2 Ways To Make More Cash, According to Mark Cuban
Whether you have aspirations of wealth or just want to have enough money to buy groceries, following the advice of those who are more successful than you can help you get there.
Although he's no longer on "Shark Tank," billionaire Mark Cuban still has wisdom to share with those who want to improve their lives or start a business.
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Although one bit of advice was not well received in the comments section on a relatively recent TikTok post -- and it's something most people have heard before -- Cuban reminded people to look for ways to cut expenses and then save as much money as you can.
"You want to put that in a money market account earning 5% [...] and watch that sucker grow," he said, a testament to the power of compound interest.
Compound Interest and Honing Your Skillset
But saving money -- even at 5% -- won't make most people millionaires, although it will provide a financial safety net for the curveballs life may throw at you.
More importantly, and one of the best ways to increase your net worth, according to Cuban, is to become really good at some marketable skill. Cuban combined practical advice with an inspirational story about his journey to riches.
"If you wanna make even more money," he said in the video, "you have to be good at something. Being good at something takes time. When you're great, people recognize your greatness, and they want to pay you more."
The key to wealth is to become so good at something that you can start your own business, putting in sweat equity to grow slowly. "Cash still matters," Cuban said. "The best businesses are started with sweat equity. Just start as small and tiny and basic as you can by selling your time, selling that smartness you have to your potential customers."
Cuban Overcame Loss To Become Rich
He concluded with an inspirational story of how he sold his first business, MicroSolutions, for $6 million. He had spent years learning how to write software, but got fired from his job.
He approached a potential customer and asked for the cash upfront to develop the software they needed, promising to pay them back in sweat equity if the software didn't work. "I will walk your dog, wash your car," he recalled saying in the video.
If it did work, he said, he wanted them to provide him with referrals to other customers. "That was the start of MicroSolutions," he said. "I went from being fired but having a great skill that took me a long time to learn and turned it into a company that I sold for $6 million."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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