Mark started from humble beginnings, slowly making his money as he perfected business dealing and completed college. The successful sale of two of his business ventures eventually got him the wealth he now has. Therefore, when it comes to advice on how to utilize one’s money to its potential, Mark Cuban is just the guy for you. Luckily for everyone, Mark Cuban is a candid personality and is willing to pass along his wisdom to all those who ask for it. Hence, in this spirit, he has given multiple directions on how to use one’s money over the years. Let’s explore these ideas through this article.
Keep A Buffer
One of his more common pieces of advice, to those looking to do right by their earnings, is to save. Savings as you know is essential considering the unpredictability of the world around. For instance, people working an 8-hour job must, according to Mark, be able to keep aside at least 6 months’ worth of income in anticipation of such events. In essence, by doing so, you are saving for a rainy day as it were, much like the fabled classic of the ants and the grasshopper.
Be A Smart & Disciplined Shopper
Shopping in the current age has become far more accessible and convenient to everybody. But as much as that has been a blessing it manages to disguise the dangerous effects of unnecessary spending. The onset of credit cards has further damaged the reluctant behavior in shopping by making large sums of money that were otherwise unavailable to the customer, available.
Here Mark advises that those looking to realize the potential of their earnings must learn to live, not on extravagant and luxurious items but necessary and financially logical items. Your sacrifice today will help build your savings which can be put into businesses as investments, which may yield a greater return and help you purchase all these things.
He is also very vocal about being smart in the way one goes about their routine shopping, like groceries and other supplies. Here he suggests that it is far better to work in bulk purchases where you may end up purchasing worth $1000 but with a 15% off, rather than making that 15% in the bank since you are not required to pay any tax on the former transaction.
Negotiate
Although you don’t need to be told this, Mark still thinks it is important to look at this advice more practically. He insists that while making purchases, carrying cash in hand may end up working for you during your bargain process. For instance, he says, “If you are out and come across a yoga class that charges $30, you can say that you’ve got only $20 on you in which case they might just accept that $20.” Mark is therefore of the opinion that carrying cash and negotiating is a great investment as well.
Buy Time
Saying that not all are quite as rich as Mark Cuban would be is the understatement of the century, but what Mark means by this advice, is to find ways to buy some time rather than buy more money. For instance, he invested a world record-breaking fee on a gulf stream through an online purchase, to ensure that he has more time for personal discussions and matters on his private plane. Similarly, he insists that all those looking to make a meaningful difference must find items to buy that may help them make some extra time for their business activities.
Be A Risk Taker…. But A Smart One
Last but not least, being a risk-taker is one of the foremost traits of a successful businessman. Despite what many people may tell you, not every business decision is made with absolute certainty. Many of the greatest deals in the world have hinged on calculated risks that people have taken. However, it is important to keep an eye on the amount of risk you might undertake. Mark Cuban puts a number on it, suggesting only 10% as the maximum amount one must dedicate to these risky investments.
In the end, it is all up to you how you use your money. Mark Cuban, Bill Gates, or even god may suggest ways to save money, but in the end, it is up to you to decide what, if any of this advice is useful to your situation. Furthermore, if Mark Cuban’s career is anything to go by, this advice is extremely useful, considering that he is a self-made man.
Which team does Mark Cuban own?
Mark Cuban owns the Dallas Mavericks with whom he has also won the NBA championships.
What is Mark Cuban’s net worth?
Mark Cuban as of the most recent survey is worth over 4 billion dollars.
