Mark Cuban is a successful business man who has passed on his wisdom on how to use money to its potential. 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.”
Be A Smart & Disciplined Shopper
The rise of credit cards has made it easier for people to spend more money than they ever thought possible. However, this has also caused people to become careless and overspend on things they don’t need. This has led to problems for the economy and for the individual. The credit card industry is responsible for a lot of the economic problems we see today.
Mark advises that those looking to realize the potential of their earnings must learn to live within their means, sacrificing unnecessary luxuries in favor of necessary 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 a proponent of working in bulk and purchasing items at a discount to save on taxes. He suggests that this will allow you to purchase items worth $1000 but with a 15% discount, which would result in the cost being $812.
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
This is not a simple advice, but it is one that can be put into practice to make the most of your time. By finding ways to buy some time, you can make the most of your opportunities and achieve more than you ever thought possible.
Be A Risk Taker…. But A Smart One
Being a risk-taker is one of the most important qualities for 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 given that he has a lot of money himself.
Dallas Mavericks ..
Mark Cuban owns the Dallas Mavericks, which he has also won the NBA championships.
Mark Cuban is worth an estimated $2.3 billion. ..
As of the most recent survey, Mark Cuban is worth over four billion dollars. ..
