Mark Cuban’s 10 Rules for Getting Rich
Getting rich- the ideas are generally the same with little twists. Billionaire Mark Cuban; odds are you know who he is, echoes many of the things I and others say. I have made little notes on them for you as well to add a little. All the advice is out there, learn it, then take action!
1. Live like a student— IE like much of this site states, it’s about saving and then letting the money work for you.
2. You Shouldn’t Use Credit Cards– Easiest way to get in debt is to spend money that you don’t have. That said, if you are totally responsible, and pay your bill IN FULL every month ON TIME then the credit card bonuses actually do start adding up.
3. Save up 6 Months of Income–if for no other reason than if something bad happened, and you needed money in a pinch, you wouldn’t have to use your credit cards.
4. Put Savings into SPX Mutual Fund— Let your money work for you!
5. Invest 10% into a Riskier Asset Class– in the video Cuban mentions Bitcoin and Ethereum, but pretending as though you’ve already lost your money. Just write it off, and if things go well, then fantastic. IE- you can take a limited risk.
6. Buy Consumable Products in Bulk– if you are going to use something, like toilet paper or toothpaste, and it is on sale for 40% off the normal price, but in order to reap this savings percentage have to buy a 6 month supply, then absolutely, GO FOR IT. That will save you over those 6 months a ton.
7. Negotiate with Cash– look, there is a posted price and what you can negotiate for. Although Cuban doesn’t mention it, one of the incentives for taking Ca$h for a business owner is that they can pocket it directly, and don’t have to pay the taxes. That acts as incentive.
8. Read Books– if you can invest a small amount of money into a book and that book gives you One idea, a slightly different way to see the world, then by golly, you’ve made a worthy investment.
9. Nice works– You will get more deals, better service, exchanges, and have more fun in life if you are simply nice! Or, along these lines, simply leave people a little better off than when you found them.
10. Work hard– this is the one thing you control. Obviously the harder you work, the more likely you are to get positive results. They aren’t guaranteed, but eventually they will come.