Financial literacy is a problem in recent times as a lot of people think it can be gotten from the four walls of a school. I think it is best gotten informally.
Mark Cuban happens to be a popular name in terms of the richest people in the world. I managed to have heard his name from talks regarding bitcoin and also a show on tik tok where he offers small companies money for a part of their company.
So a few days ago, while scrolling on Tik Tok I stumbled on something interesting from Mark Cuban. He was talking about his 9 tips to getting rich.
In this post, I will be giving a summary of his 9 tips.
Live like a student
It is normal to want to upgrade when you hit that first job. I know this for a fact because when I started my job, I changed my diet and my type of clothing. Looking back now, I think if you need to accumulate wealth very fast, you need to live minimally.
Don't get that car yet. Just live like you never had a job. Live on the basic needs.
Don't use credit cards.
Well, in my country credit cards are not so common. However, people buy things and promise to pay later. What Mark is trying to say is there is no room for debts.
Nobody ever gets rich by having a lot of debts. Although I have heard men like Robert Kiyosaki say things like rich people use their debt to make more money for themselves.
Save up 6 months income.
So sad that I didn't do this with my job but this is something you want to do. Its important to have a reservoir of income. This is more like an emergency fund.
Never live your life without an emergency fund. I mean what if you want to move from a particular place? what if you get sick or something comes up?
You need an emergency fund.
Put the savings into the cheapest standard and poor index fund
I was able to know about this by reading the book the intelligent investor and I found a way to invest in the S&P 500 using the $VOO ETFs on Bamboo app. If you are in Nigeria, you can use Trove , Bamboo and Rise to access the S&P. In the US, Fidelity investments , Charles Schwab's is the main choice. He also says that if you are a bit adventurous, you can put 10% of the savings into #BTC, #ETH or any cryptocurrency of your choice but when you do this, think of it as if it has gone. Well, I rather diversify the 10% on various crypto with Hive having the most part of the 10%
Buy a lot of things you need when they are on discount.
He says that whenever you see something you need on a discount, get your hands on them and buy a lot. He claims that it is a form of investment in which you get your ROI immediately as there is a high chance that the price is going to shoot up. For example, if you see a toothpaste that is going at a 50% discount, you could buy the amount of toothpaste you need for two years. This will save you a lot of money as they are your needs and will never go to waste.
Negotiate using cash.
He also claims that negotiating using cash is a way of investing money. For example, you go to a gym and they ask for 30$ and you tell them you have 20$. He claims that they will most likely take the offer.
He claims that reading book can give ideas and if a 30$ book could get him an idea that will propel his life, then it was a nice bargain. I can particularly testify to this. Reading is so underrated. You give a person a book to read and they tell you if they are meant to complete the book. Funny enough, the book is what they need to succeed.
He says running a company is not easy and if you are going to be rich, you have to be empathetic . After which you have to work hard.
Well, that's all for now. If you enjoyed the post, please if you found this helpful, please upvote and leave a comment.
Thank you for reading.
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