Mark Cuban gives his tips on how to become rich
Mark Cuban says "rich is all relative". In a new video for Vanity Fair, the esteemed billionaire, Dallas Mavericks owner, and now political pundit (when it comes to Trump) stokes our irrational hopes that somehow all of us can be in the very top of a system designed to only have a very small portion of its people at the top. Yeah. But still, we can always learn to manage our money better, I guess.
First off, Cuban says to "live like a student". Basically, don't spend much. When you get a first job, "keep that junker" car and don't send your paychecks. Ok.
Next, if you don't use credit cards, only use a debit card if you absolutely can't use cash. Not really sure about this one. How can you build credit if you never use a card? Also, it's only bad if you don't pay off the bill, right?
Third is the hardest: save up six months' income. It's a good idea, but it can take a seriously long time. Especially if you're living paycheck to paycheck, or at a starter job, it's going to take forever. That six months' income is not going to pile up for a while.
Fourth, he recommends putting that six months' savings into an SPX mutual fund. K, so I have no idea what this is. Guess I'm not getting rich. Googled it, still don't know what it is. Okay, so it's just a way to invest money, to make money off your money without doing anything. Indeed, that is how most people get rich.
Then, you really push the envelope...put 10% of your savings into a 'high-risk' investment. Cuban calls it a "Hail Mary". Put it into Bitcoin, or some other rising start-up. Give it a shot...with 10% of your savings.
Six seems like some good common sense. Invest in products that you actually use, and keep track of when they're on sale on Amazon. That's when you're bound to make a crazy surge of cash. This one sounds pretty good, actually.
The seventh is another Cuban-obsessive move: negotiate with cash. If you're haggling, and you only have cash, if you offer someone $20 for a $30 service, Cuban says "they're gonna take it". Sounds pretty good, though I'm not sure that'll work on Amazon, or a vending machine, if all our stores become automated...
Eighth, he says to read books. Oh yeah. Just read books! Get some ideas, and learn about business and the world around you. It's crucial. You have to read, and one little golden idea buried in an entire book can propel you like crazy.
Finally, Cuban says "the one thing you can control in your life is your effort". That, and your kindness. He says that being nice works. Running a company is hard work, but if you're not a jerk about it, it gets much easier. Plus, you get more loyalty.
What do you think? I'm sure some of these can work for sure. Ready to get rich? Well, er, or at at least make a little more money than you made last year...