American businessman and TV personality Mark Cuban is co-owner of the NBA’s Dallas Mavericks as well as 2929 Entertainment, and has a cool $5.7 billion to his name
Billionaire Mark Cuban has shared a glimpse into his journey to financial success, revealing that the path to wealth begins with a simple daily habit.
The American entrepreneur, who co-owns the NBA’s Dallas Mavericks and 2929 Entertainment, is also known for his role as an investor on ABC’s Shark Tank – the US version of the UK’s Dragons’ Den. In a blog post, the 66-year-old emphasised that the secret to prosperity often involves sacrifice.
Back in 2011, the star penned a piece titled How To Get Rich, where he chronicled his rise from sharing a flat with five others and sleeping on the floor to making Forbes’ World’s Richest People list. “It doesn’t suck to be rich,” Cuban declared. “The question everyone wants answered, is how to get there.”
While he acknowledged that there’s no one-size-fits-all blueprint for success, nor any shortcuts, his initial advice was straightforward: “Save your money. Save as much money as you possibly can.”
This might sound easier said than done, but Cuban elaborated: “Instead of coffee, drink water. Instead of going to McDonald’s, eat mac and cheese.” The business mogul, who also shares financial guidance on TikTok, added: “If you use a credit card, you don’t want to be rich. The first step to getting rich, requires discipline. If you really want to be rich, you need to find the discipline, can you?”
Cuban has dished out some sage advice for those looking to boost their bank balance, stressing that savvy spending is the first golden rule to amassing wealth. “Being a smart shopper is the first step to getting rich,” he declared.
He acknowledged the sacrifices involved, especially for families: “You have to give things up and that doesn’t work for everyone, particularly if you have a family. That is reality. But whatever you can save, save it. As much as you possibly can.
“Then put it in 6 month CDs in the bank. The first step to getting rich is having cash available. You aren’t saving for retirement. You are saving for the moment you need cash.”
Once you start seeing your savings grow, Cuban suggests shifting gears towards mastering your craft. “Find the one you love the best and GET A JOB in the business that supports it,” he recommended.
It’s not about landing the dream job straight away, but rather gaining industry insight: “It could be as a clerk, a salesperson, whatever you can find,” he said. “You have to start learning the business somewhere. Instead of paying to go to school somewhere, you are getting paid to learn. It may not be the perfect job, but there is no perfect path to getting rich.”
The billionaire’s blueprint extends beyond the 9-to-5 grind, however. He urges aspiring entrepreneurs to immerse themselves in their chosen field: “Before or after work and on weekends, every single day, read everything there is to read about the business. Go to trade shows, read the trade magazines, spend a lot of time talking to the people you do business with about their business and the people they buy from.”
And Cuban cautioned that this journey isn’t one for the impatient, meanwhile. He made it clear: “We aren’t talking days. We aren’t talking months. We are talking years. Lots of years and maybe decades. I didn’t say this was a get rich quick scheme. This is a get rich path.”
