Billionaire entrepreneur and former Dallas Mavericks owner Mark Cuban is no stranger to sharing his thoughts on wealth and success. In a 2008 blog post titled “How to Get Rich,” Cuban offered his straight-talking, no-nonsense advice on achieving financial success.
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Cuban reflected on his early years, saying, “I’m certainly not going to lie and say it’s not a lot better to have a lot of money. I had a lot of fun and loved my life when I was eating mustard and ketchup sandwiches and sleeping on the floor of a three-bedroom apartment that me and five friends lived in.” Despite his humble beginnings, Cuban is clear that his life has improved with wealth. “I have a lot more fun now. It’s not so bad to be rich anymore.”
Cuban is quick to warn, however, about the temptation for quick fixes and easy money. “There are no shortcuts. NONE,” he stressed. During times of financial uncertainty, such as the 2008 economic crisis, Cuban warned of scams and schemes that prey on those desperate for financial success. “The less money you have, the more likely it is that someone will come at you with a scheme. The schemes guarantee returns, use multi-level marketing or are some crazy thing that is now ‘backed by the U.S. government.’ Please ignore them,” he advised.
Cuban’s approach to getting rich is based on practicality and discipline. “Save your money. Save as much money as you can. Every penny you can,” he wrote. Cuban encourages cutting out unnecessary expenses and living frugally as a first step toward building wealth. “Instead of coffee, drink water. Instead of going to McDonald’s, eat mac and cheese. Cut up your credit cards. If you use a credit card, you don’t want to get rich.”
The billionaire also stressed the importance of having cash on hand, especially during market volatility. “The first step to getting rich is having cash on hand,” Cuban noted. He criticized the traditional buy-and-hold investing strategy, pointing out that those who followed it often found themselves without cash when opportunities arose. “Buy-and-hold is a sucker’s game for you,” he said, adding that those who had saved their money in safer vehicles like CDs were able to take advantage of opportunities during economic downturns.
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Cuban’s second rule for getting rich is to invest time in yourself and learn about a business you love. “Whatever your hobbies, interests, passions are … GET A JOB in the business that supports it,” he advised. Cuban emphasized the value of on-the-job learning, saying that working in an industry you’re passionate about is like getting paid to learn.
“This is not a short-term project. We’re not talking about days. We’re not talking about months. We’re talking about years. Many years and perhaps decades,” Cuban wrote. He stressed that there is no perfect path to wealth, but with patience and preparation, the right opportunity will eventually present itself.
Cuban concluded his advice by emphasizing the cyclical nature of business, with periods of boom and bust. “Booms are when the smart people sell. Busts are when the rich people start their path to wealth,” he wrote. According to Cuban, the key is to be prepared when the time comes. “The question is, do you have the discipline to be ready when it happens for you?”
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Mark Cuban’s journey from eating mustard and ketchup sandwiches to becoming a billionaire is a testament to the power of discipline, knowledge, and preparation. While he doesn’t sugarcoat the reality that having money is better, his advice remains grounded in the belief that success is within reach for those willing to work for it.
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This article Mark Cuban Shares How to Get Rich: ‘I Loved My Life Eating Mustard and Ketchup Sandwiches’ But Says It’s Definitely Better to Have Money originally appeared on Benzinga.com
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