Mark Cuban’s Guide to Getting Rich

Getting rich rich is all relative so there’s certain things you need to do in order to put yourself in the best position to be rich. – Mark Cuban

SEE ALSO: Mark Cuban’s six rules of money

1. Live like a student

The first thing you need to do is live like a student. When you get that first job that’s really cool I remember looking at cars and thought – I want this car! Fortunately I kept my junker.

2. Avoid credit cards

You shouldn’t use credit cards. I remember a bill collectors calling me every two minutes. You’re better off using a debit card when you need to just not use cash.

3. Save a security pillow

Save up six months of income. If you don’t like your job at some point or you get fired or you have to move or something goes wrong you know you’re gonna need at least six months income.

4. Put savings aside

Then what I would do is probably put it into the cheapest SPX Standard & Poor’s mutual fund that I could find.

5. Invest up to 10% of savings

If you’re a true adventurer and you really want to throw the Hail Mary you might take ten percent and put it in Bitcoin or Etherium but if you do that you’ve got to pretend you’ve already lost your money. It’s like collecting art, it’s like collecting baseball cards, it’s like collecting shoes you know something’s worth what somebody else will pay for it. It’s a fire but I’d limit it to ten percent.

6. Buy consumables in bulk and on sale

It’s so hard to make a return on regular investments that you’re better off when you see a sale. So for instance, hopefully we’re all using toothpaste every day, a couple of times a day and we’re going to go through two tubes of toothpaste every month whatever it may be. You’re better off buying two years worth of toothpaste when it’s on 50% discount. That’s an immediate return on your money any of your reusables consumables that you have to have when they’re on a huge sale on Amazon buy them because chances are other prices are going to go up but that’s a real savings that you get to put in your pocket.

7. Negotiate using cash

I tell people all the time if you’re out you’re gonna take a yoga class and they want to charge you $30 and say look I got twenty. You know what? They’re gonna take it! Negotiating with cash is a far better way to get a return on your Investment.

8. Read books

I used to love to walk through bookstores when there were bookstores everywhere. And if there’s something that caught my eye and I thought it can give me one idea… to spend $30 to give one idea that could help propel me make my businesses better it was a bargain. “The only investment guide you’ll ever need” by Andrew Tobias used to get me all fired up. I’ll read hours every day because all it takes is one little thing to propel you to the next level. – Mark Cuban’s Guide to Getting Rich