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And its safe to say hes learned a few things.
Here are Mark Cubans top eighttips thatll save you from financial disaster.
But times change and so does advice.
Cuban thinks everyone needs to be prepared for the unexpected.
Invest In Your Future, Not Your Present
Cubans success didnt come from splurging on luxuries.
Live as cheaply as possible.
You dont need fancy lunches, a luxe car or a spendy apartment.
Keep those living costs low and invest in yourself instead.
Look for big-ticket items you might reduce and comb through your entire budget for potential savings.
For instance, did you know the average American spends $348 per year on unused subscriptions?
Cuban would probably advise you to cut out those unnecessary expenses and redirect that money towards your future goals.
The thought behind this is: High interest rates add up and are a recipe for debt.
If you must use credit cards, treat them like cash.
A good way to save money?
Go to community college for your first year or two of college.
The first couple of years of college are often dominated by prerequisite courses andgeneral education requirements.
These classes are typically similar across institutions but are much cheaper at a community college.
He believes that using cash creates natural negotiating opportunities, especially when paying for services.
Invest in Books
Cuban is all about learning and he sees books as an excellent investment.
Reading, whether fiction or non-fiction, makes you a more well-rounded, savvy and empathetic person.
So next time youre considering a purchase, maybe grab a book instead.
Save Strategically
Cuban thinks about savings in different buckets.
For these non-specific savings, Cuban suggested usingshort-term savings toolsthat offer easy access when needed.
Dont Splurge on Windfalls
Tax refund burning a hole in your pocket?
Bonus check making your wallet bulge?
Cuban said: pump the brakes.
Instead of going on a shopping spree, use that cash to turbocharge your financial goals.
Pay down debt, beef up your savings or invest in your future.
Your future self will thank you.
Consistency Is Key
Cubans money mantra isnt rocket science.
Live below your means, save like you mean it and always be learning.
Will it make you a billionaire overnight?
But it might just help you build a financial foundation that can weather any storm.
Remember, this is the guy who turned agarbage bag sales giginto a billion-dollar empire.
If he can do that, imagine what you could do with these tips in your back pocket.
So why not give em a shot?
Your bank account might just do a happy dance.
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