Title image by Kris Krüg
Although many individuals see being frugal as being a negative thing, it teaches you responsibility and discipline, while allowing you to save for dreams and things that really matter. Cuban emphasizes that owning a fancy car and expensive clothes is really not that important.
Don’t Accrue Debt
Cuban emphasizes that the best way to invest in your financial future is not necessarily by investing in the markets, but rather not accruing debt. Pay off all debt and don’t let it accumulate – this includes credit cards.Is that car title loan taking all your monthly extra money? Maybe you should consider switching to a smaller car or, as beforementioned, consider having no car at all until your financial situation has improved.
Accumulate Experience and Knowledge
Cuban has highlighted how each and every job he had helped him learn something new, not only regarding skills, but self knowledge. Jobs should help lead you to your goals in life ideally, not just be a way to pay the bills.
Control Your Investments
While financial advisors are great, personally knowing what you invest in is imperative. Cuban mentions the “information advantage” that is inherent in investing in only what you know.
Use Money as a Tool
Money should not be the end goal, happiness should. Not losing sight of that, while using money as a tool to give back, will keep you in good health beyond financial metrics.