Remember this guy?
He’s none other than Mark Cuban, an American businessman, investor, author, television personality (from of course Shark Tank), philanthropist and billionaire.
Back in 1999, Broadcast.com – a pioneering Internet audio and video site he helped to launch – was sold to Yahoo for a whopping $5.7 billion. He’s now the owner of the NBA’s Dallas Mavericks, co-owner of 2929 Entertainment and chairman of the AXS TV.
Think he’s amazing? Me too. Well, guess what? He’s about to share his secret for getting your first million bucks!
Here’s a hint: it’s totally different from what we believe getting rich is all about today.
So… how do you do it?
Good Old-Fashioned Discipline and Mentality
Cuban used to read a book titled ‘Cashing in on the American Dream: How to Retire at 35′.
It encouraged people to drastically reduce their housing costs and aim to live at S$50 a day.
He was such a strict follower of the book, that he started to live with five other roommates, survived off macaroni and cheese and was generally really frugal.
He even opted for the worst car, a Fiat X1/9 with a hole in the floorboard.
You must think it’s crazy. You’re probably like, screw this, I don’t need to be a millionaire if I have to do this kind of things. I want to have fun now!
The thing is that… Mark Cuban wanted to have fun too. He wanted enough money to be able to travel, have fun and party like a rock star, but still live like a student.
He was determined to save money; he was determined to be able to retire.
And that’s what discipline is: working towards your goal single-handedly, while not giving in the temptations along the way.
And this is what younger people of today need to hear. Because we’re too used to instant gratification, most of us forgot what it’s like to work a long time for something.
You got to be a bit of a risk-taker
Think being a risk-taker is investing all your capital into a single business venture? Nope. According to Mark Cuban, taking a risk is perhaps investing money into a low-cost mutual fund.
Or pursuing a good education, if it could help you reach the point where you can really save money.
If you’re wondering why it’s a risk, it’s because an education doesn’t come for free.
You’re investing in your education because it might be a sum of money you never get back.
Avoid debts; it’s not your friend
Using a credit card is alright if you pay it off at the end of the month. Incurring 18% or even 30% in credit card debt is going to cost you more than you could earn anywhere else.
Make sure to clear your credit card debt within 30 days, or even better, do not use one at all. That’s the smartest thing you can do.
Instant gratification is a no-no
If you’ve been attentive to all the points, you would have realised by now that Mark Cuban’s method isn’t a one-way 45-minute ride ticket to wealth. It’s slowly built up, all the way from your base, to the very end.
In fact, Mark Cuban claims that even now, he’s lived in the same house for 18 years and still owns the same cars. His only ‘cheat buy’ was a plane, and that was because he valued time the most, and the plane bought him time.
What’s the lesson to be taken away from Mark Cuban?
Live within your means; save money, invest some in a low-cost mutual fund – like an SPX fund – and live as frugally as you can. It will all pay off in the end.
(In case you’re not sure what an SPX fund is)
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