‘Shark Tank’ Star Mark Cuban Says You Have To Do This If You Want to Be Rich
Mark Cuban of Shark Tank is renowned for his strong work ethic and wise business sense. Earning billions (with a “b”) over the years in the tech space, the Shark Tank star built his empire from scratch.
Beginning his business journey with barely anything in his bank account, Cuban lived well beneath his means for years. The NBA team owner advises those looking to amass their wealth to adopt this discipline.
Mark Cuban maintained a 24/7 schedule when building his business
The NBA team owner practices what he preaches when it comes to working hard. When starting out in the tech industry, Cuban educated himself at every opportunity.
“I was relentless in learning new tech as it came out,” Cuban told Entrepreneur in 2012. “If it had anything to do with the PC or networking industry I was on top of it. I bought manuals. I read every book and magazine. Then I would get involved with industry conferences and put myself out there.”
The Shark Tank star’s dedication paid off big time, where he sold his first company, MicroSolutions, to CompuServe in 1990 for $6 million. The profit was well-earned, where Cuban had sacrificed many personal luxuries and even relationships.
“I started MicroSolutions in 1983 and I went seven years without a vacation,” Cuban revealed, according to Making It. “It was just boom, boom, boom, boom, boom. I went through girlfriends (who threatened) — ‘It is your business or me.’ And I was like — ‘What is your name again?’ It was just non-stop.”
‘Shark Tank’ star says you have to save
Sharing advice on his weblog “Blog Maverick,” Cuban shares some words of wisdom for those aspiring to make big bucks. The Shark Tank star recalled some leaner times when his diet consisted of few options.
“I’m certainly not going to lie and say it is not a whole lot better having lots of money,” Cuban wrote. “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.”
Cuban emphasizes the importance of avoiding credit cards and saving money, suggesting to always go the cheaper route even on small expenses.
“Save your money,” the reality star advised. “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 don’t 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.”
Cuban believes ‘anything is possible’
While many may view Cuban’s success story as extremely rare, the billionaire credits hard work and ingenuity that earned him his financial status. Starting at the young age of 12, Cuban began his own business selling garbage bags door to door when he realized he could net a profit.
“I’ll never forget, they were those thin blue things,” Cuban told Dave Ramsey in an interview. “[My father’s friend] charged me $3, I sold them for $6. . . Everybody needs garbage bags, so I learned to fill a need and I learned to problem solve.”
Bitten by the entrepreneurial bug, Cuban went on to launching countless business ventures. The tech guru insists the same good fortune could be earned by anyone willing to put in the time, work, and sacrifice.
“I say it to Maverick players and I say it to everybody in business,” Cuban explained. “The one thing in life you can control is your effort. If you are willing to put in the effort to start the business and you are willing to deal with the challenges and the fact you might starve or live like a student . . . If you are willing to fight through those via effort and brain power, anything is possible. There is no reason it can’t be you.”