Five Tips to Be Successful and Avoid Debt, According to Mark Cuban
Ever wonder how a millionaire got to where he is? Ever wonder what successful businessmen like Mark Cuban do to stay refreshed and continue to move forward with businesses? Here are some of the best tips that the entrepreneur and "Shark Tank" host does.
1. Be Prepared
Mark Cuban notes that everyone has an idea and some are really good. However, an idea is something that needs time to get worked on. There needs to be an idea on how money is going to be made and of course, there need to be sales. For Cuban, preparedness is crucial and if it is lacking, success will also falter.
2. Keep money available for investment
Most millionaires and billionaires continuously spend money trying to beat inflation or the market. However, Cuban has repeatedly been successful when he waits until somebody does something stupid and tries to pounce. This is how he maintains his fortune and continues to make great deals that are successful.
3. Find Solutions
For most people it is hard to get out of a situation because they can not find a real solution to the problem. However, for Cuban the only way to improve and to really get ahead is learning how to find the best solution based on the situation that you are in.
4. Don't take Debt
Taking on debt seems like the only way to go to college or to start a business these days. However, Cuban says that the minute you take on a huge debt, your flexibility will be lost and you will no longer be able to do what you want. He also notes that you will be forced to do a job that is undesirable or uninteresting to you.
5. Don't do sports
Cuban, who owns the Dallas Mavericks, was asked about doing sports for a living. His response was to do a real job. Although he has made a living from owning the sports team, he recognizes how difficult it is to own the company and work in sports.