, Cuban has given a front seat to his winning strategies that anyone can follow to improve their finances.
Here are Mark Cuban’s most impactful wealth-building tips, straight from the source.
Save Aggressively and Build Cash Reserves
“Save your money. Save as much money as you possibly can. Every penny you can,” Cuban wrote on his Blog Maverick website.
He emphasized that the first step to wealth is discipline, recommending that people cut unnecessary expenses: “Instead of coffee, drink water. Instead of going to McDonald’s, eat mac and cheese.”
This might sound extreme, but Cuban believes that developing disciplined spending habits is foundational to building wealth.
He specifically recommends having six months of income saved as an emergency fund, telling Vanity Fair: “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 gonna need at least six months income.”
If you’re looking for a place to begin your journey to wealth, this is your first stop.
Eliminate Credit Card Debt
Cuban wants you to cut up your credit cards. In fact, he said that if you use a credit card, you don’t want to be rich.
He experienced the downside of credit card debt firsthand, sharing in his Vanity Fair interview: “I remember bill collectors calling me every two minutes.”
Cuban strongly recommends using debit cards instead if you need an alternative to cash.
Make Saving More Valuable Than Spending
Cuban has a unique approach to shopping that actually turns saving into a form of investment. The billionaire investor is all about taking advantage of a good deal when he sees one.
He offers this practical example: “If we’re all using toothpaste everyday… and we’re gonna go through toothpaste every month, you’re better off buying two years worth of toothpaste when it’s on 50% discount.”
As he said, that’s an immediate return on your money.
Learn on Someone Else’s Dime
Cuban believes you must invest in your own knowledge — and he thinks it’s better to get someone else to pay for it, if you can. Rather than paying for formal education, Cuban recommends getting paid to learn.
“Find the one [hobby or interest] you love the best and get a job in the business that supports it,” he wrote.
In essence, he wants you to get paid to learn. He adds that this approach requires commitment: You might have to put time in before or after work and on weekends, but that it’ll pay off in dividends if you stick with it.
Negotiate With Cash
Cuban shared a practical tip on how to save money: Negotiate using cash.
“I tell people all the time, if you’re out, you’re gonna take a yoga class and they wanna charge you $30, say, ‘Look, I got 20.’ You know what, they’re gonna take it,” he said.
He adds negotiating with cash will offer a better way to get a return on your investment. The next time you head out, leave your credit cards at home and take exactly what you’re willing to spend.
When you’re out of dollars, you’re done.
Be Patient and Capitalize on Market Disruptions
One of Cuban’s most powerful wealth-building strategies involves positioning yourself to take advantage of economic cycles and industry disruptions. Cuban fundamentally believes that American markets naturally go through boom and bust cycles — and these cycles create wealth-building opportunities for those who are prepared.
First, take a deep dive into your chosen field so you’re an expert — it’ll allow you to spot inefficiencies, trends and potential disruptions before they become obvious to everyone else.
Second, having cash reserves is important here. During economic downturns or industry disruptions, asset prices often fall significantly. Those with available cash can acquire valuable assets at discounted prices while others are forced to sell.
And finally, be patient. The key is remaining disciplined with your savings and continuing to deepen your expertise while waiting for the right opportunity.
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