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Shark Tank alum Mark Cuban has a net worth of approximately $6 billion, so it's safe to assume he knows a thing or two about how to build real wealth. However, his early lifestyle didn't resemble that of a wealthy investor.
His core rules, which he often recounts in public interviews, give some insight into how he made his way to billionaire status. Some of these thrifty habits, which you can adopt on any income, may teach and surprise you.
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Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.
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Live like a student, even after you graduate
Cuban's famous "live like a student" mantra reflects how he lived when he was in school. He's notable for sharing low-cost housing with roommates and sticking to a bare-bones budget. He also has ideas for simple swaps that save real dollars. "Instead of coffee, drink water. Instead of going to McDonalds, eat Mac and Cheese."
Even if you're long out of college, you can still apply this basic concept of making cheaper choices. Treat every unnecessary expense as a shrinking future opportunity, not just your bank balance.
Crush high-interest debt before you invest
Even with some stocks skyrocketing and promising high returns, Cuban thinks you should focus on high-interest debt first. "The best investment you can make is paying off your credit cards. Paying off whatever debt you have."
His thought process goes like this: Credit cards charge between 15%-20% (or more) interest annually on top of what you originally borrowed. Paying them down gives you an immediate 15%-20% return, something you'll be hard-pressed to see in the stock market.
Treat credit cards as a wealth trap
Cuban doesn't just want you to pay down credit cards. He actually goes further by saying, "Credit cards are the worst investment you can make," and "If you use a credit card, you don't want to be rich."
If you can't pay your balance in full each month, you're accepting negative returns instead of earning interest on your money. It's plainly an anti-wealth move that doesn't work for most people.
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Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out. It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan.
That is exactly what The Definitive Guide to Retirement Income helps answer.1 <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn More Here ›
Fight lifestyle creep every time your income rises
Most people think that if they could just earn more money, they wouldn't struggle with bills. But Cuban warns against lifestyle creep, where every time you get a raise, you spend more money to match it. The result is no more extra cash than what you had before.
Remember his advice to live like a college student? Cuban himself admits that when he started making more money, he moved up from sleeping on a beer-stained floor to a gross sofa. While your trajectory may not look quite like this, his advice to not spend everything you make still rings true.
Practice smart frugality
One of the more surprising investment tips Cuban even made was around pantry staples. In a Forbes interview, when asked how to invest $100,000, he replied with, "Saving 30% to 50% buying in bulk--replenishable items from toothpaste to soup, or whatever I use a lot of--is the best guaranteed return on investment you can get anywhere."
Your shopping list may not include soup, but you get the idea. Things that you'll need and could go up in price may be worth stocking up on at a discount.
Invest in yourself and what you love
Cuban claims one rule of getting rich is to get smart. He believes that the highest return most people will earn comes from investing in their own passions, skills, and knowledge. While college makes sense for some, others may get along by getting a job in a business that supports their interests.
"It could be as a clerk, a salesperson, whatever you can find. You have to start learning the business somewhere." It doesn't have to be perfect, since there is no perfect path to getting rich.
Use humbling experiences for good
Cuban also admits that, when building wealth from nothing, you'll likely have to struggle, and he encourages anyone wanting to be rich to consider their simple beginnings.
Future wealth builders could actually benefit from "Coming home and having the lights turned off because you couldn't afford to pay the bills." He says it doesn't have to be a bad thing and could be the motivation needed for meaningful change. Just be sure to learn from what didn't work so you can do better next time.
Bottom line
Whether you're just starting out or have been building wealth for a while, Cuban's financial fitness advice can work for anyone. Skipping your favorite coffee drink may not seem like fun, especially if you're used to living a bit outside your means or on credit cards.
But his principles aren't about deprivation; they're about creating margin. A few small sacrifices now can create room in the budget for debt repayment, smart investments, and eventually big money moves that change your life.
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- Make these 7 savvy moves when you have $1,000 in the bank.
- 14 moves seniors could benefit from but often forget about.
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