Shark Tank billionaire Mark Cuban reveals his top tips for getting WEALTHY – after clawing his way out of poverty to build a $5.1 BILLION fortune

Everyone wants to get rich, but not everyone knows how – and that’s where billionaire Mark Cuban steps in.

The 65-year-old mogul, who is estimated to have a net worth of $5.1 billion, highlighted the six steps he took to become one of the most wealthy men in the world. Business Insider in 2015 – but his advice has returned to the forefront of discussion after it was reposted by MoneyWise.

According to the businessman, it is not as difficult as you might think to start building your wealth. In fact, he says you can achieve success by doing these simple things, like analyzing what you spend on and cutting out things you don’t really need, putting your savings in the right account, and knowing when the time is right to do something. to undertake. .

“I was having a lot of fun and loving my life eating mustard and ketchup sandwiches and sleeping on the floor of a three-bedroom apartment where I and five friends lived,” Mark told the outlet. “But I’m having a lot more fun now. It’s not bad to be rich.

“The question everyone wants answered is how to get there. There are ways to get there. But there is no template that always works for everyone. It sometimes works.

“To get there, you have to be ready when the opportunity arises. Change and uncertainty create opportunities.’

Growing up in Pittsburgh, Pennsylvania, Mark got his first job when he was just 12 years old because he wanted to buy an expensive pair of sneakers.

As a kid, he sold garbage bags, stamps, and coins, and delivered newspapers—and by the time high school came around, he decided to drop it altogether and go to the University of Pittsburgh.

He then graduated from Kelley School of Business in 1981 with a degree in management.

Shortly after college, he started his own software sales company called MicroSolutions, which earned over $30 million in revenue in less than a decade.

He then sold the brand to a subsidiary of H&R Block in 1990 for $6 million. He was also instrumental in founding Broadcast.com – one of the first online radio companies – which was acquired by Yahoo! for $5.7 billion in 1999.

In addition, Mark has owned the NBA’s Dallas Mavericks since 2000 and has appeared on ABC’s Shark Tank since season two.

He has become one of the leading investors and has made billions over the years – and now you can too if you follow his advice.

From why you should avoid credit cards and what to do with your savings, to which industry to look for a job in and how to tell if something is a scam, here are Mark’s six tips for getting rich.

Watch out for scams

According to Mark, there are no shortcuts when it comes to getting rich – so if someone tempts you with a quick and easy way to make money, it’s probably a scam.

“The less money you have, the more likely someone will come at you with some kind of plan,” he explained.

“The programs guarantee returns, use multi-level marketing, or are something crazy that is now “backed by the US government.” Please ignore them.

“Always remember this: if a deal is a lot, they won’t share it with you. I don’t broadcast my great offers. I keep them all to myself.’

“The second thing to remember is that if the person selling the deal was that smart, he’d be more than rich, instead of trolling the streets to make you a moron.”

Find a job you are passionate about

Mark explained that another key to making money is finding a job you really enjoy.

He explained that no one wants to work hard at something they are not passionate about, so “investing in yourself” and your career is an important step to becoming prosperous.

“Investing your time in yourself and gaining knowledge about something you love to do (is important),” he said.

‘It doesn’t matter what it is. Whatever your hobbies, interests and passions, find the one you love the most and get a job in the company that supports it.

“It could be a clerk, a salesman, whatever you can find. You have to learn the trade somewhere.’

He added that all jobs are an opportunity to “learn,” and even if it’s not “perfect,” remember that “there’s no perfect path to getting rich.”

Do extra work to learn as much as you can about the company you work for

Mark explained that it’s important to gain as much knowledge as possible about the field you’re in, even if it means doing some extra work.

“Before or after work and on weekends – read everything there is to read about the company (you’re in) every day,” he suggested.

“Go to trade shows, read the trade journals, and talk a lot to the people you do business with about their company and the people they buy from.”

He explained that getting rich is not a “short-term project” and that it often takes a lot of time and effort, adding, “I didn’t say this was a get-rich-quick plan. This is a path to get rich.”

Be disciplined and cut back on buying things you don’t really need

Mark explained that to be rich you must have “discipline.” He suggested analyzing where you spend your money and cutting back on luxuries you don’t actually need, since every penny counts.

Save as much money as possible. Every penny you can,” he said. ‘Drink water instead of coffee. Instead of going to McDonald’s, eat Mac and Cheese.

Getting rich requires discipline. If you can, you will soon find that you get the most return from your own personal expenses.’

The Shark Tank star added that “being a savvy shopper” is also key, and while it may be hard to give things up, it will pay off in the long run.

“Yes, you have to give up things and that doesn’t work for everyone, especially if you have a family, but that’s the reality,” he said. “Whatever you can salvage, keep it. As much as you can.’

Avoid credit cards and put your savings on CDs

The businessman added that people who want to get rich should avoid using credit cards and invest their money in the stock market or pension funds.

He emphasized: ‘The first step to getting rich is having cash available. Cash is king for those who want to get rich.’

He suggested putting your savings in an account with a six-month certificate of deposit — also known as a CD — meaning you can’t withdraw the money for six months, but you get a fixed amount of interest during that time.

“Those who put their money in CDs sleep well at night and certainly have more money today than they did yesterday,” he explained.

In addition, he said it is important to “understand what is actually going on and the complexities of the credit market” and to avoid “following the crowd.”

Wait for the right moment to make your move

Opportunities will always present themselves, according to the mogul, but the key is “being ready when the opportunity presents itself” and waiting for the right time to make the move.

“Wait for times of uncertainty and change in your business. The time will come,” he explained.

“It could come soon, it could take years and years. But it will come. The nature of our country’s business infrastructure is that it is destined for prosperity and failure.

Booms are when the smart people sell. Busts are when rich people started their path to wealth.

“Boom and busts occur in every industry. The question is do you have the discipline to be ready when it happens to you.”