Mark Cuban’s advice for getting rich: “Avoid coffee, drink water, eat mac and cheese, save a few pennies”
In 2008, Mark Cuban said on his personal blog that to get rich, “Save your money. Save as much money as possible. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat. Mac and Cheese. Cut up your credit cards. If you use a credit card, you don’t want to be rich. The first step to becoming rich requires discipline. If you really want to be rich, you have to find discipline. can you?”
Nine years later, Tim Gurner, an Australian luxury property developer, suggested that young people can’t afford property because they waste their money on $19 toast and $4 coffee. dollars. He added that unemployment needs to rise to 40 to 50 percent and “we need to see pain in the economy.”
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Mark Cuban’s advice for saving money and being disciplined is similar to Tim Gurner’s advice for millennials about saving for a house. Both emphasize the importance of reducing daily expenses to achieve long-term financial goals, emphasizing how small, seemingly minor expenses can add up over time and affect a person’s ability to save for larger investments.
In today’s world, Mark Cuban and Tim Gurner’s advice about saving money by being extremely frugal is less effective and less relevant.
The economic landscape has changed significantly. The cost of living, especially in cities, has increased considerably. Cutting out small luxuries like coffee or avocado toast doesn’t make much difference when housing, healthcare, education, and other essential costs make up the majority of your income. The gap between wages and the cost of living means that even strict savings made by cutting minor expenses are often not enough to reach major savings goals like buying a home.
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Many people face systemic barriers that make it difficult to accumulate wealth, regardless of how much they save. Problems like student debt, wage stagnation, and economic inequality cannot be solved through savings alone. Structural changes and policies are needed to reduce these barriers and create a more equitable path to financial stability.
Inflation causes saved money to lose value over time. In today’s economy, investing wisely is often more important than simply saving. Cuban’s tips for saving money are good but don’t cover the need to make that money grow through smart investments. Educating yourself and investing can lead to better long-term financial results than saving.
“The second rule to becoming rich is to become smart”
On the other hand, Mark Cuban’s second advice regarding investing time in yourself and acquiring knowledge in a chosen field remains very relevant.
Here’s what he said: “The second rule to getting rich is to get smart. Invest your time in yourself and get familiar with something you really love doing. It doesn’t matter what it is. Whatever it is. your hobbies, your interests, Passions are. Find the one you love the most and GET A JOB in the company that supports it. It can be as a clerk, salesman, whatever you can find. start learning the job somewhere instead of paying to go to school somewhere you get paid to learn It may not be the perfect job, but there is no perfect path. to become rich.
He continues: “Before or after work and on weekends, every day, read everything there is to know about the company. Go to trade shows, read trade magazines, spend a lot of time discussing the business with the people you deal with. their business and the people they buy from. This is not a short-term project. We are not talking about months. We are talking about many years and perhaps decades. was a get-rich-quick scheme. It’s a way to get rich.
Skills and expertise are invaluable in today’s knowledge economy. Continuous learning and professional development can lead to better job opportunities, higher earning potential, and career satisfaction. By focusing on gaining practical experience and on-the-job training, individuals can build a strong foundation for financial success.
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This article Mark Cuban’s Tips for Getting Rich: “Avoid Coffee, Drink Water, Eat Mac and Cheese, Save Pennies” originally appeared on Benzinga.com
