Mark Cuban’s 9 Rules for Getting Rich

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However, though he may suffer from wealth bias, self-made entrepreneur, money expert and “Shark Tank” star Mark Cuban said getting rich is all relative. He said there are certain things you need to do to put yourself in a position to get rich.If you’re curious, here are Cuban’s nine rules for getting rich.When you get your first cool job that pays well, it’s not unusual to want to spend more money. In the early years of his career, Cuban recalled seeing cool cars he wanted but “fortunately” continuing to keep driving his old car.Those who live like students can avoid living beyond their means. They avoid lifestyle creep, which is defined as spending that increases as your income rises. Make money moves like Cuban by driving a reliable old vehicle instead of spending all your money buying a new car. Living like a student allows you to put your money toward reaching your short- and long-term financial goals.Check Out: Mark Cuban Warns 4 Key Industries Could Crumble in the Next Recession Read Next: 6 Things You Must Do When Your Savings Reach $50,000Cuban personally recalled using credit cards to the point where he was being called by debt collectors. If you can’t use cash, it’s better to use a debit card to keep from accruing any credit card debt.Generally, the rule of thumb for an emergency fund is to set aside three to six months’ worth of savings. However, Cuban recommends erring on the side of saving more money than less money.No matter what happens in your current line of employment — whether you experience a layoff or decide to quit your job — Cuban said you will need at least six months’ worth of income saved up.SPX, if you don’t know what it means, refers to the S&P 500 index. If you’ve made every money move listed so far, Cuban recommends putting some of your savings into the cheapest SPX mutual fund you can find.If you’re a true adventurer, Cuban said you might take 10% of your money and put it into a high-risk investment.However, Cuban added that those who invest in high-risk investments need to pretend they already lost their money. This is why Cuban limits the amount to 10%.“It’s like collecting art or baseball cards… something’s worth what somebody else will pay,” said Cuban.Stock up if you see a sale on everyday necessities. Cuban used the example of a sale on toothpaste, which is something we all use regularly every day. If you see a 50% sale on toothpaste, Cuban said you’re better off buying two years’ worth of toothpaste because it’s an immediate return on your money.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,837.75 -71.76 (-1.04%)Dow 3048,804.06 -821.91 (-1.66%)Nasdaq22,627.27 -258.79 (-1.13%)Russell 20002,620.99 -42.79 (-1.61%)VIX21.01 +1.92 (+10.06%)Gold5,250.30 +169.40 (+3.33%)Trending tickersBTC-USD Bitcoin USD 64,557.32 -2,907.19 (-4.31%)IBM International Business Machines Corporation 223.35 -33.81 (-13.15%)NVO Novo Nordisk A/S 39.63 -7.79 (-16.43%)PYPL PayPal Holdings, Inc. 44.05 +2.40 (+5.76%)V Visa Inc. 306.52 -14.43 (-4.50%)PortfolioSign in to access your portfolioSign inTop gainersACLX Arcellx, Inc. 113.75 +49.64 (+77.43%)IBRX ImmunityBio, Inc. 9.83 +1.13 (+12.99%)VRE Veris Residential, Inc. 18.81 +2.04 (+12.16%)VKTX Viking Therapeutics, Inc. 34.46 +3.43 (+11.05%)USAR USA Rare Earth, Inc. 18.79 +1.56 (+9.05%)Top losersNVO Novo Nordisk A/S 39.63 -7.79 (-16.43%)BLLN BillionToOne, Inc. 72.10 -13.32 (-15.59%)IBM International Business Machines Corporation 223.35 -33.81 (-13.15%)RNG RingCentral, Inc. 34.58 -4.92 (-12.46%)STEP StepStone Group Inc. 43.94 -6.13 (-12.24%)Most activeNVDA NVIDIA Corporation 191.55 +1.73 (+0.91%)NVO Novo Nordisk A/S 39.63 -7.79 (-16.43%)IBRX ImmunityBio, Inc. 9.83 +1.13 (+12.99%)SOFI SoFi Technologies, Inc. 18.22 -0.80 (-4.21%)PYPL PayPal Holdings, Inc. 44.05 +2.40 (+5.76%)Top economic eventsEarnings eventsMy earnings eventsEarnings events