- Mark Cuban is a billionaire with a net worth , owner of Dallas Mavericks, and has appeared in a reality TV show Shark Tank.
- The billionaire rose to prominence when he received a paycheck of $5.9 Billion in 1999, when he sold his audio streaming service.
- During an episode of reality TV show Shark Tank, Mark Cuban offered to make an investment in an organization dubbed Pulp Pantry.
In the previous part of this article, we discussed some wisdom shared by the billionaire investor and Dallas Mavericks owner Mark Cuban regarding money management. Let’s continue it in this article.
Buy Time With Your Money
During a podcast, Mark Cuban said that time is more valuable for him than the upcoming dollar in his account.
Keeping it simple, he spends money on making things faster, like acquiring a private jet to travel faster, hiring cook or maintenance services, purchasing pre-chopped veggies etc. will buy more time to get other valuable stuff done.
Make Investment In Books, It’s Worth It
Mark Cuban does not believe in a luxurious living, and thinks savings are much more important, but he advises folks to make investment in books, as it is among the investments that is worth it.
He said during Vanity Fair that he likes to go to bookstores, and any book catching his eye, making him think that it might offer him an idea, then spending $30 is not a bad investment.
Have Disciplined Spending
The concept of disciplined spending is important, and everyone knows that. Instead of taking over useless, expensive stuff, it is much better to spend that money on yourself.
Mark Cuban did the same after finishing his college, he lived with his 5 roommates, rode in a simple vehicle, ate macaroni and cheese. He thinks an economical mindset is helpful to focus on the goals.
Face The Fear, Conquer It
Fear is something that is always going to be there with you in every aspect of life. You can either run from it, or face it to unlock your potential and grow.
Mark Cuban thinks that it is among the worst enemies of success, and to move forward, we should eliminate it by facing it instead of hiding from it.
Save 6 Months of Income
During the Vanity Fair, Mark Cuban advice to save income worth 6 months in their accounts.
This income you saved will operate as a backup plan in case you leave the job or something urgent comes up.
Put It in the Bank
Mark Cuban stated during an interview with a media and finance education organization that investment in vehicles are the worst for making investments.
He advised to keep some funds in the savings account, in case of rainy days. You don’t want all your eggs in a single basket.
Throw Your Funds In About 10% Risky Investments
In the previous article, we discussed what Mark Cuban says to be a little bit of a risk taker, but he also says to know your limits. He advised the folks to limit their investments to 10% with respect to the risky investments.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.