Shark Tank Mark Cuban appeared as a guest in October 2017 on the Vanity Fair channel on YouTube to give “9 tips for getting rich”, among them is buying 10% of the capital in bitcoin and ethereum.
Star of the Shark Tank program and owner of an NBA basketball team, billionaire Mark Cuban is still investing in cryptocurrencies. Proof of this is its Ethereum wallet that was exposed on Twitter including several DeFi tokens.
Although he has criticized bitcoin on other occasions, his tip has proved a good deal over time. From the date of its recommendation to today, bitcoin has appreciated in dollars 515% and ethereum 332%.
After that huge rise that started in late 2020, Cuban took to Twitter on January 11 to compare the cryptocurrency market with the internet bubble of the 2000s.
Although many people see him as a severe critic of Bitcoin, the billionaire’s focus seems to be on alerting the risks of a volatile market to beginners looking to “get rich quickly”.
“Along the way (from this bubble), many fortunes will be made and lost and we will find out who has the stomach for HODL and who doesn’t. My advice? Learn how to hedge. ”, tweeted.
In the video where he recommends investing 10% in bitcoin and ethereum, Cuban says that this tip is only for “true adventurers”, people with an appetite for risk. Even optimistic, he says that if you choose to allocate in crypto, you must “pretend you already lost your money”. After comparing with collectibles like art or baseball cards, Cuban points out that he would limit the investment to 10% of the portfolio.
But the video is not just about investment suggestions, because in fact the billionaire has good and perennial tips on saving and saving more money.
See Mark Cuban’s other tips
For the billionaire, being rich is always relative and what you can do is try to put yourself in the best position to become successful. And the first thing you should do is to never stop learning new things.
Live like a student
After getting your first job, it is common to settle down and adjust your standard of living to that salary. But you will hardly get rich if you stop there.
You shouldn’t use credit cards
It is where most Brazilians accumulate their debts. According to Cuban, it is recommended to always use debit cards or pay everything with physical money.
Accumulate 6 months of salary
“If you don’t like your job at any time, or you get fired. Maybe you have to move, or something goes wrong, you will need at least six months of income, ”he said. This is what financial educators commonly call an emergency reserve. Add yours.
Save on investment funds
When researching emergency reserves, the most common suggestion is to invest in a fixed income with daily liquidity. For Cuban, however, the cheapest investment fund that follows the SPX index would be his first option.
Buy consumables wholesale or on promotions
The billionaire explains that getting good returns on common investments is difficult, but taking advantage of promotions can be simple and saves you a considerable percentage of money.
Maybe you buy toothpaste every month, for example. You would do better to buy two years of toothpaste when you see a 50% promotion, it is like an immediate return on investment and you still protect yourself from the risk of inflation.
There is no escape from buying consumables, you need them and chances say your prices will continue to rise over time. If you can’t find good deals at the regular supermarket, make a big purchase at a wholesale.
Trade using money
According to Cuban, it is very common for sellers to accept lower amounts if you pay in cash. You can save small quantities to be ready to negotiate any purchase. “Trading with cash is a much better way to get a return on your investment,” he said.
For a very low cost, a book can give you specific knowledge or a different understanding of something that can change your life. “If I spend $ 30 to get an idea that helps to boost me, improving my business, it was a bargain.”
Do you know when you praise someone’s work or want them to have a good day? According to Cuban, when you are nice to people you have more results around you. The only thing you can control is how you strive to achieve your goals. “Work hard”.
Watch the full video below: