When it comes to money, Mark Cuban has a lot to say and most of it is quite genius. This is why we have compiled a list of our five favorite pieces of advice that Cuban has given.
- Save 6 Months of Income
Cuban has repeatedly expressed his support for having 6 months of income in savings. This will act as your emergency buffer with which you can cover your expenses if something stops you from having a regular income.
- Don’t make investments you don’t understand
Many people will jump into investments that they are not in a position to understand. However, Cuban is a strong advocate that if you aren’t sure about the risks of an investment then it is much better if you do nothing.
- Don’t invest more than 10% in Risky Investments
Investments will have varying levels of risk. When it comes to risky investments you should never invest more than 10% as you are likely to lose that money. 10% will usually be something you can afford to pretend you have already lost even if the investment doesn’t go as you planned.
- Shop Smart
When it comes to spending you should always try to find the best deals and discounts and not just spend your money on the spot. This will help you get much more value out of the money you are spending.
- Don’t spend your money on the first few years of college
Cuban has repeatedly said that when choosing a college for your freshman and even sophomore year you should try getting to a college that is not too expensive. In that way, you can get the knowledge you want without spending too much money and move to a better school for your final two years.
