Have the right mindset, and poof, you could or should I say, will soon be a millionaire. At least that is the advice of Mark Cuban. Does the name ring in your mind? Well, it is not a surprise, if you are conversant with the Dallas Mavericks. That is him - the billionaire owner.
By James Duncan Davidson/O'Reilly Media, Inc. - https://www.flickr.com/photos/x180/50264782/in/set-1076331/, CC BY 2.0, Link
For those who are conversant with him, well, when you hear the name Cuban, the first thing that comes to your mind is wealth. And boy, he is wealthy!
This man in whom, during his teenage years, even his mother had so little faith, going as far as telling to lay carpets because she was worried about his future is now a ‘true American life dream story! And according to him, any man, even you can become a Millionaire if you have the right attitude.
The best investing advice, he says, that he ever got when he was young, was to be as poor as possible first. Weird, I know. I think the same, very weird!
But you before you stop reading, and think this is some sort of ridiculous ploy to keep you poor, I suggest better listen, and read along, this is a Mark Cuban or heaven’s sake! He is a billionaire who has made it to the very top by hustling, so when he says what he says, you do well to at least lend an ear.
So yes, be poor at first, says the “Shark Tank” star who now so frequently doles out lots of advice to aspiring young entrepreneurs on CNBC.
“It doesn’t take a million-dollar idea to become rich” Cuban observes. All it takes is time and frugality, if you have the right mindset.
Speaking to Money Magazine, Cuban revealed: “When I was getting started, I used to read this book, ‘How to Retire at 35’”
And according to him, saving is integral to achieving financial independence
Following from that book, Cuban infers that you can indeed retire if you save up to $1 million living like a student.
“But you would have to have the discipline of saving” he nonetheless cautions, telling of how much faith he had in that book, and how it inspired him.
So that is! If you have wanted a secret, there it is, from the Billionaire who himself started out from scratch. And you know what? Cuban had to live with five roommates, live off macaroni and cheese!
Now do you get the point? That is what it means to be frugal. Living in that own apartment and feeding on hamburgers, chicken and chips, you know, all those treats is luxury. That is not starting off poor! And that won’t get you far the millionaire path! “I had the worst possible car,” Cuban further reveals.
But he was determined. And up to the age of 25, did not drive a car worth more than $200. Indeed, he at one time drove a Fiat X1/9 with “a hole in the floorboard,” he says.
“It was crazy” he confesses, adding “but that was my decision.” According to him, he was, following from that book he read, determined to save money and retire early.
And so it is, Cuban has since pirouetted the billionaire path. His first millions, a stake now parlayed into billions were made in the Technology business. Now scrappy start-up founders struggle to get on “Shark tank” where Cuban offers advice. There they compete to invest into fledging companies. That is how far and established the Pittsburgh born and raised Cuban for whose future his mother was so worried has become.
Even so, Cuban is of the opinion that you don’t need to be an entrepreneur to financially succeed. Like fellow billionaire friend, Waren Buffet, Cuban highly recommends and endorses low cost index funds. That, he is adamant, is how to build wealth.
“The key,” Cuban finally recommends, “is living within your means”.
Do that whilst saving and putting money into some low-cost mutual fund, and such inexpensive living will eventually pay off dividends.
While recommending the SPX fund, Cuban is adamant such an index fund that owns the S^P 500 index of stocks is a low cost diversified manner of woning the whole US stock market and avoid avoiding individual stocks
Overall, Cuban is of the mind that saving into a broad stock fund, thanks to the compounding effect, is sufficient for anybody to retire.
Invest a dollar in a simple, low-cost stock index fund and you can expect it to double within a short span of 10 years. That $1 having become $2 will also into $4, then to $8, to $16 and there you go!
“If you can find a way to save,” Cuban advices, further emphasizing, “if you can find a way to invest inexpensively in the market,” then according to him you are on your way to building your net worth.”
What does it take? Frugality, and Discipline, and Time not Luck or an appearance on some Popular TV show!
So there you have it, there is your stepping advice to wealth and prosperity! And for emphasis, I will state the 3 keys Cuban recommends: Frugality, and Discipline, and Time
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