Doug Allen, author of "Million Dollar Profits" gives his take on what Cuban has to say about becoming rich. The most interesting part of Cuban's philosophy is that people need to follow their passion.
When you follow your passion, almost to the point of obsession, then opportunities will open up. This is like the saying, "Success comes when 10,000 hours of preparation meet one moment of opportunity."
------------------------------------------
How to Get Rich by Mark Cuban
Thats what so many want. Right ? I’m certainly not going to lie and say it is not a whole lot better having lots of money. I had a whole lot of fun and loved my life when I was eating mustard and ketchup sandwiches and sleeping on the floor of a 3 bedroom apartment that housed me and 5 buddies.
I have a whole lot more fun now. It doesn’t suck to be rich.
The question everyone wants answered, is how to get there. There are ways to get there. But there is not a template that works every time for everyone. It works sometimes. Getting there requires being ready when opportunity presents itself.
IMHO, change and uncertainty create opportunity. Times like we are facing now, with complete financial uncertainty are perfect times to start on the road to getting ahead financially.
First, here is WHAT NOT TO DO:
There are no shortcuts. NONE. With all of this craziness in the stock and financial markets, there will be scams popping up left and right. The less money you have, the more likely someone will come at you with some scheme . The schemes will guarantee returns, use multi level marketing, or be something crazy that is now “backed by the US Government”. Please ignore them. Always remember this. If a deal is a great deal, they aren’t going to share it with you.
I dont broadcast my great deals. I keep them all to myself. The 2nd thing to remember is that if the person selling the deal was so smart, they would be rich beyond rich rather than trolling the streets looking to turn you into a sucker. There are no shortcuts.
So what should you do to get rich ?
Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonalds, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you dont 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 ?
If you can, you will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich. Yeah 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 arent saving for retirement. You are saving for the moment you need cash. Buy and hold is a suckers game for you. This market is a perfect example. Right at the very moment when cash creates unbelievable opportunity, those who followed the buy and hold strategy have no cash. they cant or wont sell into markets this low, that kills the entire point of buy and hold. Those who have put their money in CDs sleep well at night and definitely have more money today than they did yesterday. And because they are smart, disciplined shoppers, their personal rate of inflation is within their means. Cash is king for those wanting to get rich
The 2nd rule for getting rich is getting smart. Investing your time in yourself and becoming knowledgeable about the business of something you really love to do
It doesn’t matter what it is. Whatever your hobbies, interests, passions are. Find the one you love the best and GET A JOB in the business that supports it.
It could be as a clerk, a salesperson, whatever you can find. 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.
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.
This is not a short term project. 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
Now you wait for times of uncertainty and change in your business. The time will come. It may come quickly, it may take years and years. But it will come. The nature of our country’s business infrastructure is that it is destined to be boom and bust. Booms are when the smart people sell. Busts are when rich people started on their path to wealth.
You will know when that time is here for you because you will know your business inside and out. You will be ready because you will have been saving up for this moment in time
With all the change and uncertainty in the financial markets, there are people right now making more money than they ever dreamed of. They are the ones who have been living the real estate market and the financing behind it and understanding what actually what was going on. They re the one who understood the complexities of the credit markets. When everyone was following the crowd, they kept on saving their money and avoiding the temptation of groupthink.
Boom and busts happen to every industry. The question is whether you have the discipline to be ready when it happens for you ?
If you do, you will find out what it feels like to get lucky.
-----------------------------------------------------
Another interesting point is that Mark Cuban begins by talking about what NOT to do.
Like he says, if a deal is a great deal, they're not going to share it with you. If more people would realize this they would save a lot of time and money.
Now here are 5 more ways guaranteed to help anybody get rich!
-----------------------------------------
Despite what dozens of personal financial wizards and experts say, get rich schemes DO work.
Usually for the person running the get-rich scheme.
The guy who is at the top of the pyramid marketing scheme does ok.
The gal who is running the Ponzi scheme gets rich quick.
The internet marketer who teaches you how to internet market to people who want to learn how to internet market also gets a few bucks the easy way.
But there are other ways you can make money quickly and easily.
1. Be pretty
Studies have shown that pretty people make more money. Pretty people can network easily, too. But that’s not even what I’m talking about. The television and movies and music biz are full of pretty–yet so-so talented–people, who make big bucks.
Studies have shown that pretty people make more money. Pretty people can network easily, too. But that’s not even what I’m talking about. The television and movies and music biz are full of pretty–yet so-so talented–people, who make big bucks.
2. Marry rich
See number 1.
See number 1.
3. Be stupid
Stupid people and stupid organizations get bailed out. How many dumb CEOs out there have been able to turn their idiocy into a wave of government checks? Many. Same deal with dopes who bought houses that were too big and too expensive.
Stupid people and stupid organizations get bailed out. How many dumb CEOs out there have been able to turn their idiocy into a wave of government checks? Many. Same deal with dopes who bought houses that were too big and too expensive.
4. Grab your 15 minutes of fame
This often relates to Get-Rich-Quick method 3. But, grabbing a few minutes of fame by doing something completely idiotic and turning it into a few bucks is pretty easy. Heck, you might even turn it into a career.
This often relates to Get-Rich-Quick method 3. But, grabbing a few minutes of fame by doing something completely idiotic and turning it into a few bucks is pretty easy. Heck, you might even turn it into a career.
5. Become a politician
Politicians can go from Joe and Joe Ellen Ordinaries with good ideas and swell ideals to power-hungry thugs who control trillions of dollars. They also get nice perks, like good health care and free lunches on flag day.
Politicians can go from Joe and Joe Ellen Ordinaries with good ideas and swell ideals to power-hungry thugs who control trillions of dollars. They also get nice perks, like good health care and free lunches on flag day.
Did I forget any? If I did, please add your favorite sure-fire get rich quick scheme.
=========================
So there you have it. 5 ways almost guaranteed to make you rich beyond your wildest dreams. In fact, some people have combined all five ways and have become super rich!!!
