Ever wondered what sets the wealthy elite like Mark Cuban apart from the rest? It’s not only hard work and luck. A combination of good habits and practical strategies propelled them to success.
Here, we dive into the habits that helped Mark Cuban accumulate immense wealth, based on an exclusive interview with Valuetainment. Although most people aren’t destined to become billionaires, you can still amass enough wealth to live a happy and fulfilling life. Use this list as a reminder of how you should consider living your life to reach peak happiness.
1. Don’t Do a Lot of Meetings to Save Time
Despite Mark Cuban’s busy schedule, he avoids unnecessary meetings. During an exclusive interview, he shared that he prefers to receive all notifications via email and text. This way, he’s not slowed down by unnecessary meetings.
If billionaires like Cuban believe most meetings are unnecessary, the odds are that most of your meetings can be replaced with a simple email or text. Instead, use this extra time to do activities that help you build more wealth.
2. You Can Learn Business at a Young Age
Cuban mentioned that he started selling baseball cards as a kid. Similar to entrepreneurs like Gary Vaynerchuck, working hard is essential, even at a young age. Forget about the theory that rich people are “lucky” to have millions.
Although luck does play a role to an extent, wealthy people get luckier the harder they work.
3. Learn to Do the Work
It’s easy to fantasize about building a business or amassing wealth. The idea of vacationing at an exotic location or driving a nice sports car is enough to get many people motivated.
However, Cuban states that most people fail when they stop doing the work. Many online businesses are easier to start than ever, but they’re just as challenging. For example, don’t expect to start a T-shirt brand and make hundreds of sales the next day.
4. Learn More About Your Industry Than Anyone Else
For people not familiar with Mark Cuban’s background, it’s easy to assume he got lucky with how he built his wealth. However, Mark mentions that you can outsmart your competitors by knowing your industry and customers better.
Although this may sound like a stretch, it is essential to understand your market or financial goals as much as possible. Otherwise, you’re hoping to be successful at best. For example, study investments thoroughly to build wealth here, or know your industry well if you’re building a business.
5. Success Isn’t Guaranteed
You can do everything right and still fail. Building wealth indeed has a luck factor. After all, it’s the real world. Unlike school, where students expect certain things based on their grades, the real world doesn’t owe us anything.
However, it’s not all bad news. Mark states that success isn’t guaranteed in business, but you can increase your odds by doing the right things. Apply this principle to any tasks you’re doing to build wealth. Your odds are much higher here than when you are playing the lottery.
6. Understand Your Skills
Self-awareness is key. It’s not enough to see others succeed and copy what they do. The truth is that if you’re not happy with what you do, you’ve already lost. Mark mentions that knowing your skills and where to use them is essential.
If you’re good at writing and know you can make money writing for online publications, you’re more likely to succeed than someone who can’t write well.
7. Be a Good Salesperson
There are many ways to build wealth. For example, you can invest your money in the stock market or real estate. However, many opt to start their own business. There’s no way around it: if you’re a business owner, you must know how to sell.
Even if you’re not running a business, you’re selling. Whether it’s selling your ideas or products, becoming good at selling can propel you to build large amounts of wealth.
8. You Don’t Need to Come from a Wealthy Family
Did Mark Cuban come from a wealthy family? Far from it. However, his supportive father taught him the value of working for what you want. Remove the idea that because you come from humble beginnings, your shot at building wealth is over.
Instead, focus on adopting a few of the habits on this list to increase your odds of changing your financial future forever.
9. Be Willing to Pay the Price
Do you want a Lamborghini or 100 employees? Be willing to pay the price. These are far-fetched dreams that may be tied to insecurity. However, wanting to be out of debt and have enough money to quit a job you hate are valid goals.
This may require you to wake up a few hours early for the next few months to build a side business that can allow you to escape the rat race. Most people won’t have the discipline to do this but will complain frequently. Mark recalls sleeping on couches and driving an old car to get by.
10. The Questions You Ask Matter
There isn’t such a thing as a bad question, right? According to Mark, this isn’t the case. Although asking questions is necessary for anyone to learn, asking thoughtless questions that clearly show you haven’t invested effort is not good. Many search helplessly online for the fastest way to build wealth or investments that will skyrocket in value.
The reality is that these questions show a lack of effort and patience. Instead, read books, listen to podcasts, and do. The best learning comes from doing. Save your money by not purchasing courses that promise you a fast ticket to making money.
11. Figure Out How to Put Yourself Out of Business
Mark advises you to put yourself out of business before your competitors do. Although this advice applies to entrepreneurs, it can be applied to anything in life. Without preparation, you’re preparing to fail.
For example, if you enjoy inventing, consider potential risks and hedge against them. If you work a corporate job, start a side hustle to prepare for a layoff.
12. Don’t Downplay Competitors
Never underestimate your competition. Mark states that people will take notice if you’re good at something. If anything, you will motivate your competitors to work harder. This translates to never letting go of the gas in whatever you do because competition never stops.
This doesn’t mean you should overwork yourself. However, if your business is doing well this year, don’t expect it to continue forever. Instead, continue to work smart, and don’t let your guard down.
13. Learn From Your First Customer to Repeat the Process
You can’t grow something big without growing something small first. Mark advises figuring out why your first sale was successful and repeating this process. Eventually, getting more sales will become easier.
Apply this concept to any part of your life. For example, if you land a promotion, figure out what you did right and continue to do more of it. Additionally, if you made a good investment, aim to understand why it was successful so that you can have more winning investments.
14. Learn How to Learn
According to Cuban, knowing how to learn is important, which is why he supports people going to school. However, you don’t need a degree to learn. Listening to podcasts, reading books, or watching free educational content is more than enough. If you’re always learning, imagine how many possibilities you have for building wealth.
15. Figure Out Ways to Save Because Not Everyone Has the Opportunity to Grow Their Money
Mark shared his beliefs about income inequality and the inability of low-income people to build wealth over time. Putting your hard-earned money in a low-interest savings account is not enough. Even savings accounts offering 5% interest don’t outpace inflation.
This is why it’s important to trim your expenses as low as possible and find ways to build wealth.
Take Control of Your Destiny
It’s true—even Mark Cuban believes that becoming a billionaire requires luck. However, even building a fraction of his wealth is enough to change your financial trajectory forever. Screenshot these habits or bookmark this list somewhere to access quickly. If you’re unhappy with your financial situation, all hope is not lost.
Work hard, think ahead, and never stop learning. If you do, you’ll increase your odds of financial success to live your ideal life. Isn’t this worth fighting for?