How To Get Rich According To Mark Cuban

there are a million ways to make a million dollars and today we're looking at how Mark Cuban's done it for those of you who live under a rock Mark Cuban is an American serial entrepreneur investor one of the main sharks from Shark Tank and he also owns the Dallas Mavericks for good measure as of now his estimated net worth sits around 6.5 billion US dollars he still holds the record for the biggest online sale ever when he bought his G5 private jet for 40 million U.S we've collected the most important lessons from his journey for you to draw some inspiration from so without further Ado here's how to get rich according to Mark Cuban welcome to a lux we're going to start off with a basic but very valid point to live below your means in one of his blog posts Cuban said your biggest enemies are your bills the cheaper you can live the greater your options he spent a lot of his early teenage years with five other roommates in a one bedroom flat but that allowed him to focus on his number one goal Mark Cuban became a millionaire when he sold his first company micro solutions for six million US dollars from which he got two up until that point he still lived like a student as he likes to call it he never splurged he didn't buy expensive cars nor a bigger house even when the company kept growing and this is the first important lesson if you truly want to become rich and in control of your own destiny you can't afford to act Rich until you are rich it'll just delay your progress or sabotage it all together so many people jump straight into upgrading their appearance when they start making a bit of money Zara gets replaced with Gucci even if it's just a t-shirt the watch gets more expensive the car gets an upgrade the local food restaurant just doesn't cut it anymore and the list goes on this is called lifestyle inflation and if you keep spending money in the same way you earn it you'll never gather enough to have a significant jump toward being wealthy pay the bills with a job Mark Cuban's first job was to sell garbage bags in his neighborhood he bought them for three dollars and sold them for six by going door to door and telling people they can call him anytime they need garbage bags he considers it the first subscription-based garbage bag business and he used the cash for pocket money and to invest in the stock market the point is your first business Endeavor will almost certainly never be the one that makes you rich you're not going to build the next anything on your first try you don't have the experience nor the resources needed to make it happen take care of your bills first with either a job or a small simple business that gets the job done you can't afford to build a big business if you can't pay for your food foreign for your life with equity this is common advice Among Millionaires and billionaires Mark Cuban's net worth skyrocketed to 300 million U.S when his second business went public that was the first time he said okay I'm set for life now but here's the reality you will never ever be rich by having a job it's just not happening there's no job out there that pays millions of dollars on a yearly basis but alux what about Superstar athletes like Messi his agreement with intermiami is worth 150 million dollars over a two and a half year period so that's a job that pays Millions right well no not really that's an investment in ticket prices merchandise PR and branding have you ever heard of inter Miami until now because we didn't the point is you need to be a part of something that goes up in value and that means owning a business or at least part of a business the salary of a CEO is peanuts compared to companies stocks and if you don't know how that works check out our video to see how we explain why CEOs are paid 300X more than average workers play with your team Mark Cuban was always a fan of the Mavericks and he knew he could do a better job at turning that team around that's why he bought it for 285 million US Dollars and one of the first things he did was to set up his office alongside the sales team he picked up the phone and he started calling people hello sir we know you've been at our games before but did you know a ticket to the Mavericks game is less than a McDonald's meal why don't you come and see what we're all about the first games on us now the point is if you're serious about Building Wealth you'll eventually have a team around you and if you want that team to do great they have to work with you not for you remember when Mark sold that first company for 6 million and he only got two well his employees they got one million dollars as well you won't get far bossing people around and telling them how to do things you'll never do yourself just because this is extremely important and we can confirm from experience it's impossible to do everything on your own you need great teammates with you value over passion Mark Cuban is in the camp that doesn't agree with the saying follow your passion and see where it leads you in a 2018 interview with Amazon insights for entrepreneurs he said a lot of people talk about passion but that's not really what you need to focus on you really need to evaluate and say okay where am I putting in my time the point is your passion is rarely financially viable sure it would be a dream to make millions out of your passion with knitted sweaters but it's probably not going to happen look at what you're actually good at instead of what you enjoy doing in your free time for every person that makes a ton of money out of their passion there are millions that go broke because of it so be smart when it's time to make the jump go for it in an interview with CNBC Cuban said there's no person on this planet who hasn't had that oh my god I've got this idea moment but very few actually make the jump and go for it and that's because the monthly paycheck is a very strong addiction it's hard to leave the comfort of a reliable income whatever that might be in order to pursue something greater but perhaps a little unstable many people stop at get a job to pay the bills but never go beyond that it takes some guts and confidence in yourself to sacrifice that monthly paycheck for the unknown But ultimately that's what you have to do in order to make it find out what you're good at and make the effort to become great Cuban believes everyone in the world is good at something but the first hard part is to find it because the second hard part is to actually become great at it whether it's business sports music drawing writing everyone has an innate inclination to something that makes them better than those who don't have it those who say oh I'm not good at anything haven't tried enough things to figure out or they were put into a context where they couldn't try too many things and in that case it's pretty hard to figure it out for some they've known their talents from childhood and others don't figure it out until they're in their 30s when the pressure is higher but it's something that you have to do and then the second part is to actually become great at it okay Talent is not enough and hard work always beats Talent when talent doesn't work hard enough what you're good at gets you a starting point and then you have to fine-tune your ability until your skill becomes undeniable for Cuban that skill was selling ever since he was a kid he bought and sold baseball cards stamps garbage bags whatever he could find and that constant skill honing eventually made him great at selling which in turn led him to entering the technology business so find what you're good at and then make an effort to become great at it it'll pay off dividends for the rest of your life build a base knowledge on your adjacent interests or in other words do your homework on things that might be useful to you a great example is how Cubans started educating himself on AI more than five years ago he understood that this technology could impact a lot of his businesses and he took the time to get educated in an interview with Yahoo finance from 2019 Cuban said he already started to read books like AI for dummies take python classes and talk to people just so he could understand the space more he didn't do it in order to become the next big AI company but to be able to ask questions and actually understand the answers when the time came so why is this important well it's hard to see opportunities when you're not even looking the thing that could Propel you to the next level might just be around the corner but if you don't know about it and you don't educate yourself you will miss it and here's how you start take your business or whatever you're good at and look at 10 different Industries or topics that are related to it expand your Universe of knowledge and your opportunities will expand with it the biggest investment you could ever make Mark Cuban suggests if you've got 25 50 or 100K there's one big investment that you can make and that's paying off any kind of debt because that's a guaranteed return okay interest on debt is chipping away at the money you haven't even made yet the smartest decision you could ever make with a larger sum of money is to instantly rid yourself of debt and that's the last thing most people do when they are holding a bag and last but not least have your money ready one of the most important pieces of advice Mark Cuban has given when it comes to getting rich is to have cash available you're not saving for retirement right now you're saving for the moment you need cash when a great opportunity comes up and you're aware of it if you don't have disposable cash to use for that opportunity well hey locks are it's kind of pointless we hope you found this video valuable my friend who should we cover next let us know in the comments and as a thank you for sticking with us until the end we've got a bonus for you it's one of our favorite pieces of money advice from Mark Cuban it's easier to save 15 of 10 000 U.S when you buy in bulk in a year than to get 15 return on 10 000 U.S invested in a year just think about that for a minute we'll see you back here tomorrow my friend take care

Channel: Alux.com

Views: 78,960

Keywords: Alux, Alux.com, Alux Youtube, fine living, mark cuban shark tank, mark cuban, mark cuban motivation, mark cuban speech, mark cuban net worth, how to get rich according to mark cuban

Id: pHKJZPTyJ7A

Length: 11min 21sec (681 seconds)

Published: Fri Jul 28 2023