When it comes to building wealth, you will need to consider what you are doing with your money today. If you want to follow someone’s advice on this, then Mark Cuban is definitely who you should listen to on this matter. This is why we have created a list of five of the top things that Cuban says about how to use your money.
- If you use Credit cards pay them off on time
There is no arguing that credit cards can have a benefit, but that benefit only comes if you pay them off on time. That is after 30 Days. Cards that are not paid off on time will start adding interest and thus, you will quickly begin losing money instead of saving it.
- Pay off your Debts
Cuban is a strong advocate that you should pay off all of your debts before beginning your other investments. This is because those debts can have high-interest rates which make your debts increase over time. Therefore, pay off the debts and then go into investments with your full might.
- Don’t use Bank Loans
Avoiding debt is something that Cuban talks about a lot and that is because of the high-interest rates. If you have loans, you are also not the boss anymore, which is why it is better to move forward using your own money.
- Money and Time
If your money can buy you time then you should use it to do so. By buying yourself the time you can do a lot more and thus, earn more money in return. Therefore, make sure that the money you spent on time is a worthy investment.
- Refinance Debt
If you have debt then you should always try to refinance it when the interest rates are low. This will help you save money on all of the debts you have.
