Billionaire entrepreneur Mark Cuban had previously revealed in his Maverick blog simple day-to-day techniques that people need to follow to become rich. The tip was for people who fear investing in stock and crypto markets but want to grow wealth the traditional way. The blog titled “So what should you do to get rich?” walks through proven methods on how people made money with traditional ways and not investing in the markets.
Cuban pointed out that the first and foremost thing to make money without investing in stocks is to “save”. The Shark Tank host advised people to stop spending and start saving as much money as possible. The spending includes cutting down on coffee, having food at restaurants, and day-to-day activities that drain out money.
Here’s what Mark Cuban says you need to do if you want to be rich without investing in stocks. “Save your money. Save as much money as you possibly can. 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 be rich.”
The billionaire advised people to follow this financial guide and remain disciplined by not spending if they want to be rich. “The first step to getting rich requires discipline. If you want to be rich, you need to find the discipline,” he said in the Maverick blog.
Cuban added that the quickest returns do not come from stocks or cryptos, but come from personal savings instead. “You will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich,” he said.
How to Be Rich Without Investing in Cryptos? Mark Cuban Explains
The second step after saving and accumulating money, as per Cuban, is to keep it in a CD for 6 months in the bank. The entrepreneur explained that those who keep a bank CD sleep well at night compared to market investors.
“Those who have put their money in CDs sleep well at night and definitely have more money today than they did yesterday. And because they are smart, disciplined shoppers, their personal rate of inflation is within their means. Cash is king for those wanting to get rich,” he said.
In conclusion, if you feel stocks and cryptos are risky, the next option to get rich quickly is disciplined savings. Eventually, over time, people will realize they have way too much money if they cut down on day-to-day spending.