Mark Cuban is the billionaire owner of the Dallas Mavericks basketball team.
Michael Tran / Stringer / Getty Images
How to get rich.
So many want that. To the right? I am certainly not going to lie and say that having a lot of money is not much better. I had a lot of fun and loved my life eating mustard and ketchup sandwiches and sleeping on the floor of a three bedroom apartment that housed me and five pals.
I have a lot more fun now. It doesn’t suck to be rich.
The question everyone wants answered is how to get there. There are ways to get there. But there is no one template that works for everyone every time. It works sometimes. To get there you have to be ready when the opportunity presents itself.
Change and uncertainty create opportunities. Times as we are now experiencing total financial uncertainty are perfect times to begin the path to financial progress.
First, here’s what not to do:
There are no shortcuts. NONE. With all this craziness in the stock and financial markets, there will be scams left and right. The less money you have, the more likely someone will come up to you with a plan. The programs will guarantee returns, use multilevel marketing, or be something crazy that is now “government sponsored”. Please ignore them. Always keep that in mind. If a business is great business, 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 were this smart, they would be rich instead of being rich instead of trolling the streets to turn you into a sucker . There are no shortcuts.
So what do you do to get rich?
Save your money. Save as much money as possible. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat mac and cheese. Cut up your credit cards. If you use a credit card, you don’t want to get rich. The first step in getting rich requires discipline. If you really want to get rich, you have to find the discipline. Can you?
If you can, you will quickly find that your personal expenses are getting the greatest return on investment. Being a smart shopper is the first step in getting rich. Yes, you have to give up things and that doesn’t work for everyone, especially if you have a family. That is reality. But whatever you can save, save it. As much as possible. Then put it on the bench in six-month CDs.
Billionaire Mark Cuban is one of the sharks in ABC’s “Shark Tank”.
“Shark Armor” / ABC
The first step in getting rich is to have cash on hand. You’re not saving for retirement. You save for the moment you need cash. Buying and holding is a sucker for you. This market is a perfect example. Right at the moment when cash opens up incredible opportunities, those who have followed the buy-and-hold strategy are running out of cash. You may or may not sell in such low markets – that kills the whole point of buy and hold. Anyone who has put their money into CDs sleeps well at night and definitely has more money today than yesterday. And because they are smart, disciplined buyers, their personal inflation rate is well within their means. Cash is king for those who want to get rich.
The second rule to getting rich is getting smart. Invest your time in yourself and get to know the business of something you really enjoy doing
It doesn’t matter what it is. Whatever your hobbies, interests and passions. Find the one you like best and find a job in the business that will support them.
It could be a clerk, a salesman, whatever you can find. You have to start learning the business somewhere. Instead of paying to go to school somewhere, you are paid to study. It might not be the perfect job, but there is no perfect way to get rich.
Read everything there is to read about business before or after work and on the weekend – every day -. Go to trade shows, read the trade magazines, and spend a lot of time talking to the people you do business with about their business and the people they shop from.
This is not a short term project. We’re not talking about days. We don’t talk about months. We talk for years. Many years and maybe decades. I didn’t say this was a get rich quick scheme. This is a way to get rich.
There is no perfect way to get rich.
Pedro Ribeiro Simões / Flickr
Now you are waiting for times of uncertainty and change in your business. The time will come. It can come quickly – it can take years and years. But it will come. The business infrastructure of our country is by nature designed for boom and bust. Booms are when the smart people sell. Busts are when rich people started their path to wealth.
You will know when that time is there for you because you know your business inside and out. You will be ready because you have saved for this moment.
With all the change and uncertainty in the financial markets, there are people who are currently making more money than they ever dreamed of. It is they who lived the real estate market and the financing behind it and understood what was actually going on. You understand the complexities of credit markets. As everyone followed the crowd, they continued to save their money and avoid the temptation of groupthink.
Boom and bust happen in every industry. The question is, do you have the discipline to be ready when it happens for you.
If you do, you will find out what it feels like to be lucky.
You can find more information about happiness here.